articles | 27 July 2016

Cyprus bank deposits rise, as loans drop in June 2016

The gap separating overall loans and deposits in the Cypriot banking system shrank in June 2016 to €7,6b, its smallest value following the March 2013 bail-in, as depositors show increased trust to Cypriot banks, which in turn continue to deleverage, the Central Bank of Cyprus said.

Overall deposits rose in June by €343.4m, to €46,8b, which is the highest since November, while total outstanding loans dropped by €550.5m, to €54.4b, the lowest since December 2008, the Central Bank of Cyprus said in a statement on its website on Wednesday.

Deposits rose in June mainly on an increase in funds in accounts held by non-financial companies and households by €156.1m and €148.5m, to €10.6b and €28b respectively, the bank supervisor said. Non-financial companies and other financial intermediaries saw their outstanding loans drop by €347.7m and €289m, to €23.1b and €7.5b, respectively.

Source: Cyprus Mail

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