According to recent data released by the Central Bank of Cyprus, the €5.6 billion reduction in Non-Performing Exposures (NPEs) marks the lowest level since the 2013 financial crisis (€10 billion drop as of the beginning of 2018).

In a recent press release, News Channel CBC noted that the downward trend in Total Restructured Facilities (NPFs) can be attributed mainly to the removal of loan portfolio from banking sector transferred to KEDIPES. “Following the sale of the performing operations of the Cyprus Cooperative Bank (CCB), to Hellenic, CCB lost its banking licence and has been renamed as Cooperative Asset Management Company establishing a subsidiary named Cyprus Asset Management Company (KEDIPES) which will wind down NPEs amounting to €5.7 billion.”

According to CBC, due to the removal Cyprus Cooperative Bank’s NPEs, households NPEs halved to €5.32 billion by the end of September, corresponding to 48.3% of total NPEs, while corporate NPEs amounted to €5.35 billion, or 48.5% of the total NPEs.