Selling loans is not part of the cooperative credit institutions` (CCI's) strategic planning, said Nicholas Hadjiyiannis, the Cooperative Central Bank (CCB) Committee Chairman, on November 18.
Speaking at a gathering with members of the Press, Hadjiyiannis noted that due to the nature of loans in CCI's and the way these institutions work, he doesn’t see how they can benefit from such a move.
According to the Cyprus News Agency, the Chairman also said that no outflow of deposits has been recorded following the recent announcement for new state support towards cooperative banks. He also said that a total of 18% in non-performing loans (NPLs) has been restructured.
He mentioned that in 2014, restructuring amounted to 5.5% of NPLs, while the target for 2015 has been set to 18% of the total of NPLs.
Current restructuring is worth 150 million euros a month, he went on, adding that the figure surpasses the goal of 120 million.
The cure rate stands at 78% which means that eight out of ten restructuring cases are successful. However, there is still a lot of work to be done, said Hadjiyiannis.
On fresh loans, the Chairman of the CCB said that households and businesses are still heavily indebted. As a result, deleveraging continues with the reduction of debt standing currently at 2.5 billion euros per year, the Cyprus News Agency mentions.
Asked on foreclosures, Hadjiyiannis reiterated that coop banks have already dispatched numerous letters to loan-holders from the pre-crisis period, estimated at 130 million. These cases, he said, concern commercial real estate, holiday houses, plots of land but not the primary residence.
Speaking at a gathering with members of the Press, Hadjiyiannis noted that due to the nature of loans in CCI's and the way these institutions work, he doesn’t see how they can benefit from such a move.
According to the Cyprus News Agency, the Chairman also said that no outflow of deposits has been recorded following the recent announcement for new state support towards cooperative banks. He also said that a total of 18% in non-performing loans (NPLs) has been restructured.
He mentioned that in 2014, restructuring amounted to 5.5% of NPLs, while the target for 2015 has been set to 18% of the total of NPLs.
Current restructuring is worth 150 million euros a month, he went on, adding that the figure surpasses the goal of 120 million.
The cure rate stands at 78% which means that eight out of ten restructuring cases are successful. However, there is still a lot of work to be done, said Hadjiyiannis.
On fresh loans, the Chairman of the CCB said that households and businesses are still heavily indebted. As a result, deleveraging continues with the reduction of debt standing currently at 2.5 billion euros per year, the Cyprus News Agency mentions.
Asked on foreclosures, Hadjiyiannis reiterated that coop banks have already dispatched numerous letters to loan-holders from the pre-crisis period, estimated at 130 million. These cases, he said, concern commercial real estate, holiday houses, plots of land but not the primary residence.