Local
articles | 30 October 2014

Deposit outflows rise in September 2014

Banks saw the highest deposit outflow in September 2014 since the aftermath of the island’s bailout in March 2013, Central Bank (CBC) figures showed.

The CBC said total deposits fell by €850 million, the highest since July 2013.

The outstanding amount of deposits reached €46 billion in September 2014.

The annual growth rate stood at -4.5% in September compared with -4.3% in August 2014.

Deposits recorded a net decrease of €328 million in August 2014. In particular, deposits of domestic residents dropped in September 2014 by €384.3 million, reaching €32.08 billion, while deposits of third country residents decreased by €446 million reaching €11.81 billion.

Deposits of residents of other EU Member States fell by €20.3 million, reaching €2.07 billion.

Household deposits fell €196.3 million to €26.87 billion, while company deposits recorded an increase of €243.3 million, to €11.26 billion.

Total loans in September 2014 showed a net decrease of €157.1 million, compared with a net increase of €99.4 million in August 2014.

The annual growth rate was -2.8% compared with -3.6% in August 2014.

The outstanding amount of loans reached €59.8 billion in September 2014.

Loans to domestic residents fell by €73.5 million, to €49.57 billion, while loans to residents of EU Member States increased by €71.5 million to €3.6 billion.

Loans to third country residents fell by €155.2 million, to €6.59 billion. Household loans dropped by €163.5 million in September to €24.42 billion. Consumer loans fell by €10 million, to €2.91 billion, while mortgage loans decreased by €73.7 million to €3.59 billion.

Source: Cyprus Mail

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