“The co-operative sector has gone through significant changes as regards its operation and modernization to address this problem,” Hadjiyiannis told the first international conference held by the Co-ops in Limassol.

“The co-operative sector has a huge percentage of non-performing loans, a percentage which for Cyprus itself is a bad global pre-eminence,” he added.

In February 2014 the European Commission approved the restructuring plan of the Co-operative Credit Sector, giving the green light to additional capital of €1.5 billion to boost and shield it.

Co-ops currently have €3.5 billion liquidity, employ 2.700 people and have the largest branch network in Cyprus with 256 branches. Its capital adequacy ratio is around 13.5% and its capital amounts to €1.3 billion.

Source: InCyprus