De­posits rise af­ter gov­ern­ment puts 2.5 bln in the Co-op

Financial Mirror (Cyprus) - - FRONT PAGE -

Due to a huge EUR 2.5 bln gov­ern­ment de­posit in the Co-op bank, total de­posits in the Cyprus bank­ing sys­tem rose 5.16% in April.

Total de­posits in the bank­ing sys­tem recorded a net in­crease of EUR 2.47 bln in April, com­pared with a net de­crease of EUR 642.9 mil­lion in March, ac­cord­ing to Cen­tral Bank of Cyprus fig­ures.

In March total de­posits fell 1.46% to EUR 47.99 bln af­ter jit­tery Co-op cus­tomers took their money out over fears the bank was in cri­sis as the gov­ern­ment was try­ing to sell it off.

Ear­lier this year, a se­nior of­fi­cial at the Co-op re­vealed that the bank bled EUR 1.9 bln in lost de­posits in what can only be de­scribed as a bank run on the in­sti­tu­tion.

“The in­crease of de­posits is mainly ex­plained by the de­posit of an amount of EUR 2.5 bln by the Cyprus Gov­ern­ment, with the Cyprus Co­op­er­a­tive Bank in April 2018,” said the Cen­tral Bank.

It said the an­nual de­posits growth com­pared with -0.8% in March 2018.

The out­stand­ing amount of total de­posits reached EUR 50.47 bln in April, up from EUR 47.99 bln in the pre­vi­ous month.

Total loans in April saw a net de­crease of EUR 100 mil­lion, com­pared with a net de­crease of EUR 155.7 mil­lion in March 2018.

rate reached 4.5%,

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