Bank of Cyprus: Haircut of deposits over 100,000 euros at more than 50%
07.04.2013
12:54
The haircut of deposits over 100.000 euros at the Bank of Cyprus is expected to surpass 50%. The issue is expected to be finalized today and for this reason the processes in the Central Bank are ongoing.
The haircut of deposits over 100.000 euros at the Bank of Cyprus is expected to surpass 50%. The issue is expected to be finalized today and for this reason the processes in the Central Bank are ongoing.
The initial haircut rate was calculated at 37.5% but excluding provident funds and other deposits raises the rate for those who will eventually be included in the measure and will be required to meet the capital needs of the Bank of Cyprus. It should be reminded that in addition to cutting the 37.5% in deposits over 100.000 euros, decided at the Eurogroup meeting, an additional 22.5% freezing of funds has been imposed in case these are needed to be clipped as well.
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