Deposits rise in February to €49bn matching August 2013 figures

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By Stelios Orphanides

Deposits in the Cypriot banking system rose in February by €174.9m in a month to €49.3bn, the highest since August 2013, as the downward trend in loans was halted, the Central Bank of Cyprus said.

The increase in deposits in February was mainly on inflow from non-financial corporations which saw their bank account balance increase by €144.6m in a month to €11.4bn, the central bank said in a statement on its website on Monday. Household deposits rose by €32.5 to €28.6bn and those of insurance companies and pension funds rose by €10.3m to €2bn. Deposits held by other financial corporations and the government fell by €9.9n and €2.2m to €6.4bn and €949.3m respectively.

Deposits held by Cyprus residents rose by €187.9m to €36.6bn last month compared to January while those of other euro area residents and third country residents fell by €1.8m and €11.2m to €3.2bn and €9.5bn, the central bank said.

The total amount of outstanding loans rose last month by €139.2m to €55.2bn in a month mainly on €214.8m in fresh loans extended to other financial corporations which rose to €9.2bn, the central bank said. Loans to non-financial companies and insurance companies and pension funds rose by €2m €0.1m to €22.4bn and €15m. Household lending fell by €72.3m to €22.7bn mainly on a €36m drop in housing loans.

Total credit extended by commercial banks to Cyprus residents rose last month by €210.2m to €45.3bn while the outstanding loans of other euro area residents and third country residents fell by €44.4m and €26.7m to €2.6bn and €7.2bn respectively.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: stelios@cyprus-mail.com

  • Jeremy Rigg

    It looks as thought some money is coming out from under the bed. The figure for bank credit must mean there are one hell of a lot of people living on credit on this island.

    • Cydee

      Doesn’t paint a nice picture, does it.

  • CitiZenKaNe

    How about Feb 2013? When is it going to match that?

  • Kevin Ingham

    I suspect any” increase” in deposits is coming from Greece where money is apparently flooding out of the country in anticipation of another Grexit crisis.

    Cyprus is still a mess, but it’s in a lot better shape than Greece (for the meantime)