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Thursday 2 October 2014

Cyprus bank in warning over losses

Published 21/04/2013 | 23:46

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A cashpoint outside a branch of the Bank of Cyprus in Nicosia (AP)

Cyprus' central bank has said all insurance firm deposits in the bailed-out country's second largest bank will now take a loss of 27.5%.

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The bank also said the savings of unregistered financial companies, charities and some educational institutions kept in the Bank of Cyprus will also take an identical loss, but only on deposits of over 100,000 euros (£86,000).

The central bank said the move aims to ease the pain on other large savers who will take losses of up to 60% on Bank of Cyprus deposits of over 100,000 euros.

That deposit loss was a key element in a deal that the country struck with its euro area partners and the International Monetary Fund last month to help fund a 23 billion euro (£20 billion) rescue package

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