Greek Banks in Cyprus Deposits Rose 2.4%, Central Bank Says
By Stelios Orphanides - Jun 28, 2011 3:35 PM GMT+0200 Tue Jun 28 13:35:38 GMT 2011
Deposits at Greek banks in Cyprus rose 2.4 percent to 8.2 billion euros ($11.7 billion) in May from April and fell 4.1 percent compared with May last year, the
Central Bank of Cyprus said.
The month-on-month increase was mainly a result of a 17 percent rise in deposits at Piraeus Bank (Cyprus) Ltd. to 1.2 billion euros and an 11 percent increase at National Bank of Greece (Cyprus) Ltd., a unit of Greece’s largest lender, to 1.1 billion euros, the east Mediterranean island’s central bank said in a
statement on its website today. Overall deposits in the Cypriot banking system rose 2.9 percent last month compared with April and an annual 14 percent.
Deposits at Alpha Bank Cyprus Ltd. fell 0.3 percent in May to 3.3 billion euros compared with April, while Eurobank EFG Cyprus Ltd. and Emporiki Bank - Cyprus Ltd. saw their respective deposits decline 2.8 percent and 3.1 percent to 2.3 billion euros and 306 million euros, the statement said.
Deposits at Greek banks on the island last year rose 30 percent as Greek depositors transferred money to Cyprus on concerns
Greece may default on its debt or abandon the euro and impose restrictions on capital flows.
(Bloomberg)