Cyprus Mail

Deposits rise in August as banks collect debts, CBC says

Deposits in the Cypriot banking system rose in August to €49.1bn or by €427m in a month with total loans falling by €107m to €52.9bn, reducing the liquidity shortfall in the system to €3.8bn, the smallest since February 2013, the Central Bank of Cyprus said.

The increase in deposits last month was mainly on inflows amounting €236.9m in a month to accounts belonging to other financial intermediaries which saw their balance rise to €6.2bn and €172.6m to accounts of non-financial corporations which saw their deposits increase to €11.4bn, the central bank said in a statement on its website on Wednesday. Household deposits dropped by €67.4m to €28.6bn. Deposits of insurance companies and the general government rose by €32.3m and €53.3m to €2bn and €956.6m respectively.

The reduction in loans in August was mainly on loan repayments worth €63.9m in the case of other financial intermediaries which fell to €8.8bn and €36.1m in loans extended to households which dropped to below €22bn, the bank supervisor said. Non-financial companies repaid €7.5m in loans reducing their balance to €21.4bn. Loans extended to the general government and insurance firms and pension funds rose by €0.3m in both cases last month to €793.8m and €16.7m respectively.

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Source: Cyprus News Agency