Three financial institutions have agreed on voluntary schemes with the Central Bank of Cyprus, to address the problem faced by consumers who borrowed in Swiss francs.
The scheme provides for writing off loans ranging from 10% to 40% to be converted into euro or sterling or loan repayment.
Speaking before the House Finance Committee, Deputy Senior Director of the Central Bank`s Banking Supervision department Giagkou said inter alia that 60% of borrowers who have taken out loans in Swiss francs receive their income in sterling so they did not suffer any substantial exchange loss.
Yiangou said several meetings and discussions have taken place between the Central Bank and three financial institutions which led to some schemes which the banks are ready to implement. However he clarified that the loans which the banks would be ready to deal with voluntarily will be those borrowers are unable to repay.
CNA/EPH/GMI/MM/2015
ENDS, CYPRUS NEWS AGENCY