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Cypriot bank consolidation may help reduce bad loans


 Significance
 The move raises Hellenic Bank’s market share and considerably improves its asset quality, and followed an announcement by market leader Bank of Cyprus on August 28 that it had shed 2.8 billion euros (3.2 billion dollars) in mainly non-performing loans (NPLs). Both transactions were facilitated by a raft of long-awaited laws passed in July that bolster the legal framework for tackling NPLs. 
 
 
 Impacts
 The government’s issue of domestic bonds to facilitate the Hellenic deal will temporarily push Cyprus’s debt/GDP ratio back above 100%.
 By increasing its size, Hellenic Bank should now be in a better position for the planned EU banking union.
 A generous loan-subsidy scheme has raised questions about moral hazard and could store up trouble for the future.
