Insider Economy Deferred instalments of €894 m as part of loan payment moratorium

Deferred instalments of €894 m as part of loan payment moratorium

 

Deferred payments for loans suspended as part of a debt moratorium decreed issued by Finance Ministry to mitigate the impact of the Covid-19 impact to the economy amount to €894 million with the total value of affected loans amounting to €7.38 billion, the Central Bank of Cyprus said on Thursday.

The CBC released data with regard to debt payments suspension both concerning commercial banks and credit acquiring companies. The data concern reference value of 24 April 2020 for eligible loans, that is, loans with arrears of 30 days at end-February 2019.

According to the CBC, the contractual value of the loans for which payment suspension has been requested and approved amounted to €7.8 billion, of which €4.53 billion or 61% were corporate loans and €2.5 billion or 39% were loans held by households.

The value of payments suspended amounts to €894.2 million, of which €632 million for corporate loans and €261 million for household loans.

According to the CBC, 27.187 borrowers applied for loan payment suspension, of which 24,266 were retail borrowers and 2,961 corporates, while total affected credit facilities as at April 24 amounted to 46,734 of which 38,847 for households and 7,887 for corporate loans.

From corporate loans almost one third in value or 1.3 billion came from the sector of accommodation and food services, a sector associated with Tourism, affected the most due to the lockdown. The Real estate activities sector was second highest with €910 million, followed by retail trade with €677 million.

(CNA)

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