Bank of Cyprus big depositors could lose up to 60%

Sunday, 31 March 2013 - 18:33



Bank of Cyprus depositors with more than 100 thousand euros could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move.

The central bank says 37.5% of holdings over 100,000 euros will become shares.

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.