Bank of Cyprus' CEO calls for fundamental changes in societal views to combat islands high level of NPLs

By in

The CEO of Bank of Cyprus has released figures showing that Cyprus’ high levels of NPLs (non-performing loans) account for almost half of the banking system’s total loans; calling for a fundamental alteration in the values of the society in general on the island as they cause instability for the economy.

“Non-performing loans and general negligence, despite these numbers falling, continue to be a drain on the banks liquidity and taint the country’s image.” the CEO told the lenders’ Shareholders at the BoC annual general meeting last week, merely hours after the bank posted €553 million net losses due mainly to increased provisions for loan losses.