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Every year less and less Russian deposits

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Every year less and less Russian deposits

The Russians are constantly raising deposits from the banks and every year the decrease becomes more noticeable. The data announced yesterday by the Central Bank show that in 2020 € 688 million deposits were withdrawn compared to 2019 (ie within a year) and in relation to 2018 the deposit outflow was € 1.06 billion. Russian depositors in Cypriot banks appear to be linked to the international effort to combat money laundering within the EU.

At the end of 2020, deposits from third countries in the banking system were € 5.95 billion, while in 2019 it was € 6.63 billion, in 2018 it reached € 7 billion, in 2017 € 8.41 billion, in 2016 € 9.22 billion, in 2015 it was € 10.36 billion and in 2014, € 11.88 billion. This means that in six years € 5.81 billion left Russian deposits and Russians oligarchs are trying to transfer funds to other countries as the fight against black money intensifies.

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Above are the deposits of locals

However, at a time when the deposits of the Russians are declining, the deposits of the Cypriots are increasing, which once again confirms the uncertainty that prevails due to the health crisis and the caution of the citizens. At the end of 2020, deposits increased by € 459 million compared to 2019. The nine-month installment suspension, travel restrictions, lower consumption and travel restrictions led to an increase in deposits. The difference has been made by households. In 2020, their savings increased by € 797 million, while compared to 2018 they are increased by € 1.14 billion. The picture prevailing in corporate deposits is a little different. Deposits in one year are increased by € 17 million and compared to 2018 are more by € 441 million.

The loans given in 2020 are also interesting, a year that had important peculiarities. Total lending to the system, after adjusting for exchange rates, decreased by € 1.9 billion at the end of December 2020 to € 31.8 billion, compared to € 33.6 billion in December 2019. In 2019 they left from the system loans € 5.5 billion while in 2018 there was a leverage of € 12.1 billion due to the acquisition of SKT by Hellenic Bank. In December 2020, net loans increased by € 583.7 million, compared to a decrease of € 60.4 million in November 2020. The annual rate of change reached 2.7%, compared to -4.4% in November 2020. The balance of total loans in December 2020 reached € 31.8 billion. It is worth noting that the suspension of installments, in accordance with the provisions of the installment suspension decree of the Minister of Finance, had an increasing effect on loan changes. The suspension of installments concerned loans to households and companies amounting to € 10.5 billion.

Source: www.philenews.com

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