Chủ Nhật, 31 tháng 3, 2013

 Big savers at Bank of Cyprus may lose up to 60%
 Account holders at the largest bank in Cyprus could lose up to 60 percent of their savings as part of a bailout plan agreed to with eurozone members.

The central bank of Cyprus announced the measure on Saturday. The statement said 37.5 percent of deposits over 100,000 euros at the Bank of Cyprus will be converted into shares to increase the bank's capital.

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.

Cyprus is required to use a percentage of the deposits at its leading banks as part of the European bailout plan worth 10 billion euros, or 13 billion dollars.

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.

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