|Financial Market Development|
|3.4 (max 7.0), 108th out of 138 countries|
|3.3 (max 7.0), 127th out of 138 countries|
According to World Economic Forum's Global Competitiveness Report 2017-2018, financial market development in Cyprus is scored 3.4 out of maximum 7.0 and ranked 108th out of 138 analysed economies, trustworthiness and confidence of financial market is scored 3.8 (99th place).
Chart 1. Financial Market Development in Cyprus. Source: WEF.
Soundness of banks is scored 3.3 bringing Cyprus into the 127th place.
Chart 2. Soundness of Banks in Cyprus. Source: WEF.
|Maximum Protected Amount|
|100 000 EUR|
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Cyprus are summarised in Table 1.
|Scheme Participants||all credit institutions operating in Cyprus (including branches of foreign banks), branches of Cyprian banks abroad|
|Maximum Protected Amount||100 000 EUR|
|Paid In Currency||EUR|
Table 1. Deposit guarantee scheme in Cyprus.
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
|Local Currency (Euro)|
|A3 (upper medium grade)|
|A3 (upper medium grade)|
Local currency (Euro) deposit ceiling for Cyprus is set to A3 (upper medium grade), foreign currency deposit ceiling is A3 (upper medium grade).
|Average Deposit Rate (Jan 2018, EUR)|
|1.11 % (Dec 2017: 1.17 %)|
Chart 3. Deposit Rates in Cyprus. Source: ECB.
|Number of Banks|
|Consolidated Assets (2016)|
|67 337.74 mln EUR (-7.98%)|
|Recent Changes (2016)|
|new banks: 0, closed banks: 1|
Currently there are 45 credit institutions operating in Cyprus.
In 2016 consolidated banking assets in Cyprus were 67 337.74 mln EUR. The consolidated banking assets' evolution is shown at Chart 4 below.
Chart 4. Consolidated banking assets in Cyprus.
Recent structural changes (2013 - 2016) of the banking sector of Cyprus are summarised in Table 2.
|Number of Opened Banks||0||1||1||0|
|Number of Closed Banks||26||45||2||1|
Table 2. Recent structural changes in the banking sector of Cyprus.
The list of the most recently opened banks in Cyprus is provided in Table 3.
All the credit institutions operating in Cyprus can be classified into several categories. Table 4 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||23|
|Cooperative credit societies||4|
|Cooperative savings societies||4|
There are 23 branches of foreign banks from 10 different countries in Cyprus. Table 5 shows the number of branches grouped by the country of origin.
|Country of Origin||Number of Branches|