articles | 29 March 2016

Cyprus NPLs down in December 2015

Non-performing loans (NPLs) in Cyprus fell by €704m in December 2015 compared to November, with total NPLs reaching €26.685m on 31 December 2015.

According to Central Bank of Cyprus (CBC) data, by the end of December 2015, restructured loans amounted to €14.154 million of which €10.713 million are still classified as NPLs.

Out of the total facilities that have been restructured, there was a net increase of €117 million when compared with 30 November 2015. CBC data showed thatnew restructurings within December exceeded €1 billion.

According to the data collected by the CBC, 81% of fixed-term loans which were restructured between 1 January 2014 and 31 December 2015, abide by the new repayment schedule agreed as part of the restructuring.

The data collected further reveals a migration during December 2015 of restructured loans from the category of non-performing to performing facilities, totalling €336 million following the successful completion of the observance period.

“This migration is in the right direction and the CBC aims, through the restructuring targets imposed on banks, to increase the amount of such migrations,” CBC said.

Source: Cyprus Mail

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