Deleveraging and Financial Overview
1.800
1.600
1.400
1.200
1.000
800
600
400
200
0
2014 overview: Cyprus economy proving resilient & on recovery path
GDP growth expected to be positive from 2015E -
faster recovery than other peripheral countries
(8,7%)
Real GDP growth - Actual
Current projections (EC & IMF)
Initial Projections (EC)
09-09
12-09
03-10
06-10
09-10
12-10
03-11
06-11
09-11
12-11
03-12
06-12
09-12
Banking system deposits outflow arrested (€ bn)
2010 2011 2012 2013
2014e 2015f 2016f 2017f
1,4%
0,3%
0,2
1,6% 2,0%
0,4%
(2,4%)
(2,3%)
(2,3%)
(1,0)
(1,7)
(5,4%)
(3,4%
3,9%)
ייןיןן!
(3,8)
(6,3)
(5,3)
0,20,5
0,0
(1,0) (0,8)
(1,4) (1,01.4
(0,200,100,200,10,50,2)
(0,4) (0,20,40,2)
0,0 0,30,4
(0,0)
Improved credit outlook with significant adjustment in fiscal situation
Cyprus 5YR CDS
Fiscal Deficit % GDP
Public Debt % GDP
102%
108%
12-12
03-13
06-13
09-13
(1) Includes impact of bail-in of BoC - 37,5% of uninsured deposits (>100k) converted to equity
(2) Includes impact of Laiki resolution - €3,9 bn
12-13
03-14
06-14
09-14
12-14
03-15
(3) Includes impact of bail-in of BoC - additional 10% of uninsured deposits converted to equity
SOURCE: Statistical Service of Republic of Cyprus, European Commission, IMF and company reports, Bloomberg
12-2012
01-2013
02-2013
03-2013
04-2013
05-2013
06-2013 3
07-2013
08-2013
09-2013
10-2013
11-2013
12-2013
01-2014
02-2014
03-2014
04-2014
05-2014
06-2014
07-2014
08-2014
09-2014
Cyprus regains
investor trust
79%
66%
57%
Public debt
levelling off
5,8%
5,8%
4,8%
4,9%
Fiscal Deficit
reduced to zero
0,0%
2010
2011
2012
2013 2014
Bank of Cyprus
KOINO
WKYпPIW
2235
4
10-2014
11-2014
12-2014
01-2015
02-2015View entire presentation