Cyprus IBU’s book $11.7bln investments

International Banking Units based and operating from Cyprus had booked $11.68 bln in investments on their books by end of May 2007, up $1.73 bln since the start of the year according to the Central Bank Monetary Survey.

Most of the investments are believed to be made for investments in Russia and other CIS republics, taking advantage of Cyprus’ double taxation treaties with many countries.

Total advances made by all the IBU, formerly known as offshore banks saw a modest MoM growth of $243 mln to $5.8 bln end of May, which was down $464 mln since the start of the year. The total assets of all the IBU’s amounted to $28.3 bln.

Total deposits placed with all the IBU’s was up $805 mln in the first five months of the year to $5.23 bln.