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.