Bad loans' drop reduces Cyprus' sovereign liabilities, says FITCH - Cyprus Profile

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Articles | 09 February 2019

Bad loans’ drop reduces Cyprus’ sovereign liabilities, says FITCH

International ratings agency Fitch has said that the decline in Cypriot banks’ non-performing exposures “significantly reduces” contingent liabilities to the sovereign, adding however that the banking sector “remains weak” and that further reductions of bad loans would partly depend on the effective use of legal tools adopted in the previous year.

“Data released by the Central Bank of Cyprus in January showed that NPEs fell to €11 billion at end-3Q18, or 32% of total gross facilities, from €16.6 billion (40%) at end-1H18,” Fitch said.

Source: CNA

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