Huge increase in deposit outflow

THE OUTFLOW of deposits continued in September by €924 million, data released by the Central Bank of Cyprus show.

Total deposits in Cyprus came to €47.465 billion.

The outflow of deposits in September was almost double that of the previous month, when it recorded €458 million.

Of the total €47.4 billion, €32.97 billion belongs to Cypriot residents, €2.78 billion to other eurozone residents and €11.78 billion to third country residents.

Deposits from third country residents recorded the greatest outflow at €539 million, followed by Cyprus residents’ deposits at €308 million and eurozone residents’ deposits at €76 million.

Since September 2012, total deposits have dropped by 33 per cent or €23.2 billion, of which €9.4 is due to the haircut in the island’s two largest banks after a Eurogroup decision in late March.

Loans reached €64.0 billion in September 2013, up from €63.8 billion in August.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.