Eurozone finance ministers have announced agreement with the Cypriot authorities on measures to secure financial aid for Cyprus.

The measures agreed include:

  • protection of insured deposits with banks in Cyprus up to €100,000
  • recapitalisation of our parent bank, Bank of Cyprus Public Company Limited, involving the conversion into equity of a portion of that bank's uninsured deposits
  • the splitting of Cyprus Popular Bank Public Company Limited (Laiki) into a 'good bank' to be folded into Bank of Cyprus Public Company Limited and a 'bad bank' to be run down over time

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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