articles | 28 November 2014

Bank deposits decline for fifth consecutive month in October 2014

Bank deposits marked a fifth consecutive decline in October 2014, figures released by the Central Bank of Cyprus show.

Deposits declined by €212.9 million to €45.7 billion, mainly due to deposit withdrawals by third country (non-EU) residents.

According to the CBC, deposits declined by 4.9% year on year in October compared with an annual decline of 4.5% in September.

Deposits recorded an increase in May 2014.

Furthermore total loans registered a net reduction of €263.8 million, compared with a net reduction of €157.1 million in September, declining to €59.5 billion, due to loan repayments by EU residents.

The annual reduction of loans stood at 2.3% in October compared with 2.8% in September 2014.

Domestic residents’ deposits declined by €62.8 million to €31.9 billion, while non EU residents’ deposits declined by €144.1 million to €11.67 billion. Euro area residents’ -apart from Cyprus – declined marginally by €6.0 million to €2.07 million.

Households' deposits declined by €85.6 million to €21.9 billion, while corporate deposits rose by €31.7 million to €5.79 billion.

Source: CNA

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