The growth of lending in the Republic of Cyprus in 2017

lending in the Republic of Cyprus
According to the data provided by the European Central Bank, in 2017 the banks of Cyprus carried out loans to the population for a sum twice as much as in the previous year. Interestingly, the increase in the amount of loans issued occurred in all categories.
The main incentive for such a sharp increase in the amount of loans issued was a significant decrease in interest rates. Since past years have been marked by caution on the part of consumers and companies in relation to loans, banks have sought to increase their revenue share in the lending sector.
A clear indicator is that for the period January-October 2017, loans worth 2.2 billion euros were granted, while in the whole of 2016 loans for a total of 1.6 billion euros were issued, and in the year before and 1 , 1 billion euros.

The increase in the amount of loans in various areas in percentage terms:
Mortgage loans – by 15.7%
Consumer loans – by 44.2%
Lending for business development – by 46.8%
Regarding the volume of restructured debt, it is steadily declining: in the total amount of 406 million euros against 1 billion euros last year.

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