CYPRUS: Deposits down €587m in Q1, Eurozone depositors up in March

Total deposits in the Cypriot banking system fell by €130 mln in March to €46.81 bln, the same level as a year earlier, with a cumulative drop in the first quarter of €586.8 mln, mainly due to an outflow of deposits by third country residents, according to Central Bank of Cyprus data.

However, deposits of residents of other Eurozone countries were up by €59 mln to €2.19 bln.
Deposits of local residents fell in March by €42.6 mln to €32.33 bln, while third country residents’ deposits fell by €146.6 mln to €12.28 bln.
Total deposits in February had recorded a net decrease of €163.4 mln and in January €293.4 mln.
The annual rate of change in deposits was -3.6% in March compared to -3.8% in February.
Total loans in March were also down by €878.7 to €64.2 bln. In February, loans recorded a net decrease of €207.2 mln.
The annual rate of change in loans was -2.0% in March compared to -1.2% in February.
Local residents’ loans fell in March by €383.6 mln to €49.97 bln. Other eurozone residents’ loans were also down by €95.4 mln at €3.91 bln.
Third countries residents’ loans fell by €399.7 mln to €10.27 bln.