Total loans pending to the public loan fund amount to Euros 77.3 million by the end of 2017

Total loans pending to the public loan fund, administered by the Treasury of the Republic, amounted to Euros 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 Euros 42 million by the end of last year, while accumulated reserves totalled Euros 142 million.

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

Total loans in 2015 amounted to Euros 83.4 million and Euros 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 Euros 51.3 million from Euros 51.2 million by the end of 2016, a fact attributed to the interest charged to loans in arrears.

These loans are under the management of loan commissioners, the spokesperson added.

The spokesperson also said that 379 loans amounting to Euros 4.5 million have been frozen, because they were given before the 1974 Turkish invasion of Cyprus.

Source: Cyprus News Agency