ECB: Cyprus bank deposits stable in May

Deposits in Cyprus remained relatively stable in May, European Central Bank data showed on Monday.

Private sector deposits at Cypriot banks fell by 0.1 percent to 34.303 billion euros from the previous month, data showed.

The deposits are about 32 percent below their peak of 50.5 billion euros in May 2012.

Big account holders in Cyprus’s two largest lenders were forced to take a hit as part of an international bailout for Cyprus last year and private sector deposits at all banks on the island had been broadly declining since June 2012.

Banks in the eurozone member state were shut for nearly two weeks in March last year after Cyprus agreed a 10-billion-euro bailout under which major depositors had to pay part of the cost of the rescue.

Capital controls are still in place, with limits on how much people can transfer from their accounts, although Cyprus is gradually easing the restrictions.