(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).
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).
