Cyprus Mail

Private sector deposits in Cyprus banks tick down in Dec -ECB

Private sector deposits in Cypriot banks declined slightly in December, offsetting the November rise in a sign of stabilisation after 17 months of falls.
Deposits fell 0.8 per cent to €35.1 billion in December from the previous month, and were at the same level as in October, European Central Bank (ECB) data showed on Wednesday.
The deposits are still 30 per cent below their peak of €50.5 billion in May 2012.
Banks in Cyprus were shut for nearly two weeks last March after the government agreed a €10 billion bailout under which major depositors had to pay part of the cost of the rescue.
Capital controls are still in place, with limits on how much people can transfer from their accounts, although Cyprus is gradually easing the restrictions.
The ECB data showed deposits in other southern European countries mired in the debt crisis remained relatively stable.
Private-sector deposits rose by just over 1 per cent in Greece and slightly less than that in Portugal. The increase in Spain amounted to 0.1 per cent. In Italy, private-sector deposits declined by 0.9 percent and by 1.1 percent in Ireland.
Monthly fluctuations in the figures are common, though sharp consecutive drops in countries with stable banking systems are unusual.
The data, which are for all currencies combined, are not seasonally adjusted and differ slightly from national central bank figures. They exclude deposits from central government and banks. (Reuters)

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Source: Cyprus News Agency


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