Thiswas mainly on increased deposits which rose in October by €446.5m in a month to €48.3bn, the Central Bank said in a statement on its website on Tuesday. Amid continued deleveraging, total loans fell last month by €138.2m from September to €53.8bn.

The increase in deposits was mainly on more funds held in bank accounts of other financial intermediaries in October, which rose by €347.5m to €6.1bn, the bank supervisor said.

Households and non-financial corporations saw their deposits increase by €55.9m and €48m in a month to €28.2bn and €11.1bn respectively. Cash held by the government at commercial banks fell by €11.7m to €909.4m.

At the end of October, bank accounts belonging to Cyprus residents held €35.9bn, up €300m compared with the month before, the Central Bank said. Depositors residing in other euro area member states saw their accounts’ balance increase by €48m overall to €3.1bn, while those residing in third countries saw their deposits rise by €98.5m to €9.3bn.

The drop in total loans was mainly on a €134.8m drop in loans of other financial corporations to €7.4bn, the supervisory authority said. Loans extended to non-financial corporations rose by €33.4m to €22.7bn, while household loans fell by €29m to €22.6bn. The decrease in household loans was mainly on decreased mortgages.

Loans extended to Cyprus residents and residents of other euro area countries last month fell by €181.2m and €13.2m, to €45.3bn and €1.4bn, the central bank said. On the other hand, banks granted €56.2bn in fresh loans to third country residents with total credit rising over €7bn.

Source: Cyprus Mail