The increase in deposits last month was mainly on inflows amounting €236.9m in a month to accounts belonging to other financial intermediaries which saw their balance rise to €6.2bn and €172.6m to accounts of non-financial corporations which saw their deposits increase to €11.4bn, the central bank said in a statement on its website on Wednesday. Household deposits dropped by €67.4m to €28.6bn. Deposits of insurance companies and the general government rose by €32.3m and €53.3m to €2bn and €956.6m respectively.

The reduction in loans in August was mainly on loan repayments worth €63.9m in the case of other financial intermediaries which fell to €8.8bn and €36.1m in loans extended to households which dropped to below €22bn, the bank supervisor said. Non-financial companies repaid €7.5m in loans reducing their balance to €21.4bn. Loans extended to the general government and insurance firms and pension funds rose by €0.3m in both cases last month to €793.8m and €16.7m respectively.

Source: Cyprus Mail