29 July, 16:49

(ANSAmed) – NICOSIA, JULY 29 – The Cypriot government on Monday announced depositors at the country’s biggest lender will lose 47.5% of their accounts over the 100,000-euro insurance limit. Government spokesman Victoras Papadopoulos announced the figure as part of the Bank of Cyprus’ restructuring under a deal made by the Cypriot finance minister, the island nation’s central bank, and the troika (EU-ECB-IMF).
This comes after 37.5% of uninsured deposits were converted into shares. Another 10% of deposits will now be converted, half into shares and half into convertible bonds. After approving the measure, the Bank of Cyprus will take steps to allocate recapitalization funds. (ANSAmed).

© Copyright ANSA – All rights reserved

 

http://www.ansamed.info/ansamed/en/news/sections/economics/2013/07/29/Crisis-Bank-Cyprus-cuts-deposits-100K-euro-47-5-_9091478.html