Bank of Cyprus depositors
with more than 100,000 euros (£84,300; $128,200) could lose up to 60%
of their savings as part of an EU-IMF bailout restructuring move,
officials say.
Up to 22.5% will go into a fund attracting no interest and may be subject to further write-offs.
The other 40% will attract interest - but this will not be paid unless the bank performs well.
It was known that the wealthiest savers at the Bank of Cyprus would take a large hit from the bailout deal - but not to this extent, the BBC's Mark Lowen reports.
Cypriot officials have also said that big depositors at Laiki - the country's second largest bank - could face an even tougher "haircut". However, no details have been released.
The officials say that Laiki will eventually be absorbed into the Bank of Cyprus.
More @ BBC
Unless you were well connected. See:
ReplyDeletehttp://www.zerohedge.com/news/2013-03-31/cyprus-presidents-family-transferred-tens-millions-london-days-deposit-haircuts
The title says it all.
Terry
Fla.