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€3.1bn new deposits in 2012

29/06/2012 13:41
More than three billion euros flowed into the banking system since early 2012, despite turmoil from the Greek crisis.

Even in May, amid the recapitalization of Cyprus Popular Bank, deposits rose by €860 million compared to April, not affected by latest developments.

The crisis is evident, however, credit expansion fell to its lowest point since first data available.

Deposits

According to Central Bank data, deposits in the domestic system in May 2012 rose by €0.9 billion to €72.5 billion from €71.6 billion in April 2012 and €72.8 billion in May 2011.

This is the second highest level of deposits registered after May 2011.

Deposits fell 1.2% on an annual basis against an increase of 0.5% in April 2012 and an increase of 13.8% in May 2011.

According to the figures, deposits by third country residents slipped to €21.8 billion from €21.9 billion in March 2012 and €21.9 billion in May 2011.

Deposits by rest euro area residents including Greece reached €6.4 billion from €6.1 billion in April 2012 and €5.1 billion in May 2011.

Deposits by Cypriots stood at €44.3 billion from €43.6 billion in April and €45.9 billion last May.

Loans deep down

The recapitalization needs of the banks have affected negatively loans to Cypriots, hitting a record low.

The annual increase declined to 3.7% from 4.3% in April 2012 and 7.1% in May 2011.

By sector, consumer loans increased by 0.9% against an increase of 1.2% in April, while the increase in housing loans dropped to 3.8% from 4.1%.

As for the business ones, the increase did not exceed 6.3% from 7.0% in previous month.

Total loans to the system reached €70.3 billion from €68.5 billion in April 2012 and €63.8 billion in May 2011.