Capital flight continues as savers flee Cyprus banks

According to the Euro area balance sheet statistics on Credit Institutions (CI) and Money Market Funds (MMF) published by the European Central Bank (ECB) on 29 May 2013, savers are continuing to desert Cypriot banks.

Private bank deposits in Cypriot banks fell by 7.3 percent in April 2013 to €41.3 billion, on top of a 4 percent fall in March 2013. The first bailout package agreed by eurozone finance ministers in the Eurogroup would have imposed a 6.75 percent levy on all deposits worth between €20,000 and €100,000 - a clear breach of existing EU law which protects savings worth up to €100,000.

• Primary Source

ESO: Background Information: Parliament in Cyprus passes international bailout deal http://www.europeansources.info/record/parliament-in-cyprus-passes-international-bailout-deal/

ECB: Statistics: Monetary Statistics: The balance sheets of credit institutions and money market funds http://www.ecb.int/stats/money/aggregates/cimmf/html/index.en.html#Aggregated_balance_sheet_of_euro_area_Credit_Institutions_CI

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