Emphasis will be placed on the NPL’s which account for 46% of the total loan portfolio. Technocrats from the European Commission are examining the banks’ plans aiming at reducing the NPLs with a view to reducing them. 

They will also examine the course of the structural reforms, such as the bills on public service reform, the health system, as well as the insolvency framework.

The technocrats will meet among others with the Cyprus Chamber of Industry and Commerce, the Cyprus Employers’ Organisation, and the Institute of Certified Public Accountants of Cyprus.

The review will be concluded on Friday.

In addition, the International Monetary Fund is also conducting a review since last Friday, which will be finalized on Wednesday.

It is noted that the post memorandum controls will be continued until Cyprus pays off 75% of its loan.

Source: Famagusta Gazette