Big savers at Bank of
Account holders at the largest bank in
The central bank of
Big depositors may also lose up to 22.5 percent more, depending on what experts determine is necessary to prop up the bank's reserves. The experts are to assess the assets held by the Bank of Cyprus within 90 days.
The remaining 40 percent of the large deposits will not be used for recapitalization. But local media report that the savings are likely to be frozen until the bank's restructuring gets on track.
The second largest Laiki Bank is being shut down according to the rescue plan. Account holders with deposits exceeding 100,000 euros will also be asked to take major losses to help pay for the bailout.