articles | 18 April 2016

Cooperative Central Bank restructures bad loans in Q1 2016

The Cooperative Central Bank, Cyprus’ second largest lender, restructured a total of 2,680 loans worth €324m in Q1 2016, the Cyprus News Agency reported recently, citing the bank’s chief executive officer Nicholas Hadjiyiannis.

The cure rate of restructured loans remains at 80%, Hadjiyiannis said, according to the agency’s report.

The cooperative banks, which received in the past two years almost €1.7bn from the government in of capital injections, also saw for the first time the ratio of 90 days past due loans drop below 50%, the Cyprus News Agency reported.

Hadjiyiannis said that the bank, which is scheduled to have its stock listed at the Cyprus Stock Exchange by 2018 as part of a further capital increase, as the European Commission prohibited Cyprus from further boosting the lender’s capital with taxpayers’ money, aims at restructuring loans worth €1bn this year.

The bank’s non-performing loans stood at €7.6bn at the end of 2015 or 59% of its total loan portfolio.

Source: Cyprus Mail

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