THE FLOW of deposits in the domestic banking system recorded a monthly drop of 9.96 per cent, or €6.34 billion. in April according to data released by the Central Bank of Cyprus on Thursday.
The yearly outflow of deposits was even greater, since compared with April 2012, deposits dropped by 19.87 per cent or €14.23 billion.
The reduction of deposits during the first month of 2013 was due to an outflow of deposits concerning euro zone countries’ residents, third country residents and Cyprus residents alike.
The data show that compared with March 2013, deposits of Cypriot residents in the domestic banking system recorded a decrease of €2.97 billion to €38.32 billion. The annual drop recorded was €5.26 billion or 12.1 per cent.
Third-country residents’ deposits dropped in April 2013 by €3.08 billion to €15.95 billion compared to where they stood in April 2012 €19.03 billion. The annual drop amounts to 27.2 per cent.
Deposits of euro zone countries’ residents dropped by €300 million reaching €3.09 billion compared to March 2013 and by €3.05 billion compared with April 2012.
Loans also recorded a decrease of €2 billion in April compared with the previous month, reaching a total of €68.42. Compared with April last year, loans recorded a small drop of the order of 1.4 per cent or €97 million.
General government deposits also dropped in April reaching €365.9 million down from €428.8 million in March 2013 and €529 million in April 2012.
Household deposits were reduced by €1.32 billion, reaching €31.44 billion down from €32.76 billion in the previous month. Business deposits also recorded a drop in April reaching €15.28 billion down from €19.28 billion in March 2013 and €23.70 billion in April of last year.
Credit institutions’ loans to Cyprus residents came to €53.1 billion in April 2013 compared with 54.29 billion the previous month.
However, on an annual basis an increase was recorded since loans to Cyprus residents came to €52.06 billion in April 2012.
Loans to third country residents dropped to €11.65 billion down from €12.28 billion in March 2013 and €13.04 billion last April.
Consumer loans dropped in April 2013 to €3.36 billion down from €3.50 billion in the previous month and €3.49 billion in April 2012.
Housing loans also fell to €14.28 billion down from €14.68 billion in March 2013 and €15.06 billion in April 2012.