Bank of Cyprus confirms big losses for major depositors

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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