NICOSIA, Cyprus – Cyprus' largest bank says deposits shrank by over a third in the first half of 2013, a period in which it was a central player in the country's financial crisis.
Bank of Cyprus says Tuesday that deposits fell 40 percent to 17 billion euros ($23 billion) by the end of June from 28.4 billion euros six months earlier. During that period, the country negotiated a messy financial rescue that forced uninsured depositors to take big losses on savings in the country's top two lenders.
Savers withdrew 4.1 billion euros from the bank during the half-year, even though Cypriot authorities imposed capital controls to prevent a run.
Bank of Cyprus also posted a net loss of 1.8 billion euros during the period, much worse than last year's 134 million-euro loss.