The Central Bank of Cyprus has today released the MFIs loans and deposits statistics for the reference month of December 2014, which are included in the January 2015 edition of Monetary and Financial Statistics.
As from December 2014, monetary statistics are produced on the basis of the new regulations and the guideline of the European Central Bank (ECB), which incorporate mainly the classification principles of the European System of Accounts, 2010 (ESA 2010) and replaces ESA 1995. One of the main changes arising from the implementation of ESA 2010 is the reclassification of a number of companies, mainly holding companies, from the ‘non-financial corporations’ sector to the ‘financial’ sector. As a result, a decrease in the amounts outstanding for the ‘non-financial corporations’ sector and a corresponding increase in the amounts outstanding for the ‘other financial intermediaries’ sector is observed. This change is not considered as a transaction and therefore has no effect on the annual growth rates.
Total deposits in December 2014 exhibited a net increase of €138,1 million, as compared with a net increase of €86,6 million in November 2014. The annual growth rate stood at -4,0% as compared with -4,4% in November 2014. The outstanding amount of deposits reached €46,1 billion in December 2014.
Total loans in December 2014 exhibited a net increase of €505,3 million, as compared with a net increase of €7,7 million in November 2014. The annual growth rate stood at -1,4% as compared with -2,4% in November 2014. The outstanding amount of loans reached €61,6 billion in December 2014.