Bank Deposits Slide in Cyprus

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03.10.2013In accordance to statistics release from the European Central Bank (ECB), consumers and companies after the events of an international bailout continue to withdraw funds from banks in Cyprus. The data released on Wednesday, also show that private sector deposits fell by 2.1% to 35.9 billion Euros and to date from July the percentage decrease is 4.5%. Until May, private sector deposits amounted to 50.5 billion Euros which till date equal to a decline of 30% and are equal to the lowest level since June 2008. The Capital controls that Cyprus inherited after the events in May, are still in place however are steadily being eased by the Central Bank. In accordance to other EU countries, private sector deposits in Portugal fell more than 0.5% in August. Greece had no change in deposits, and Italy and Spain showed improvement. The data which is produced consists of all currencies combined, and do not take into consideration seasons i.e. August Summer Holidays. The data also excludes deposits from central governments and banks.