26/01/2016 14:54
The CEO of the Bank of Cyprus John Hourican said that rumors on upcoming mass foreclosures are nonsense, adding that the period of patience has come to an end for the Bank.
Mr. Hourican who gave a speech last night at an event organized by the Royal Institution of Chartered Surveyors, when asked about the issue of foreclosures, he said that there are going to be foreclosures in cases where misbehavior is identified.
“Some people wonder ‘what about vulnerable groups’, of course we will look after these groups” he stressed, noting that “all that is heard about mass foreclosures is total nonsense”.
“We lent this money by 50% off the bank and by 50% off deposits. Now we need it back” he emphasized.
“This is my job, there is no apology” he said adding that “we have waited for too long”.
The Bank of Cyprus has €14 bn of non-performing loans on its balance sheet; this corresponds to about 62% of its total loan portfolio.
Due to the size of bad loans and the inability of collecting them, the Single Supervisory Mechanism, asked the bank to recognize additional provisions of €0,6 bn in its books.
The bank is expected to announce its preliminary results by the end of February.
Mr. Hourican who gave a speech last night at an event organized by the Royal Institution of Chartered Surveyors, when asked about the issue of foreclosures, he said that there are going to be foreclosures in cases where misbehavior is identified.
“Some people wonder ‘what about vulnerable groups’, of course we will look after these groups” he stressed, noting that “all that is heard about mass foreclosures is total nonsense”.
“We lent this money by 50% off the bank and by 50% off deposits. Now we need it back” he emphasized.
“This is my job, there is no apology” he said adding that “we have waited for too long”.
The Bank of Cyprus has €14 bn of non-performing loans on its balance sheet; this corresponds to about 62% of its total loan portfolio.
Due to the size of bad loans and the inability of collecting them, the Single Supervisory Mechanism, asked the bank to recognize additional provisions of €0,6 bn in its books.
The bank is expected to announce its preliminary results by the end of February.
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