The increase in loans in December was on a €428.8m monthly increase in loans extended to Cyprus residents to €51.2bn, the central bank said. The outstanding loans of other euro area residents and third country residents fell by €33.8m to €3.5bn and €87.3m to €8bn respectively.

Deposits held by Cyprus residents rose a monthly €189.7m in December to €32.9bn, while those held by other euro area residents rose by a monthly €19.4m to €2.7bn, the supervisory authority said. Amounts deposited at Cypriot bank accounts by third country residents dropped by a monthly €6.2m to €10.4bn.

The loans to deposits shortfall widened to €16.8bn in December, the widest since April, the central bank said. Total deposits rose an annual 0.2% in December, while loans fell 3.4%.

Households saw their deposits increase by a monthly €191.1m to €27.7bn in December, while those of non-financial companies, insurance companies and pension funds rose by €21.6m and €84.5m to €10.1bn and almost €2bn respectively. Amounts held at bank accounts in Cyprus by other financial intermediaries dropped by a monthly €290.7m to €5.7bn.

In December, total household and non-financial company loans rose by €389.7 to €23.7bn and €47.8m to €26.4bn respectively, the central bank said. Loans extended to insurance companies and pension funds rose by a monthly €1.5m to €22.8m, while those extended to other financial intermediaries fell by €119.6m to €12bn.

Source: Cyprus Mail