LONDON (Reuters) - Cyprus needs to speed up its tackling of the non-performing loans held by banks, according to the European Central Bank, a source familiar with the bank’s thinking said on Wednesday.
“The pace of NPL resolution has to accelerate,” the source said, adding that some banks were working quite successfully at the process. “Foreclosure rules have to be used more forcefully.”
The source added that there was also a risk that the window for further reforms such as privatisations in Cyprus was likely to be limited to the start of next year.
Reporting by Marc Jones; Editing by Hugh Lawson