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Banks' reliability on the mend

27/11/2015 10:10
The new StockWatch reliability survey with a sample of 600 households shows a marginal improvement in levels of confidence in the banking system.

According to the survey, most banks’ reliability score improved, including subsidiaries of Greek banks, which in the previous survey posted a significant decline amid an unstable situation in Greece.

Consumers were asked whether ten specific banking institutions are reliable and if they would recommend them. The answers were given on a scale of 0 to 10.

The average rating that ten banks received by households stood at 5.02 out of ten, compared with 4.93 in July 2015 and 4.89 in November 2014.

The survey was conducted amid the recent process of recapitalization of the Greek banks, with a positive impact on the reliability of the subsidiaries of Greek banks in Cyprus.

Eurobank EFG has received 4.85 out of 10 compared to 4.55 in July 2015, Piraeus received 4.60 from 4.40 and Alpha 4,95 by 4,55.

The reliability of the Bank of Cyprus stood at 5.00 from 5.05 in July 2015. In the reliability question the bank received 5.2 and in the recommendation question it scored 4.8.

The Hellenic Bank received 5.55 out of 10 on reliability compared to 5.40 in July 2015, and climbed at the top of the relevant index.

The two cooperative institutions included in the survey received different scores even though, technically, they are under the umbrella of the Central Cooperative Bank.

Both showed a decline in reliability: Limassol COOP’s score fell to 5.45 from 5.70 and the Strovolos COOP declined to 4.95 from 5.10 in July.

Despite the decrease, Limassol COOP still enjoys a relatively high level of confidence.

RCB is in the third place receiving 5.15 versus 5.05 in the previous survey, showing an improvement in 2015.

The survey was nationwide in urban and rural areas with men and women of 18 years and older. The methodology was multistage stratified random sampling. The survey was conducted between November 4 and November 11, 2015 by telephone interviews from the call center of RAI Consultants.