Further reduction of Cypriot NPLs
The Cyprus Banking sector is making considerable efforts in order to further reduce the amount of non-performing loans by restructuring NPLs, where there appear to be viable restructuring options, or, in some cases, by writing-off .
The Central Bank of Cyprus has announced that during the second trimester of 2017 they achieved a further reduction of €582 million bringing the total amount of NPLs to €49,82 billion which marks a total reduction of NPLs to 18% since December 2014.
The main contributing factor to the above reduction is the fact that following the successful performance of the loans during the monitoring stage resulted in a change of the status of a loan back to “Performing”.
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