Saturday May 30, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Bank of Cyprus deposit haircut is 47.5 percent, says central bank

Cyprus's central bank said on Tuesday 47.5 percent of deposits over 100,000 euros in Bank of Cyprus would be converted into shares to recapitalize the troubled lender as part of the island's international bailout.

The final figure, which confirmed information Reuters obtained from sources at the weekend, was lower than the 60 percent share earlier forecast as being needed to prop up the bank.

Under the program agreed between Cyprus and lenders in March, large depositors in Bank of Cyprus were earmarked to pay for the recapitalization of the bank, heavily exposed to debt-crippled Greece.

Authorities initially converted 37.5 percent of deposits exceeding 100,000 euros into equity, and held an additional 22.5 percent as a buffer in the event of further needs - an unprecedented action in the history of the eurozone crisis.

The Central Bank said in a statement released jointly with the finance ministry that 12 percent of remaining depositor funds which were frozen under the bail-in arrangement would be unblocked.

The remaining frozen funds would be equally divided and placed in 6, 9 and 12-month time deposits with the bank retaining the right to renew the arrangement once more. Interest paid on the time deposits would be higher than the going rates, it said.

"Today's development puts an end to an extended period of uncertainty," the bank and ministry said. [Reuters]

ekathimerini.com , Tuesday Jul 30, 2013 (15:35)  
Greece locked in talks with creditors as payment clock ticks
Effects of potential Greek default for banks not clear, ECB´s Constancio says
German bonds seen resilient as Greece talks produce false dawns
Checking lists of tax dodgers a slow process
Panaritis appointed Greece´s IMF representative amid SYRIZA complaints
The appointment of economist Elena Panaritis as Greece’s new representative at the International Monetary Fund has prompted criticism from within SYRIZA, as well as from opposition parties. ...
Police confirm two arrested, one dead in raid to catch bank robbery suspects
Police confirmed on Saturday that they have arrested two men in a raid to catch the men suspected of carrying out 400,000-euro robbery last year. A third man died during the operation near V...
Inside News
SOCCER
Wemmer pens three-year deal with Panathinaikos
German defender Jens Wemmer has signed a three-year contract for an undisclosed sum with Panathinaikos, the Greek Super League club announced on Friday. Right-back Wemmer, 29, has been playi...
SOCCER
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next season’s Champions League qualifiers, as the Greens made it three out of thr...
Inside Sports
COMMENTARY
Zenobia, Barbara, Christine and the general’s daughter
ATHENS – Lovely Palmyra has fallen to the zombie horde and its people are being slaughtered as the ancient city awaits its fate. It is Friday, May 22, 2015, and from my window I see the end-...
INTERVIEW
The eurozone’s ‘ambiguous’ architecture
“That’s not something you’re supposed to say in public, right?” In his humble way, Thomas Sargent, Nobel Prize winner in Economics, tries to avoid the question posed to him by Kathimerini re...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece locked in talks with creditors as payment clock ticks
2. Effects of potential Greek default for banks not clear, ECB´s Constancio says
3. Panaritis appointed Greece´s IMF representative amid SYRIZA complaints
4. Police confirm two arrested, one dead in raid to catch bank robbery suspects
5. German bonds seen resilient as Greece talks produce false dawns
6. Checking lists of tax dodgers a slow process
more news
Today
This Week
1. Traffic accidents down in March
2. Greece open to compromise to seal deal this week, says interior minister
3. German bonds seen resilient as Greece talks produce false dawns
4. Some blame EU Commission for Greek obstinacy in debt talks
5. Police confirm two arrested, one dead in raid to catch bank robbery suspects
6. Panaritis appointed Greece's IMF representative amid SYRIZA complaints
Today
This Week
1. Hotel contracts with a ‘Greek default clause’
2. Some 300 mln left banks on Tuesday
3. Neither Grexit nor a dual currency will solve Greece’s problems
4. No more 'quick and dirty' fixes for Greece
5. Endless confusion and worry
6. Romantic notions meet reality
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.