The Eurozone finance ministers have announced that, against a background of measures agreed with the Cypriot authorities, financial assistance to Cyprus is warranted to secure the financial stability of Cyprus and the euro area.

Whilst the measures agreed include an up-front one-off stability levy on deposits in Cyprus, there is no effect on deposits with Bank of Cyprus UK Limited which is a UK bank.

Bank of Cyprus UK Limited is a separately capitalised UK incorporated bank, is subject to UK financial regulation, and eligible depositors are protected by the UK’s Financial Services Compensation Scheme.

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