Cypriot governor warns of challenge posed by NPLs
Georghadji says high level of NPLs is ‘perhaps the greatest challenge’ facing banks
Non-performing loans (NPLs) are "perhaps the greatest challenge" facing the Cypriot banking sector, according to Chrystalla Georghadji, the Central Bank of Cyprus governor.
In her introduction to the central bank's annual report for 2014, Georghadji stresses the institution is now "ready to focus" on restructuring the NPLs – an issue many European countries are still grappling with.
In Cyprus, lending rates fell in 2014, the report notes, but at a slower pace than the decrease in deposit rates
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