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    In cooperation with the Ministry of Finance of Cyprus and the Cyprus Chamber of Commerce and Industry (CCCI), the European Investment Bank Group (EIB Group) is organising the conference Solving non-performing loans (NPLs) through Innovative Solutions

    The high stock of non-performing loans (NPLs) ranks amongst one of the most problematic issues in Cyprus, as it has been impeding the proper and adequate functioning of the banking sector. Policies which foster NPL resolution are therefore essential to revive bank lending activities in order to lead Cyprus back onto a path of sustainable growth.

    Although new insolvency and foreclosure legislation has meanwhile been adopted, Cyprus can benefit from international experience in terms of NPL resolution. There are a number of alternative strategies for management teams when it comes to the disposal of impaired assets. The suitable policy mix will depend on factors including the size of the NPLs, the asset type, the structure of the banking system, private- and public sector management capabilities as well as the fiscal policy. Regulatory and tax reforms can function as important tools for reducing NPL levels. Such reforms could aim at incentivising banks to deal with NPLs more efficiently, for instance through stricter provisioning rules, or to facilitate NPL resolution by reforming foreclosure rules and insolvency laws.

    The seminar is aimed at policy makers, representatives of the banking sector and private sector actors; it will highlight the key impediments to resolving the issue of NPLs in Cyprus whilst sharing best practices from other European countries and developing comprehensive proposals for policy reforms and initiatives.

    The event is free of charge and upon invitation only. If you would like to be invited, or for any further information, please send an email outlining your interest to Martha@ccci.org.cy or call tel: + 357 22 88 97 60.