Repayments of non-performing loans speeded up in the fourth quarter of 2018 due to restructurings and real estate debt swaps, according to Central Bank of Cyprus data.
Specifically, borrowers paid back €330.1 million over the last three months of the year for loans with delays of more than 90 days, compared to €194.2 million the previous quarter.
In addition, €17.1 million were collected for loans with delays from 91 to 180 days. In all previous quarters, borrowers paid €312.9 million for overdue loans over 181 days.
Last year, Central Bank data showed that total cash inflows to banks for serviced loans and non-performing loans amounted to €5.2 billion from an overall amount of €24.4 billion of borrowing. The biggest inflows are from loans that have not even one day’s delay and which amounted to €4 billion.
At the same time, €1.3 billion was the overall amount of loan repayment between September and December, while €1.02 billion was paid in the previous quarter. By the end of 2018, an overall amount of €34.3 million was repaid for loans with a delay of up to 30 days. Throughout 2018 this debt category has decreased by €192.6 million.
Meanwhile, banks have collected €11.9 million from loans with a delay of 31 to 60 days in the last quarter of 2018. Last year, banks collected another €49.6 million from loans that were very close to being categorised as non-performing since they had delays of 61 to 90 days. In the last quarter of the year, €14.1 million have been collected.