News Economy Hourican pleased with return to international markets

Hourican pleased with return to international markets

John Patrick Hourican, the outgoing CEO of the Bank of Cyprus, said that Cyprus’ re-entrance in the international markets with the 7 year bond of € 1 billion is a positive step forward, while stressing that the adoption of the insolvency framework with law of divestments adds another tool to the effort of banks to reverse the course of non-performing loans (NPLs).

Speaking before meeting with the different lenders to the Central Bank, Mr. Hourican described conspiracy theories behind his departure from the group as “drivel” and assured that he will ensure a smooth transition.

When asked about yesterday's issuance of the 7-year bond, Mr. Hourican said that this is a "major milestone for Cyprus”.

"We return to the markets with a 7-year bond of € 1 billion at a very competitive price. We can be very satisfied, it is another a good step for Cyprus," he added.

When asked about the problem with NPLs, Mr Hourican said that there is still a lot of work to be done to deal with the reversal of non-performing loans.

He said that the insolvency framework and the divestiture law that have been adopted have also been helpful for banks to help deal with non-performing loans.

Source: CNA