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

Indian woman, 25, involved in Andrei Popa murder, jailed

Larnaca District Court sentenced a 25-year-old Indian woman, resident of Larnaca, involved in the Andrei Popa case to 45 days in prison on Monday. The...

Night clubs request that they reopen with no dance floor and no bar services

The Pancyprian Association of Nightclubs (PA.SY.KE.D.) addresses a last appeal to the Minister of Health, the Minister of Finance and the Deputy Minister of...

Fifteen new coronavirus cases detected out of 2,709 tests

The Ministry of Health has announced that 15 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...

Households and businesses affected by Medicane Ianos to be compensated

Prime Minister Kyriakos Mitsotakis promised the flood-stricken households and businesses of Karditsa that the government will stand at their side with "speed and determination",...

Workshop on forging synergies between industry and scientific research organised for Industry Week

A workshop was organised on Tuesday, in Nicosia, to discuss ways to forge synergies between industrial production and scientific research sectors, in a bid...

Taste

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...

Meatballs with tomato and cumin

Place all meatball ingredients in a bowl and knead well with hands. Keep the mixture in the fridge for approximately 1 hour to thicken. In...

Crushed wheat pilaf with sausages and halloumi

Ingredients: 1 cup bulgar wheat ¼ of the cup vermicelli noodles or spaghetti, broken into small pieces 1 onion 2 sausages 1 cup tomato juice 1 vegetable stock cube 1/3 ts...