articles | 31 October 2013

Cyprus deposits down by €924 mln in September

The outflow of deposits continued in September by €924 million with total deposits reaching €47,465 billion, according to Central Bank of Cyprus data.

The outflow of deposits in September was almost double than that of the previous month’s €458 million. Of the total, €32,97 billion is held by Cypriot residents, €2,78 billion by other eurozone residents and €11,78 billion by third country residents.

Deposits from third country residents recorded the greatest outflow at €539 million, followed by Cyprus residents’ deposits at €308 million and eurozone residents’ deposits at €76 million.

Since September 2012, total deposits in the Cyprus system recorded a drop of 33% or €23,2 billion, of which €9,4 billion is due to the haircut in the island’s two largest banks after a Eurogroup decision in late March. On the other hand, loans rose to €64,0 billion in September, up from €63,8 billion in August.

Source: Financial Mirror

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