In statements after a meeting with the Heads of the Troika delegation in Cyprus, Cooperative Central Bank Board Chairman Nikolas Hadjiyiannis noted that the sector’s positive track has been confirmed, along with the strategy that has been followed so far, during an “interesting and substantial meeting” with the European Commission, ECB and IMF representatives. 


Cooperative credit institutions go forward, following a stable and serious path, the CCB Chairman said. Asked about non-performing loans (NPLs), he said that the issue presents a challenge to the country’s financial system and the national economy. 


There is already a unit in place to deal with the matter in the right way, Hadiyiannis added and said that there is a concrete plan concerning NPLs. 



He explained that the sector’s loan portfolio comprises mainly of small household loans, with an average of €200,000 per loan. Coops have the means, the strategy and the will to deal with this matter, within the framework that has been set, Hadjiyiannis concluded. 



Cyprus is currently implementing a 3-year fiscal adjustment program, following a deal, reached last year with its international lenders, known as the Troika (European Commission, ECB, IMF).

Source: Financial Mirror