Insider Economy Suspended credit facilities in Cyprus rise to €1.19 billion on May

Suspended credit facilities in Cyprus rise to €1.19 billion on May

Suspended credit facilities at the request of borrowers on May 8 amounted to €1.19 billion from €894 million on April 24, according to data released Monday by the Central Bank of Cyprus (CBC).

Under the emergency measures announced by Government to control the spread of COVID-19 in Cyprus,  borrower could apply for suspension of installments and interest on their credit facilities.

Gross carrying amount of the suspended loans amounted to € 10.15 billion on May 8, from € 7.39 billion on April 24, of which € 5.96 billion were related to business loans and the remaining € 4.18 billion concerned household loans.

In particular, according to the data concerning loans with less than 30 days of arrears in both licensed credit institutions and credit acquisition companies, from the total amount of suspended installments amounting to € 1.19 billion, €831.79 million related to corporate loans and €360.22 million to household loans.

In addition, a total of 43,632 borrowers applied for a loan suspension, of which 38,3276 were for households and 5,305 for businesses. The suspension of installments as of May 8, 2020, concerned a total of 76,057 credit facilities, of which 63,206 were related to household facilities and 12,851 business facilities.

The largest amount of corporate loans for which a suspension of installments was requested until May 8, concerned the hospitality and catering sector with a gross value of €1.59 billion and 642 borrowers. The suspended loans requested for real estate business amounted to € 1.07 billion (580 borrowers), for wholesale and retail trade € 933.3 million (1,543 borrowers) and mixed loans €909.2 million (506 borrowers). The value of the loans requested for suspension in the manufacturing sector was € 378.3 million (509 borrowers).

The sector of professional, scientific and technical activities followed with a total loan value of € 288.9 million (358 borrowers), transport and storage with € 192 million (143 borrowers) and health and social services sector with € 109.4 million (121 borrowers).

According to the CBC data, in the field of education, the gross value of the loans requested for the suspension of installments until May 8 amounted to € 97.5 million (95 borrowers). The value of the loans requested for suspension of installments in the field of communication and information technology amounted to € 55.2 million (101 borrowers), while in the field of agriculture, forestry and fisheries the value of the loans amounted to € 46.1 million (102 borrowers).

(CNA)

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