Charities, insurers to be included in Cyprus bail-in: 27.5% of Savings will be taken violating previous arrangement

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Mon, 22 Apr 2013 04:22 GMT


NICOSIA, April 22 (Reuters) – Cypriot insurance companies and charity organisations will be affected by a bail-in on deposits in an attempt to minimize the broader impact on savers, the island’s central bank has said.

The central bank said insurance companies, charities and private educational institutions would take a 27.5 percent impairment on their savings in Bank of Cyprus. Under a previous arrangement, they would have been excluded.

Under a deal for 10 billion euros in aid from international lenders, Cyprus is winding down its second-largest bank Popular, while up to 60 percent of uninsured deposits exceeding 100,000 euros in Bank of Cyprus will be seized and converted to equity to bolster its capital levels.  (Writing by Michele Kambas; Editing by Sandra Maler)

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