International lenders concluded a fifth review of Cyprus’s economy on Friday, saying the island was making “relatively good progress” after a bailout last year but that key challenges lay ahead.
Representatives of the lenders, comprising the
But it said non-performing loans exceeding 50 per cent of banks’ domestic bank loan books needed to be addressed.
Lenders and representatives of the
“The key challenge is getting a handle on the non-performing loan issue,” a senior
“Right now, NPLs are exceeding 50 per cent of domestic banking loan books. It’s crystal clear this is an issue which needs to be addressed.”
The law will require ratification by parliament and will exclude primary residences from foreclosure until a new and more effective insolvency law takes effect from
Commission officials said that was a “prior action”, which means it must be approved by parliament before new aid is disbursed.
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