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Despite Capital Controls, Cyprus Deposits Slide To Lowest Since Mid-2008
Another month, another update on the inefficiency of Cypriot capital controls, where following the latest release by the central bank on the May level of deposits in the banking system, we learn that total cash holdings in Cyprus banks dropped by another EUR 1.4 billion in May to EUR55.9 billion, and 23% lower from the same month last year. And with ongoing and unchecked deposit flight continuing, with EUR 14 billion in cash pulled or confiscated since the start of the year, one can see why the administration and the president are about to throw in the towel and demand, this time for a real, a much bigger bailout for Cyprus to plug the ever bigger gaping liquidity hole in the local banks as otherwise all that good money chasing bad will be for nothing.
In the meantime, expect deposit flight to continue as anyone with half a brain can finally see the writing on the wall, if only with a slight delay and following much personal losses.
Monthly Cyprus deposits:
Monthly change in Cyprus deposits:
Source: Cyprus Central Bank
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I took the last of mine out.....just to be on the safe side.
EU Bank deposit outflow will weaken the already chronically under-capitalized EU banks further. Think of the EU from now on as one gigantic Cyprus.
Nonsense! That's why I took all my money out of Cypriot banks and deposited it with Credit Agricole!
Big banks eating smaller banks using depositors assets.
LOL... I'm shocked!
Shocked, I say!!
Go LONG mattresses !! http://tinyurl.com/mem7o7x
Pull an Iceland already, you Cypridiots! It's still not too late!
With news that the EU have given the green light to hair cut the rest of the european depositors I think it's time to take out the banks.
I for one will be removing all of it out of the banks convert it to anything other than FIAT.
I think the final bell has been rung and last orders gentlemen, it's been a hoot.
3........2........BANK RUN !!!!!!!
i'd even put a few percent in bitcoin, they might be on to something with that
turn on the money printers asap
Well, ofcoarse the deposits are at record lows, you had a bail-in and the banks took the depositors moneys, when the bank is spending its depositors money it makes sense that you would see the deposits decrease, just like when you spend money out of your wallet the amount of money in your wallet decreases.
Except with the banks, its not their wallet, its yours and they like expensive things, like prostitutes, drugs and fancy cars, these things cost money afterall and central bankers need your money to help them afford these things....
You should be honored that your money is being spent soo well, imagine all the good that is being done, you know.... for the children in africa.
I wonder if they're hiring?
You should read the BoE report released this week: figure 1.67 (or 2.67, not got it to hand: it's the graph on loans) shows exactly where QE has gone, at least in the UK.
Spoiler: not to the wider economy, not to SMEs and not to individuals. It's criminal in scope. £375 billion, and loan rates have cratered.
Central banking has always been about enabling banks to expand credit creation, and transferring the risk from banking interests to currency holders in general.
All else is PR smoke & mirrors.
SMALL AND MIDSIZE COMPANIES AND BIGGER SAVERS WILL BE HIT AFTER SEVERE BANK FAILURE!!!!!!!!!!!!!!!!
http://www.marketwatch.com/story/eu-reaches-deal-to-curtail-bank-failure-bailouts-2013-06-27
Speaking in parliament, the German leader said in future banks’ owners and CREDITORS will be primarily liable for failing banks and not the taxpayer “and that’s what’s really necessary.”
Only one little thingy:CREDITORS ARE THE TAXPAYERS!!!
your right, a bank depositor(creditor) cannot tell a bank manager how to run shop
He should have just announced that taxpayers who have not already payed every last cent they have ( i.e. hoarders) will soon be incentivized to do so under the latest " "fairness doctrine"
Speaking of bailins, capital flight, confiscated pensions, templates and such, how are those folks in Argentina doing?
WIth this type of news over and over it's absolutely insane that Ag and Au have been pushed so low. Seems to me that this manipulation is one of the final gasps of a dying entity. Sort of like Germany's Battle of the Bulge or Napoleon's death march into Russia. One last shot with everything the banksters have left.
Your tax dollars at work.....you can thank them later as you're walking together out the back door of the bank.
Half of the Y/Y drop is from confiscation of money.
The rest is easy. Depositors are withdrawing whatever max limit they can and keeping it in their mattresses, and any money they earn is paid to them in cash and goes nowhere near any fucking bank for banksters and politicians to easily assess and steal.
They still call them deposits? I thought calling them donations were more apt.