Total new loans spiked to €1.07b in May, more than double the previous month, due renegotiated loans for which new contracts were signed; fresh new credit rose to €536.5m million, according to the Central Bank of Cyprus.
Total pure new loans amounted to €556.8m compared with €202m the previous month.
Corporate loans over €1m received the lions’ share of new lending with €351m pure news loans, followed by loans for house purchase which almost doubled compared with the previous month, totalling €105m.
New corporate lending up to €1m amounted to €49m.
Consumer loans totalled €22.7m, while ‘other loans’ were at €9.7m.
Furthermore, total renegotiated loans for which new contracts were signed amounted to €536.4m, as borrowers and particularly corporations rescheduled their loans due to rising interest rates.
Renegotiated corporate loans over €1m amounted to €402.5m, while again housing loan restructurings followed with €66.2m. Renegotiated corporate loans up to €1m amounted to €40.9m.
Consumer renegotiated loans amounted to €6.5m while other loan restructurings were €20.9m.
