"Q. How do you approach a sleeping depositor in a Cypriot bank?
A. Very slowly:
The Ministry of Finance and the Central Bank of Cyprus announce that the Bank of Cyprus (BoC) has been fully recapitalised today by the overall conversion of 47,5% of uninsured deposits into shares in the bank, thus putting an end to a period of uncertainty…
Following the recapitalisation, 12% of deposits that were previously blocked will be released (5% in total).
The balance will be split evenly into three separate time deposits of six, nine and twelve months, respectively. BoC will have the option to renew the time deposits once for the same time duration. These deposits will receive a rate of interest which will be higher than the corresponding market rates offered by the BoC…"
'via Blog this'
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