Speaking after a meeting with Finance Minister Haris Georgiades and BoC CEO John Hourican Hasapis said: “Efforts are being made on the issue of non performing loans and I think we will have positive results soon. The situation with the NPLs has stabilised and we are hoping that in the next time period there will be a significant reduction of these loans.” Georgiades said that the meeting was very positive and useful, adding that he was satisfied with BoC’s restructuring plan as the bank has entered a state of normalisation.

“It is the country’s big bank and there has been significant progress in all issues pertaining to its management and operation,” the minister said. Georgiades went on to express the government’s confidence in the board and the management of the bank, noting that efforts need to continue not only at BoC but throughout the entire banking system.

Source: InCyprus