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Bank of Cyprus confirms big losses for major depositors

Published on Mar 30, 2013 10:24 PM
 
A traffic light for pedestrians is seen in front of a branch of Bank of Cyprus shortly after it opened in Nicosia March 28, 2013. Big depositors in Bank of Cyprus will get shares in the bank worth just 37.5 per cent of their deposits over 100,000 euros (S$159,040), the country's central bank confirmed on Saturday, March 30, 2013. -- FILE PHOTO: REUTERS

NICOSIA (REUTERS) - Big depositors in Cypriot lender, Bank of Cyprus, will get shares in the bank worth just 37.5 per cent of their deposits over 100,000 euros (S$159,040), the country's central bank confirmed on Saturday.

About 22.5 per cent of deposits over 100,000 euros will attract no interest, the bank said in a decree.

The remaining 40 per cent will continue to attract interest, but will not be repaid unless the bank does well, it said.

The statement confirmed the details of the plan given to Reuters on Friday by sources with knowledge of the terms.

 

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