Bank of Cyprus haircut 'around 30%': Government spokesman

NICOSIA (AFP) - Deposits above 100,000 euros (S$162,055) held in the Bank of Cyprus, the island's biggest lender, will take a hit of "around 30 per cent" under a bailout deal concluded with eurozone lenders, government spokesman Christos Stylianides told state radio.

Under the bailout deal clinched in Brussels early on Monday, March 25, the island's second largest lender Laiki (Popular Bank) is to be wound up while the BOC is to take a haircut on deposits above 100,000 euros. No official percentage figure has been released for the size of the haircut.