After completing its post crisis shrink-to-strength strategy, the Bank of Cyprus is now looking to recover some of their losses from those who are in the financial position to do so. The Banks CEO released a statement declaring that there are a minority of borrowers who are delaying making repayments towards their loans in an attempt to benefit from the impending property market recovery the island will face imminently.
Strategic defaulters have had over 4 years to start making their repayments, Mr Hourican exclaimed. “They should be in our offices trying to do a deal with us, not trying to buy more time. This country has a stained reputation for the sheer amount of NPLs (non-performing loans) and the hurt parties in these situations are the banks”.