As MPs discuss ways to tighten the NPLs framework, figures from the Central Bank show little success with foreclosures under the regime adopted by parliament in 2015.
The figures show 32 foreclosed properties sold at their first auction in the first quarter, compared to 49 in the previous quarter. These were mostly fields and rural plots of land. One primary home/apartment was also auctioned. It had a purchase value of  €139,000 and was sold for €135,000.
Another primary home was sold in the last quarter of 2017. It had a purchase value of €692,000 and was sold for €801,000.
Banks have sent warning letters for 5,400 properties since the third quarter of 2015, but only 173 properties have been sold during the first auction. A total of 792 letters were sent in the first quarter of 2018 compared to 647 in the previous quarter.
In the first quarter of 2018, first auctions were scheduled for 301 properties compared to 700 the previous quarter — these concern 8 primary homes/apartments, 49 homes/apartments, 32 commercial properties, 60 plots of land, 145 rural plots of land and 7 properties of other categories.
Second auctions led to the sale of 11 properties in the first quarter of 2018, while five fields were sold directly to third parties after the first auction failed.
Central Bank figures also show a slowdown in loan restructuring compared to the previous quarter. Total loans restructured at the end of the first quarter 2018 was €9.3b compared to €9.8b at the end of December 2017. This represents 27.2% of total loans.
