The Central Bank of Cyprus has today released the MFIs deposits and loans statistics for the reference month of September 2018, which are included in the October 2018 edition of Monetary and Financial Statistics. The data reflect, for the first time, the provisions of the agreement between Cyprus Cooperative Bank Ltd (“CCB”) and Hellenic Bank Public Limited (“Hellenic Bank”) for the transfer of certain assets and liabilities from CCB to Hellenic Bank. The residual balance sheet items remained with the Cooperative Asset Management Company LTD (“SEDIPES”), a legal entity without license to operate as a credit institution.
Total deposits in September 2018 recorded a net decrease of €230,4 million, compared with a net increase of €176,3 million in August 2018. Nevertheless, the outstanding amount of deposits decreased by €3,7 billion in September 2018 and reached €47,4 billion. This is mainly attributed to €3,6 billion deposits of the Cyprus Government, previously held with the CCB, which remained with SEDIPES as a result of the above agreement between CCB and Hellenic Bank. The annual growth rate reached 3,8%, compared with 3,9% in August 2018.
Total loans in September 2018 exhibited a net increase of €250,5 million, compared with a net decrease of €187,8 million in August 2018. Nevertheless, the outstanding amount of loans decreased by €6,3 billion in September 2018 and reached €39,7 billion. This is mainly attributed to €6,0 billion non-performing loans of CCB which remained to SEDIPES as a result of the above agreement between CCB and Hellenic Bank. The annual growth rate was zero, compared with -0,8% in August 2018.
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