Cyprus' leading on-line resource for home buyers & real estate investors -

29th March 2024
Cyprus Property News logo
HomeTagsLoans

Tag: loans

ESTIA debt relief scheme failing big time

With only 3% of loan defaulters applying for the government's ESTIA debt relief scheme, economics professor Stavros Zenios from the University of Cyprus, tweeted the scheme is "failing BIG time."

NPLs in Cyprus rise for second month

Non-performing loans (NPLs) rose for a second consecutive month in May amounting to €8.05 billion with non-performing exposures (NPEs) dropping by €11 million to €10.13 billion, or some 30.8% of total loans.

Strategic defaulters and sovereign corruption

The government backed Estia scheme enables those who have deliberately defaulted on their housing loans, i.e. strategic defaulters, to apply for mortgage relief but such flagrant fraud ought to warrant criminal investigation.

Cyprus NPL ratio second highest in EU

The Cyprus banks have the second highest Non-Performing Loan (NPL) ratio in the European Union after Greece, according to the European Banking Authority (EBA) 'Risk Dashboard'.

Cyprus banks awash with properties

Banks in Cyprus have acquired more than 14,000 properties from households and businesses through foreclosures and debt-to-assets swaps according to a report in the Phileleftheros.

Bank of Cyprus sells NPLs to APS

The Bank of Cyprus has sold non-performing loans (NPLs) amounting to some €34 million to APS, part of the APS Holdings group, which is also handling the Hellenic Bank’s portfolio of bad debts.

House repossessions at a low ebb

Although recent changes to the law have been made in efforts aimed at helping the Cyprus banking system to reduce high levels of NPLs, house repossessions are still at a low ebb according to Central Bank data..

Limited progress on resolving NPLs

The International Monetary Fund (IMF) noted that Cyprus had made little progress on resolving non-performing loans in its mission's concluding statement following its recent official visit.

Top Stories

Elsewhere in Cyprus Property News