Investors were removing money from banks in Cyprus long before the onset of the two-week financial crisis that forced the small eurozone country to impose controls on capital flight.

Data from both the European Central Bank and the central bank of Cyprus revealed that deposits were being run down in February – well before the first proposals for a bailout were made public in mid-March.

ECB figures show that private sector deposits in Cypriot banks fell by 2.9% in February – a generally calm month that saw both consumers and companies increase their holdings at Greek and Spanish banks.

Meanwhile, the central bank of Cyprus said savers from the other 16 members of the single currency withdrew 18% of the cash they held in Cyprus during February. Deposits from other eurozone states fell €860m to €3.9bn, making them the fastest category to leave the stricken country.

Although the figures suggest that some savers were braced for the tax on deposits and credit controls announced in the past few days, there was no evidence of Russians pulling their money out of Cyprus. Deposits from non-eurozone countries actually rose, by less than 1% to €21bn.

"A further sharp decline in Cypriot bank deposits in March looks all but guaranteed," said Martin van Vliet of ING bank. "More importantly, however, next month's figures will shed more light on how (large) depositors in other peripheral countries have reacted to the uninsured-depositors-will-be-hit Cyprus bailout deal."