articles | 27 August 2015

Bank deposits rise in June 2015 as deleveraging continues

Deposits in the Cypriot banking system rose by €238m in July 2015 compared to June to €46.2bn, mainly on increased deposits held by non-Cyprus residents, as deleveraging continues, the Central Bank of Cyprus said.

Deposits held by residents of other euro area countries rose by €138.4 million to over €2.5 billion in July compared to the month before while those held by third country residents rose by €75.8 billion to €11.5 billion, the central bank said in a statement on its website today. Amounts deposited by Cyprus residents rose by €23.8 million to €32.1 billion.

The total amount of outstanding loans fell in July by €622.8 million from June to €62 billion, which was the largest drop since March, and the second largest since October 2013, and was attributable to loan repayments by resident of third countries, which fell to by €453.9 million to €9.3 billion, the statement said. Cyprus residents saw the amount of their outstanding loans drop by €146.3 million to €49 billion, while residents of other euro area countries saw their loans decline by €22.6 million to €3.6 billion.

Overall deposits rose in July an annual 4.6%, the central bank said. Deposits belonging to Cyprus residents and third country residents fell 1.9% and 15% in July compared to the respective month of2014, while those belonging to euro area country residents rose 18%.

The overall amount of outstanding loans dropped 2.2% in July compared to a year before, mainly on a 31% drop of the amounts owed by residents of other euro area countries which fell 31%, while residents of third country residents saw their loans decrease an annual 4.7%, the central bank said. Outstanding loans owed by Cyprus residents rose 2.2%.

Deposits in foreign currency rose in a month by €87.7 million in July to almost €11 billion, while respective loans dropped by €540.2 million to €15.3 billion, the central bank said.

Source: Cyprus Mail

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