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Cyprus, lenders set Bank of Cyprus bail-in at 47.5 pct, sources say

Posted on July 28, 2013 by Gordon King

Reuters
July 28, 2013

Cyprus and its international lenders have agreed to convert 47.5 percent 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.

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This entry was posted in Economy, Europe, World and tagged bail in, bail out, Bank of Cyprus, confiscation, Deposit account, government, Percentage, Recapitalization by Gordon King. Bookmark the permalink.
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