CNA - Non Performing Loans in Cyprus and the EU have been reduced, according to Commission Staff Working Document

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CNA - Non Performing Loans in Cyprus and the EU have been reduced, according to Commission Staff Working Document

CNA - Athanasios Athanasiou - Brussels
Non Performing Loans ratios have been falling in nearly all Member States, although the situation differs significantly across Member States, according to a communication and relevant staff working document, produced by the European Commission and sent for consultation in the Council of the Member States.

As far as it concerns Cyprus, the staff working document states that "according to ECB data, the NPL ratio dropped from 37.6% in June 2016 to 33.4% in June 2017. Private sector NPLs were rather stable, moving from 56.2% in June 2016 to 52.7% in June 2017".

According to the document, as presented today by Vice President Valdis Dombrovskis, the overall NPL ratio in the EU declined to 4.6% (Q2 2017), down by roughly one percentage point year-on-year, and by a third since Q4 2014.

The data demonstrates that risk reduction is taking hold in the European banking system, and will support progress towards completing Banking Union, which should occur by risk reduction and risk sharing in parallel.

VP Dombrovskis announced that in spring, the Commission will propose a comprehensive package of measures to reduce the level of existing NPLs and to prevent the build-up of NPLs in the future. The package will focus on four areas: (i) supervisory actions, (ii) reform of restructuring, insolvency and debt recovery frameworks, (iii) development of secondary markets for distressed assets, and (iv) fostering restructuring of the banking system. Action in these areas should be at national level and at Union level where appropriate.

Referring to Cyprus, the document noted that "Cyprus hence continues to make efforts to reduce the stock of NPLs in its banking system", it reads. Moroever "a significant proportion of the stock of NPLs is linked to retail mortgages and SME lending backed by real estate collateral. Due to sizable deleveraging in the banking sector, the NPL ratios have remained relatively stable even though the stock of NPLs has been consistently contracting for around two years. A significant share of the NPL stock reduction has been due to the curing of restructured loans, write offs and debt to asset swaps. Exploiting the strong economic growth of the country, banks are expected to continue their efforts utilizing all available tools for further reduction of NPLs."

According to the document "a number of initiatives have been put in place by the authorities in response. These were (i) new legal provisions on insolvency procedures; (ii) improvement of collateral enforcement; (iii) new sale of loans legislation; (iv) the introduction of NPL targeting procedures; and (v) supervisory actions on provisioning".

The document further states that "due to relatively limited use of the insolvency procedures, which were first adopted in 2015, the authorities have set up a working group in July 2017. The aim is to review the implementation of the legislation and to address its shortcomings by late 2018".

"With respect to collateral enforcement, several measures were taken in early 2017 to improve the issuance of title deeds. The use of the new foreclosure rules, which were adopted in 2015, remains very limited. Some of the shortcomings in the law are being addressed in a recent draft bill that is currently under legal vetting", the document reads.

"The authorities aim to adopt a legislation framework for loan securitization by mid-2018, which may result in increased sales. Meanwhile, two Cypriot banks have announced the creation of joint ventures with foreign specialised debt servicers to manage their NPL portfolios, which can facilitate sales" it is stated.

Lastly," supervisory pressure, notably through the Single Supervisory Mechanism (SSM) Supervisory Review and Evaluation Processes, led to a rise in the provisioning levels in early 2017. The coverage ratios for NPLs have increased from 38.8% in June 2016 to 47.1 61.4% in June 2017". "Although the aggregate figures mask divergence among individual banks, the level of provisioning in Cypriot banks is now comparable with the EU averages and should reflect more accurately the correct value of the real estate collateral" the report says.

Valdis Dombrovskis, Vice-President for Financial Stability, Financial Services and Capital Markets Union said that "Getting the level of NPLs down is essential to reducing risks in the banking sector and completing the Banking Union. Concerted efforts by banks, supervisors, Member States and Commission have already borne fruits. But we need to forge ahead to further bring down NPL levels. We want banks in all EU countries to regain their full capacity to lend to companies and households while preventing build-up of new bad loans."

CNA/THA/MM/2018
ENDS, CYPRUS NEWS AGENCY
________________________________________

Cyprus News Agency, 21 Academias Avenue, 2107 Aglantzia, Nicosia
Tel. 22556000, Fax. 22556100, email:news@cna.org.cy, website: www.cna.org.cy

Agency : CNA
Date : 2018-01-19 09:03:46

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