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Cyprus News Agency: News in English, 13-03-29
CONTENTS
[01] Cyprus authorities reach agreement with Troika on BOC shares
[01] Cyprus authorities reach agreement with Troika on BOC shares
Cyprus authorities and the Troika (EC,ECB and IMF) reached an agreement on
Thursday as regards the issue of the annulment of Bank of Cyprus shares,
following the recent decision of the Eurogroup.
A haircut of around 40% on deposits over 100.000 euro at Cyprus' largest
bank, Bank of Cyprus will be imposed, according to the Eurogroup decision,
whereas Laiki Bank will be resolved in a good and bad bank immediately -
with full contribution of equity shareholders, bond holders and uninsured
depositors - based on a decision by the Central Bank of Cyprus, using
the newly adopted Bank Resolution Framework. Laiki deposits of up to
100.000 euro are guaranteed.
According to reliable sources who spoke to CNA, the agreement was reached
Thursday midnight, following a lengthy meeting of the Finance Minister
and the Central Bank Governor with the Troika delegation.
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