Bank of Cyprus cuts deposits over 100K-euro by 47.5%
(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).
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