The process of restructuring of non-performing loans (NPLs) in the Cooperative Credit Institutions is fully on track said sources from the sector recently.
The percentage of non-performing loans in the Cooperatives reached 52.62%, corresponding to €7 billion of the total €13.28 billion loan portfolio, based on provisional data of May 2014 by the Central Bank of Cyprus. In the same month, the proportion of restructured loans stood at 3.92%, equivalent to €520 million.
The same source said that restructuring of NPL’s began 1 June, a period for which no data are yet available.
Cyprus’ international lenders (IMF, EC, ECB) have stressed that debt restructuring is a major element of the Cypriot programme.
Source: Famagusta Gazette
