Insider Economy ECB: Greece, Cyprus have highest bad loan ratios in third quarter

ECB: Greece, Cyprus have highest bad loan ratios in third quarter

Greek banks had the highest ratio of non-performing loans (NPLs) among banks supervised by the European Central Bank in the third quarter, followed by those of Cyprus, Portugal and Italy, the ECB said on Wednesday.

Supervisory banking data on asset quality showed the NPL ratio eased further in last year’s third quarter to 3.41%, falling to its lowest level since time series were first published by the ECB in the second quarter of 2015.

Greece had the highest NPL ratio at 37.4%, followed by Cyprus at 17.5%, Portugal at 10% and Italy at around 7%.

Luxembourg had the lowest average ratio at 0.91%, the ECB said.

Greek banks hold about 75 billion euros in impaired loans and are seen following their Italian counterparts, which in recent years have almost halved soured debts on their balance sheets from a post-crisis peak of 350 billion euros.

Greek authorities have put in place an asset protection scheme to help banks offload about 30 billion euros of impaired loans by wrapping them into asset backed securities.

(Reuters)

Top Stories

43 new cases of COVID-19 on Monday

The Health Ministry announced 43 new COVID-19 cases on 19 October, out of 2,558 laboratory tests, taking confirmed infections to 2, 687. The break-down of...

1420 only for emergencies regarding COVID-19

Due to the increased number of telephone calls to the telephone center 1420 of the Ambulance Service, it is pointed out that the center...

Anastasiades-Tatar to meet in UN premises

Cyprus President Nicos Anastasiades and the new leader of the Turkish Cypriot community, Ersin Tatar, will meet in the UN premises in Nicosia. Government Spokesman,...

Four people sentenced to imprisonment for abduction

The Larnaca District Court today sentenced four people aged 42, 22, 24, and 19 to imprisonment for abducting a 27-year old last August in...

Weather expected to be cloudy with local showers this week

The weather this week is expected to be cloudy with local showers, mainly in the afternoons. Partly cloudy on Tuesday with isolated showers and possible...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...