This morning a meeting was held between the Governor of the Central Bank of Cyprus (CBC), Panicos Demetriades and representatives of credit institutions in Cyprus, in the presence of the Executive Directors and CBC technocrats.
During the meeting, views were exchanged on the implementation of the Directive on Arrears Management, which came into force on 9 September 2013. The issue of reducing lending rates was also discussed.
The discussions were conducted in a climate of mutual understanding and all credit institutions recognised the need for a gradual reduction in lending rates and for applying other relevant measures aiming at reducing the cost of loan restructuring in the immediate future, especially during the current difficult economic situation. The representatives of credit institutions committed themselves to take concrete steps in this direction.