12° Nicosia,
04 October, 2023

Bank chief urges business to help in a speedier resolution of NPLs

Bank of Cyprus’ CEO John Patrick Hourican wants business community to help tackle bad loans


Bank of Cyprus’ CEO John Patrick Hourican has called on the business community to help the legislative and political agenda to move towards a speeder resolution on the issue of non-performing loans, in order for the country to continue its economic success.

Pointing out that one of the biggest issues in Cyprus was the tolerance on non-performers lending he said that out of 7 billion euros of NPLs, only a third had to do with vulnerable people, giving rise to an excessive protection of the whole. As he said “we need to move beyond that” and “tackling that now leaves us in control of our destiny”.

Hourican also drew attention to the challenges on democracies and on the agendas of democracies and governments around the world, saying that Cyprus needed to be a little alert to that, because the country was in a vulnerable region, in order to make sure that “we keep advantaging Cyprus in that context”.

Out of 7 billion euros of NPLs, only a third had to do with vulnerable people

He also referred to the nature of diplomacy over the last few weeks or months particularly with regard to the issues that occurred around the attempts to murder of a spy and his daughter in the UK and said that Cyprus should be alert because of the association the country had with Russia.

“It feels to me like the world is just getting a little more dangerous in rhetoric and indeed dangerous actually. We need to be alert to that in Cyprus because we rely on the expression of our safety as a place to come, to ensure our continued economic success”, Hourican told a Βusiness Leaders Summit 2018 in Nicosia.

Referring to the subject of the forum he said that there’re great family businesses in Cyprus and there’re great strengths and great challenges through generations transfer.

Bank of Cyprus  |  Cyprus  |  Hourican  |  NPLs  |  bad loans  |  banks

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