Cyprus Mail
Cyprus

Lenders set Bank of Cyprus bail-in at 47,5%

10726112273398210417

Cyprus and its international lenders have agreed to convert 47.5% of deposits exceeding 100,000 euros in Bank of Cyprus to equity to recapitalize it, banking sources said on Sunday.

Under a programme agreed between Cyprus and lenders in March, large depositors in Bank of Cyprus were earmarked to pay for the recapitalisation of the bank. 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.

“There was an agreement concluding at a final figure of 47.5 percent this morning,” a source close to consultations told Reuters.

Related posts

President Anastasiades attends dinner with Senator Bob Menendez

Source: Cyprus News Agency

Remand for cannabis nursery in Larnaca

Andria Kades

Coronavirus: More than 6,600 get third jab

Andria Kades

When ruling by decree, proportionality is key

Theo Panayides

Woman arrested driving 134km/h

Staff Reporter

Waking up with a bang on a Sunday morning

Gina Agapiou

19 comments

Comments are closed.