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.