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Non-Performing Loans

Cyprus still burdened by nearly €20bn in non-performing loans

Confidential figures from the Central Bank of Cyprus reveal that Cyprus continues to face a major private debt problem, with almost €20bn in non-performing...

Vulture funds attacked by MPs

The Chairman of the Parliamentary Legal Affairs Committee, Nicos Tornaritis, has hit out at vulture funds for refusing to suspend property repossessions ahead of...

Troika still sees spectres of the 2013 financial crisis

The Troika of international lenders expressed concern over Cyprus' slow progress in reducing legacy Non-Performing Loans (NPLs) and persistent high debt levels. The recent visit...

Police investigating paramilitary group linked to property fraud

Police are investigating a case involving 80 individuals suspected of running a military-style organisation engaged in property fraud. The Criminal Investigation Department (CID) launched the...

Proposal to stop vulture attacks on loan guarantors

Following my rant about morally bankrupt Vulture Funds demanding payments to release Title Deeds of properties bought by trapped buyers, my jaw hit the...

Stop vulture attacks on trapped buyers

Government intervention is needed to stop Credit Acquiring Companies, better known as Vulture Funds, demanding money from debt-free trapped buyers to release title deeds...

Hellenic Bank welcomes mortgage-to-rent scheme

"We welcome this plan as a favourable arrangement, ensuring housing for vulnerable households," Hellenic Bank interim Chief Executive Officer Antonis Rouvas said in a...

EC Report for Cyprus analyses the economic situation

The Cyprus Post-Programme Surveillance Report for Autumn 2023, which has been prepared by the European Commission's Directorate-General for Economic and Financial Affairs  analyses the...

Mortgage to rent scheme launched

The government greenlighted the mortgage-to-rent scheme, the latest lifeline for defaulted borrowers, following approval from the European Commission. Government spokesperson Konstantinos Letymbiotis on Wednesday told...

Foreclosures freeze a ‘threat to recovery’

Finance Minister Constantinos Petrides will ask President Nicos Anastasiades to return the House's decision to extend a freeze on foreclosures, arguing that Cyprus's credibility...

House extends foreclosures freeze again

When the freeze was last extended in July this year Elizabeth McCaul (a Member of the Supervisory Board of the European Central Bank) advised...

Unpaid housing loans cause concern

The finance ministry has expressed alarm and dissatisfaction at the high amount of money owed to public-law organisations that give out loans to people...

Fitch warns of threats to Cyprus banks’ balance sheets

Fitch rating agency reaffirmed Cypriot banks' negative outlook noting the general environment poses threats to their balance sheets. In a report on the Cyprus banks,...

NPLs remain at 18 per cent of total bank loans

Statistics published by the Cyprus Central Bank reveal that non-performing loans (NPLs) in May 2021 accounted for 18.07% of total bank loans; unchanged from...

KEPIDES starts bad bank transformation

After some delay, Cyprus has started the process of transforming the Cyprus Asset Management Company (KEDIPES) into a national asset management company, also known...

700 borrowers unviable for Estia relief scheme

A total of 700 borrowers with non-performing loans (NPLs) amounting to about €173 million were deemed non-viable for loan subsidisation under the Estia scheme,...
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