"The President will find himself exposed if his law firm starts foreclosure proceedings against ordinary people," Kyprianou said, implying that the firm's actions would reflect on Anastasiades and his policies. "I feel the President should have intervened, or the firm should have protected the President."
The bank has found itself faced with a staggering NPL portfolio, which approaches 50 per cent, a significant portion of which represents some large loans taken out by big businesses which are currently unable to service them.
Some reports indicate that the bank's 30 largest defaulting borrowers owe a total of €6 billion. Collecting on these loans would solve many of the trouble bank's problems. Besides Anastasiades' firm, the paper named
But Kyprianou appeared convinced that the firms would not necessarily be going after the big fish. "I don't think that this will be the case," he said. "I think that they will be going after borrowers indiscriminately, at least as far as I am aware."
He also said he has known about this matter for weeks, but decided to come out now as he expected the appointment to be avoided.
"I have been aware of this for a month now," he said, adding "I had not commented thus far because I expected that either the firm or the President himself would protect their credibility, which they still have time to do."
The delay in effectively addressing the issue of NPLs has revealed strains in the relationship between the bank's CEO,
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