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North Cyprus Property Victims | How Many NPLs in North?

WITHOUT PREJUDICE

North Cyprus Property Victims – How Many NPLs in North?

The subject of Non Performing Loans (NPL) in the ROC is commanding many column inches in the ROC press

http://t.co/tw4afJZtBB

This is hardly surprising given the catastrophic affect the non payment of these by their borrowers has had on the entire banking system in the ROC.

The term NPL is used to encompass all loans not being serviced in the ROC but it has to be said that a significant number of these loans are those taken by rogue builders and developers there. We call them ‘stealth mortgages’ in the north but call them by whatever name you choose, they are a fraudulent act, therefore a crime. Prettying them up with whatever name you apply to them does not make them anything other than an evil UGLY act carried out by greedy corrupt people.

Well run banks with honest well trained staff could and would have avoided such a situation occurring but sadly corruption, cronyism and nepotism seems to be more important to the greedy few than the welfare of their country.

I have to wonder just how many NPLs there are in the north. Those of us who are affected by ‘stealth’ mortgages know we are victims of NPLs, 1400 plus such victims are said to exist. I wonder how many more there are that have yet to surface?

Never give in never give up.

Pauline Read

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