In the near future, the Cyprus property market is expected to continue on its dynamic path, however, it will not be a bed of roses, and strategic planning will be crucial to navigate changes and challenges ahead. In the next couple of years, we should expect to experience moderate growth as high interest rates stabilise … Read more
– The balance of non-performing loans (NPLs) in Cyprus rose to €1.9 billion in January 2024.
– The total amount of loans in January 2024 stood at €24.02 billion.
– The slight rise in NPLs is attributed to an increase in non-performing business loans.
Astrobank is opening a new branch in the Dali area in Nicosia, which is considered an underserved location with no existing banking facilities. The bank will seek regulatory approval from the Central Bank of Cyprus to distribute dividends and aims to reduce non-performing loans to single digits by July. Astrobank has a capital adequacy ratio of 23.7% and has already met the Minimum Requirements for Own Funds and Eligible Liabilities. The bank is optimistic about the future and is open to acquisitions and evaluating new opportunities in the banking sector.
Fact: Legislators in Cyprus discussed government bills to harmonize current legislation on loan transfers with an EU directive on credit servicers and credit purchasers.
Kedipes has announced a new repayment plan for non-performing loans that would be secured by a primary residence with a market value of up to €350,000. Eligible borrowers can fully repay their loan obligations by paying an amount calculated with a significant percentage discount on the market value of the mortgaged residence.
Capital Intelligence has revised upwards the sovereign ratings for Cyprus due to a faster than projected decline in general government debt, consistent primary fiscal surpluses, proactive debt management, progress in clearing up non-performing loans in the banking system, and declining government contingent liabilities from the banking sector.