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The Cyprus Experience in Dealing with Private Sector NPLs

In: Non-Performing Loans and Resolving Private Sector Insolvency

Author

Listed:
  • Marios Clerides

    (Cooperative Central Bank of Cyprus)

  • Michalis Kammas

    (Association of Cyprus Banks)

  • George Kyriacou

    (Central Bank of Cyprus)

Abstract

The chapter examines the experience of Cyprus in dealing with non-performing loans in the immediate years before and after the Eurogroup decisions of March 2013. Following a presentation of the structure of the domestic banking system and the events leading to the crisis, the paper investigates a number of institutional, legal, and behavioral factors that contributed to the high number of NPLs even before the crisis. The interplay of such factors points to serious weaknesses in the design and implementation of the regulatory and supervisory framework as well as in the operating environment and the institutional infrastructure, which led to the widespread practice of lending primarily on the basis of collateral and not on future cash flow, income, or ability to pay.

Suggested Citation

  • Marios Clerides & Michalis Kammas & George Kyriacou, 2017. "The Cyprus Experience in Dealing with Private Sector NPLs," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Platon Monokroussos & Christos Gortsos (ed.), Non-Performing Loans and Resolving Private Sector Insolvency, chapter 7, pages 127-156, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-50313-4_7
    DOI: 10.1007/978-3-319-50313-4_7
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