Cyprus deposits outflows slowed in October

The rate of decline of deposits in the domestic banking system has slowed down significantly in October 2013 with deposit outflows limited to merely €165 mln, the lowest amount recorded since January this year when deposit outflows started.

According to the figures released Thursday by the Central Bank, total deposits were down to €47.31 bln from €47.47 bln in September this year. It is the lowest level of deposits since May 2007, when deposits stood at €45.76 bln.

Since January 2013 when deposit outflows started, the domestic banking system lost €22.84 bln, including the haircut of uninsured deposits at the Bank of Cyprus and Laiki Popular Bank.

According to the figures of the Central Bank of Cyprus, despite a further reduction of deposits in October 2013, the deposits of residents of countries outside the Eurozone were up by €407 mln to €12.11 bln from €11.70 bln in September.

Cyprus residents` deposits decreased by €463 mln and reached €32.51 bln, compared with €32.97 bln in September, while deposits of residents from other state – members of the Eurozone fell to €2.68 bln from €2.78 bln.

General government’s deposits declined to €355.2 mln from €464.4 mln in September 2013.

The total loans in the domestic banking system has recorded a decrease of €772 mln in October 2013, falling to the lowest level since April 2010 namely to €63.30 bln from €64.07 bln in September 2013.

Cyprus residents’ loans recorded the largest decrease of €666.6 mln falling to €49.26 bln from €49.93 bln.

Loans granted to residents of countries outside the Eurozone decreased at €9.50 bln from €9.62 bln, while loans to residents of member states of the Eurozone rose to €4.53 bln from €4.51 bln.