Cyprus deposits down by €924 mln in September

The outflow of deposits continued in September by 924 mln euros, with total depsits reaching 47.465 bln, according to data released by the Central Bank of Cyprus show.
The outflow of deposits in September was almost double than that of the previous month’s 458 mln euros.
Of the total, 32.97 bln is held by Cypriot residents, 2.78 bln by other euro zone residents and 11.78 bln by third country residents.
Deposits from third country residents recorded the greatest outflow at 539 mln euros, followed by Cyprus residents’ deposits at 308 mln and euro zone residents’ deposits at 76 mln.
Since September 2012, total deposits in the Cyprus system recorded a drop of 33% or 23.2 bln euros, of which 9.4 bln is due to the haircut in the island’s two largest banks after a Eurogroup decision in late March.
On the other hand, loans rose to 64.0 bln in September, up from 63.8 bln in August.