Although some of the banks have started to initiate foreclosure proceedings on properties pledged as collateral, new figures from the Cyprus Central Bank show that the banks still have a very long way to go to reduce their NPLs.
According to the Central Bank, NPLs reached €27.04 billion at the end of June, an increase of €68.2 million from the €26.97 billion reported at the end of May.
Loans to households stood at €23 billion of which 54.97% (€12.6 billion) were non-performing.
Construction loans amounted to €6.6 billion, of which 77.5% (€51 billion) were non-performing.
Loans for real estate activities stood at €4.1 billion of which 54.5% (€2.2 billion) were non-performing.
Further reading
Aggregate data for the Cyprus banking and co-operative sectors (Cyprus Central Bank 20.08.2015)