Cash held by inv. funds half in 2 years
Loans and deposits held by 83 investment funds in Cyprus dropped to EUR 247.3 mln in December, down EUR 339 mln year-onyear and less then half of EUR 511.8 mln in March 2013 when the Eurogroup imposed a bailout programme and forced the bail-in of depositors at the two systemic banks.
The drop was the lowest level since 2008 when the Central Bank of Cyprus started monitoring the approved investment funds.
In its quarterly Investment Fund Statistics, the Central Bank said that total assets held by the investment funds stood at EUR 2.55 bln at the end of December 2014 compared to EUR 2.17 bln in December 2013. At the end of September 2014 the total assets of investment funds amounted to EUR 2.90 bln.
Total assets of the open-end funds fell in late December 2014 to EUR 1.984 bln from EUR 2.105 bln in December 2013, while the assets of closed-end funds declined in December 2014 to EUR 566.8 mln from EUR 611.9 mln in December 2013.
Total equity held by the investment funds in December 2014 dropped to EUR 1.866 bln from EUR 2.062 bln last year, while bonds rose to EUR 20.3 mln from EUR 6.2 mln the previous year. Mixed investment funds assets rose to EUR 397 mln compared to EUR 373 mln the previous year. Funds that invest in real estate had assets of EUR 157.3 mln in December 2014 compared to EUR 170.4 mln in the same period of 2013.