Cyprus Mail

Deposits rise, as loans drop to seven-and-a-half year low, central bank says

The gap separating overall loans and deposits in the Cypriot banking system shrank in June to €7,6bn, its smallest value following the March 2013 bail-in, as depositors show increased trust to Cypriot banks, which in turn continue to deleverage, the Central Bank of Cyprus said.

Overall deposits rose in June by €343.4m, to €46,8bn, which is the highest since November, while total outstanding loans dropped by €550.5m, to €54.4bn, the lowest since December 2008, the Central Bank of Cyprus said in a statement on its website on Wednesday.

Deposits rose in June mainly on an increase in funds in accounts held by non-financial companies and households by €156.1m and €148.5m, to €10.6bn and €28bn respectively, the bank supervisor said. Non-financial companies and other financial intermediaries saw their outstanding loans drop by €347.7m and €289m, to €23.1bn and €7.5bn, respectively.

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