Banks to of­fer 10-40% dis­count on CHF loans

Financial Mirror (Cyprus) - - FRONT PAGE -

Three banks 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 eu­ros or ster­ling or loan re­pay­ment.

Speak­ing be­fore the House Fi­nance Com­mit­tee, the Deputy Se­nior Di­rec­tor of the Cen­tral Bank’s Bank­ing Su­per­vi­sion said 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.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.