Today: January 20 2019
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Debts 30 large companies account for a quarter of GDP in Cyprus

Debts 30 large companies account for a quarter of GDP in Cyprus

Tags: Debts, Business, Banking, Company

According to the Central Bank of Cyprus debt almost 30 large companies before Bank of Cyprus is more than € 6 billion Thus 65% loans are unrecoverable.

In late September 2013 year, about half of the loan portfolio of Bank of Cyprus was unattended, and this percentage is increasing every day.

Large companies (usually the developers and hotel owners) accounted for two-thirds of non-performing loans, and small businesses-about 40%.

Head of the Central Bank of Cyprus Panicos Demetriades said that the need to focus on the return of large loans. This, by the way, will help restore confidence in the banking sector of the island.

Panicos Demetriades urged companies to cooperate with the bank on the return of credits, promising at the same time that the debtors who refuse to interact, face tough measures.

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