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Cyprus News Agency: News in English, 13-04-01
CONTENTS
[01] BOC on the restructuring of the bank following Eurogroup decision
[01] BOC on the restructuring of the bank following Eurogroup decision
The Bank of Cyprus (BOC) on Monday issued an announcement on the measures
that have been implemented, following the Eurogroup decision on Cyprus
on March 25th.
According to the announcement, a recapitalisation through a bail-in of
depositors (a deposit-to-equity conversion) will take place, ensuring
that BOC fully satisfies the minimum capital adequacy requirements and
maintains a Core Tier 1 of 9% under the adverse scenario developed by
PIMCO in December 2012.
Depositors with deposits up to €100.000 that are exempt as per the
relevant decree have been fully protected. BOC also announces the
acquisition of the insured deposits and the majority of the assets and
loans of the Cyprus Popular Bank Public Co Ltd ("Laiki Bank").
BOC will service all Laiki's customers in Cyprus based on existing terms
and all employees of Laiki in Cyprus have been transferred to BOC with
the same terms and conditions. BOC's loans, fixed assets and deposits
in Greece have been transferred to Piraeus Bank.
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