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ECONOMY

Total Loans Pending to the Public Loan Fund Amount to €77.3M

Total Loans Pending to the Public Loan Fund Amount to €77.3M

Total loans pending to the public loan fund, administered by the Treasury of the Republic, amounted to €77.3 million by the end of 2017, a Treasury spokesperson told the Parliamentary Finance Committee.

The spokesperson also said provisions for bad loans amounted to approximately €42 million by the end of last year, while accumulated reserves totalled €142 million.

The Committee discussed the Fund’s budget for 2018 amounting to €1.7 million.

Total loans in 2015 amounted to €83.4 million and €78.57 million in 2016, the spokesperson said.

According to the spokesperson, loans issued directly by the fund in 2017 declined to 445 from 618 by the end of 2016.

Despite the reduction of the number of loans due to loan settlements with borrowers, the volume increased marginally to €51.3 million from €51.2 million by the end of 2016, a fact attributed to the interest charged to loans in arrears, the Cyprus News Agency reports.

These loans are under the management of loan commissioners, the spokesperson said, and added that 379 loans amounting to €4.5 million have been frozen, because they were given before the 1974 Turkish invasion of Cyprus.
 

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