Household Debt Significantly Reduces in Cyprus

На Кипре значительно сократилась задолженность населения перед банками
1 November 2021 DOM LiVE
428

According to data published by the Central Bank of Cyprus on Monday, November 1, household assets increased in the third quarter of 2021 and their debt decreased.

In the third quarter of 2021, household assets in financial instruments amounted to 56.3 billion euros, of which 61% accounted for cash, deposits and loans, 2% for securities, 19% for shares and 17% for other financial assets.

The debt of householders amounted to 19.8 billion euros at the end of June 2021, while the debt ratio was 92% of gross domestic product (GDP). These figures decreased slightly compared to the previous quarter due to GDP growth. Compared to December 2016, the household debt ratio has significantly decreased, to 24%.

The assets of non-financial corporations at the end of June 2021 amounted to 63.3 billion euros, of which 17% accounted for cash and deposits, 4% for loans, 0.4% for securities, 49% for shares and 30% for other financial assets.

At the same time, their debt amounted to 36.2 billion euros. The debt ratio stopped at 168% of gross domestic product (GDP), which is slightly more than in the previous quarter. Compared to December 2016, the debt burden ratio of non-financial companies has significantly decreased, to 43%.

На Кипре значительно сократилась задолженность населения перед банками

The assets of insurance companies for purely financial instruments decreased very slightly and amounted to 4.1 billion euros, of which 10% accounted for cash and deposits, 3% for loans, 24% for securities, 47% for shares and 4% for other financial assets.

The portfolios of investment organizations accumulated assets worth 7.4 billion euros, of which 4% accounted for cash and deposits, 8% for loans and securities, 84% for shares and 4% for other financial assets.

Finally, according to the Central Bank of Cyprus, investments in financial instruments of pension funds in the third quarter of 2021 amounted to 3.8 billion euros. Of these, 27% accounted for cash and deposits, 16% for loans, 3% for securities, 43% for shares and 12% for other financial assets.

It should be noted that the Central Bank is concerned that local financial institutions continue to put into practice contracts involving the confiscation of property. According to the Central Bank, the management of confiscated housing should be very careful, since the massive "release" of a large volume of real estate received by banks from debtors to the market can lead to a collapse in prices.
Source: philenews.com
Photos: pixabay.com
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