Cyprus Mail

Cypriots’ total financial liabilities exceed assets by €22.2bn, CBC says

Overall financial liabilities of corporate and non-corporate Cyprus residents were worth €410.4bn in December against €388.2bn of financial assets, resulting to a negative net balance of €22.2bn, the Central Bank of Cyprus said.

The net difference of assets and liabilities, which includes currency and deposits, monetary gold and special drawing rights, debt securities, loans, shares, and other financial instruments, improved relative to September and December 2014, when it stood at €23.5bn and €24.4bn respectively, with both figures in the negative area, the supervisory authority said in a statement on its website.

The central bank data series goes back to December 2012, three months before Cyprus agreed the terms of its bailout, and shows that total liabilities stood at €447.4bn, exceeding assets by €24.6bn.

The net value of household financial assets in December was €45.7bn, comprising deposits by two thirds, and exceeded liabilities by €25.4bn, the central bank said. In the case of non-financial corporations, the picture was exactly the opposite, as overall financial liabilities, recorded at €91.4bn, exceeded assets by €39bn.

Total loans extended to non-financial corporations in December stood at €39.6bn, while in the case of households the respective figure stood at €22.2bn, the central bank said.

In the case of monetary and financial institutions, total financial assets stood in December at €100.2bn against €86.7bn in liabilities, the central bank added. The central government’s total financial assets stood at €15.1bn against €27.4bn in liabilities.

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