Cyprus Mail
Business

Co-op deposits rise

Cooperative credit institutions in Cyprus have witnessed an influx of deposits totalling €260 million and an increase in their deposit base in the last two months of 2014.
This followed the positive results of the stress-test conducted by the European Central Bank, reflecting a broader stabilisation in the banking system.
Based on the results of the ECB announced on October 26, 2014, Cooperative banks remedied any losses from the baseline scenario of the stress-test and showed a surplus of €331 million, which, together with the media campaign, appears to have acted as a catalyst in stabilising the deposit base.
The Cyprus News Agency said deposits rose to €260 million in the last two months of 2014 (€70 million in November and €190 million in December), reversing the negative climate that mainly dominated last year.
However, despite the significant outflow of deposits last year, cooperative institutions maintain the largest share with 27 per cent of total deposits of the banking system, which on December 31 amounted to €46 billion.
The proportion of total deposits of permanent residents at Cooperative institutions amounts to 41 per cent.
Sources told CNA that after the stabilisation of deposits, Cooperative institutions were focusing on the recovery and restructuring of non-performing loans and are expected to dynamically grant new loans. (CNA)

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