14/12/2015 12:16
The Bank of Cyprus has started implementing 100 cases of foreclosures said the bank’s head of restructurings and debt recovery service, Nick Smith.
In his interview with Politis newspaper and the Cyprus Mail, he noted that a similar number of cases will also be launched in the first quarter of 2016.
"The plan is not to push the process, which is obviously in its infancy, but to have a strong test on whether it works or not. Currently there are delays due to some technical issues. I expect that we will be able to begin auctions around the second quarter of next year" he said.
He noted that primary residence foreclosures are not the bank’s strategy although it distinguishes between those borrowers who collaborate and those who systematically avoid finding a solution.
In his interview, Nick Smith heralds the achievement of loan restructuring agreements within the next four weeks that will make the progress in addressing non-performing loans, visible. In the first nine months of 2015, the bank's NPLs decreased by approximately €700 mn.
From his statements it appears that the bank seeks restructuring loans instead of selling them. "We do not wish to get rid of loans at any price," he said.
In his interview with Politis newspaper and the Cyprus Mail, he noted that a similar number of cases will also be launched in the first quarter of 2016.
"The plan is not to push the process, which is obviously in its infancy, but to have a strong test on whether it works or not. Currently there are delays due to some technical issues. I expect that we will be able to begin auctions around the second quarter of next year" he said.
He noted that primary residence foreclosures are not the bank’s strategy although it distinguishes between those borrowers who collaborate and those who systematically avoid finding a solution.
In his interview, Nick Smith heralds the achievement of loan restructuring agreements within the next four weeks that will make the progress in addressing non-performing loans, visible. In the first nine months of 2015, the bank's NPLs decreased by approximately €700 mn.
From his statements it appears that the bank seeks restructuring loans instead of selling them. "We do not wish to get rid of loans at any price," he said.