01/06/2017 09:46
The Bank of Cyprus is repeatedly examining ten or twelve different ways of further accelerating the reduction of non - performing loans (NPLs), said the Bank’s CEO John Patrick Hourican.
He also said that the bank explores ways to package and sell some of these exposures, accelerating the sale of the real estates in the bank’s book.
Speaking at a press conference, in Nicosia, to announce the bank's economic results for the first three months which ended on March 31st 2017, Hourican pointed out that his job is to drive an engine which had delivered 8 quarterly results of real reduction, on the risk on the balance sheet.
He also said that the Bank is examining a series of things in order to accelerate the progress of the bank and the reduction of the risk.
“Our job is to take non - performing loans down to a level that is normal” he said, adding that the level of NPLs is not still normal even that the bank has reduced them at a level equal with 22% of Cyprus GDP.
He also said that the bank’s goal is to recover the bank to normal levels that can feed and service the economy.
With regard to the sale of loans of €20 million, Hourican said the bank will not apologise for selling them because it makes sense for its shareholders and for the de-risking of the bank.
Asked whether the legislation is helpful, the Bank’s CEO noted “what we have in place today allows us to do our job” pointing out however that he would like it to be faster.
He also said that the bank explores ways to package and sell some of these exposures, accelerating the sale of the real estates in the bank’s book.
Speaking at a press conference, in Nicosia, to announce the bank's economic results for the first three months which ended on March 31st 2017, Hourican pointed out that his job is to drive an engine which had delivered 8 quarterly results of real reduction, on the risk on the balance sheet.
He also said that the Bank is examining a series of things in order to accelerate the progress of the bank and the reduction of the risk.
“Our job is to take non - performing loans down to a level that is normal” he said, adding that the level of NPLs is not still normal even that the bank has reduced them at a level equal with 22% of Cyprus GDP.
He also said that the bank’s goal is to recover the bank to normal levels that can feed and service the economy.
With regard to the sale of loans of €20 million, Hourican said the bank will not apologise for selling them because it makes sense for its shareholders and for the de-risking of the bank.
Asked whether the legislation is helpful, the Bank’s CEO noted “what we have in place today allows us to do our job” pointing out however that he would like it to be faster.
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