Cyprus Mail

Rise in deposits likely reflecting banks’ stabilisation, bank association says

By Stelios Orphanides

The recent increase in deposits in the Cypriot banking system may reflect its stabilisation as confidence in the Cypriot economy as a whole rises, a Bank Association official said.

The latest issue of a €1bn 10-year government bond a month ago, with which the government saw the restoration of market access following Cyprus’s dramatic bailout, indicates that “markets trust and appreciate changes that are taking place in Cyprus,” Michael Kammas, director general of the association said in an interview on Friday.

The association numbers 12 members including Cyprus’s four major banks, Bank of Cyprus, Cooperative Central Bank, Hellenic Bank and RCB Bank.

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