Over 7,000 application for loan instalment suspension have been submitted to the two biggest Cypriot banks so far following approval of a bill by parliament, it was reported on Thursday.
The Cyprus News Agency said the island’s two biggest lenders, Bank of Cyprus and Hellenic, have received over 7,000 applications since Monday when the bill came into force.
Bank of Cyprus has received more than 5,000 applications with more expected in the coming days.
Hellenic reported receiving over 2,000 applications with nine out of 10 being eligible. Both banks said the suspension starts at the end of March, irrespective of the date the application was filed.
Borrowers who had instalment drawn at the end of last month will have their money returned.
The scheme applies to individuals and companies who have no delays in the payment of their dues on February 29, 2020.