Outflow of bank deposits from Cyprus remained at a low level

Outflow of bank deposits from Cyprus remained in December at a low level for the third consecutive month, reaching 164.6 million euro, according to statistics released by the Central Bank of Cyprus.

December 2013 recorded the third lowest amount of outflow since January 2013, when outflow from local banks started. In November 2013 the outflow stood at 138.5 million and 163 million in October.

According to Central Bank data, total deposits declined in December 2013 to 47 billion euro, recording the lowest level since May 2007. In November 2013 total deposits stood at 47.16 billion euro.

Total deposits in 2013 showed a decrease by 23,15 billion euro. This number includes the haircut on uninsured deposits at the Bank of Cyprus and Laiki Popular Bank (around 8 billion euro) as well as bonds and securities (1,5 billion).

As regards deposits, there has been an increase by residents in Cyprus and residents outside the eurozone, while deposits from eurozone residents recorded a decrease.

Deposits from residents in Cyprus increased in December by127 million euro, reaching 32.98 billion euro, while deposits from residents of countries outside the euro area and third countries increased by 88.8 million euro, reaching 11.76 billion.

In December 2013 loans stood at 63.11 billion euro, dropping by 311.2 million compared to the previous month.