Insider Business Non-bank related terminology for NPL packages for sale

Non-bank related terminology for NPL packages for sale

Terminology used for non-performing loan packages up for sale is totally non-bank related. In fact it is related to  nature, engineering etc, Phileleftheros reports.

The target to reduce red loans from €9.67 billion which was the case in August to €3 billion over the coming years goes through various procedures but also terminologies.

The best known sold package of NPLs worth €2.8 billion was Helix which belonged to Bank of Cyprus, while their  second one which is under draft is code-named Helix 2. And a smaller package with a contract value of €245 million under the name Velocity was sold to APS.

The package of red loans by Hellenic Bank is named Tide, while the National Bank of Greece in Cyprus, which manages non-performing loans worth €300 million, has named its package ‘Marine’.

More packages of red loans are expected to go for sale in the near future, including ones by KEDIPES, and this means additional terminology.

As for the state of play of NPLs in Cyprus, these were down by just €14 million to €9.6 billion at the end of August 2019 from €9.6 billion in July 2019. Action taken by banks, including loan package sales, debt securities and foreclosures, decreased NPLs by €17.66 billion at the end of August 2019 compared to 2014.

The total number of restructured loans by end of August stood at €6.0 billion from €6.1 over the first half of 2019. Restructured loans since 2014 stood at €6.8 billion. Total restructured loans were down to 18.2% in the first nine months of 2019 from the first half’s 18.7%.

Non-performing loans to households stood at €4.9 billion in July 2019 and to businesses at €4.3 billion. The ratio of non-performing loans to total loans decreased by 30.6% at the end of March 2019 to 29.3% at the end of August the same year.

 

Read more:

https://in-cyprus.com/bank-of-cyprus-works-on-project-helix-2/

Top Stories

Confirmed covid patient refuses to self isolate, walks around in free Famagusta area-Dozens of people booked

  A woman from the free Famagusta area who tested positive for covid-19 did not self-isolate and was walking in a public area yesterday noon. She...

Covid-19 patients rise at referral hospital, now 59

  Covid-19 patients at the Famagusta General, the referral hospital for coronavirus have risen to 59. Four are being treated in the increased care unit for...

5 third country students employed illegally at two Nicosia restaurants

  Authorities continued a campaign to stamp out the illegal employment of third country individuals who are being exploited by Cypriot employers for peanuts. Officers from...

Mass rapid tests in Larnaca over the weekend

  Rapid tests will be taking place throughout the weekend in the city of Larnaca. The municipality informed the public that the Health Ministry had organised...

What Covid? 17 people gambling on home table booked

  Police in Paphos are investigating an illegal gambling case, with 17 people setting up in a private residence early evening yesterday. The Crime Prevention Unit...

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...