Non-performing loans (NPLs) are a great challenge facing the Cyprus Cooperative Credit Institutions, Chairman the Cooperative Central Bank Nicolas Hadjiyiannis has said.
The Coops have been nationalized when the Cypriot government injected €1.5 billion into sector to cover its capital shortfall, calculated in the adverse scenario of a due diligence exercise, carried out by a US asset management firm,
Hadjiyiannis who briefed Cyprus House President
If NPls rise above €1.5, the Coops may need additional capital injection, he epxlained.
Hadjiyiannis noted that the CCB has put in place a loan restructuring unit that will be staffed the soonest possible to tackle the rising NPLs trend.
"I believe that with our effort and our actions we could address this great challenge," he added.
On his part Omirou referred to the Coops' contribution to Cypriot society, expressing confidence in the Coops under its new leadership will mark further growth to the benefit of the people.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Quiznos Files for Chapter 11
- U.S. to Relinquish Gov't Control Over Internet
- Vybz Kartel Convicted of Murder
- U.S. Consumer Sentiment Falls in Early March
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Koch Brothers Step up Anti-Obamacare Campaign