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DEPOSITORS IN CYPRIOT BANKS MAY LOSE Â~B¬8.3BN - EUROPEAN COMMISSION
17:02 â~@¢ 16.04.13
Peoplwâ~@~Hwho held large deposits in Cyprus's two biggest banks
could lose up to â~B¬8.3bn (£7.1bn) from the impending bail-in,
a European Commission document has said.
Along with its international bailout providers, the Cypriot authorities
decided that depositors with more than â~B¬100,000 in either Laiki
Bank or Bank of Cyprus will lose some of their money to contribute
to the recapitalisation of the banks, Cityam.com reported.
Shareholders and bond holders will also bit hit.
"The bail-in of uninsured depositors of Laiki and Bank of Cyprus will
provide an estimated contribution to recapitalisation of â~B¬8.3bn,"
the document, dated 12 April, said.
In a footnote of the official document, it added: "This is a maximum
estimate. The final amount will depend inter alia on the conversion
under the debt-for-equity swap in Bank of Cyprus and the recoveries
of Laiki Bank."
Armenian News - Tert.am
17:02 â~@¢ 16.04.13
Peoplwâ~@~Hwho held large deposits in Cyprus's two biggest banks
could lose up to â~B¬8.3bn (£7.1bn) from the impending bail-in,
a European Commission document has said.
Along with its international bailout providers, the Cypriot authorities
decided that depositors with more than â~B¬100,000 in either Laiki
Bank or Bank of Cyprus will lose some of their money to contribute
to the recapitalisation of the banks, Cityam.com reported.
Shareholders and bond holders will also bit hit.
"The bail-in of uninsured depositors of Laiki and Bank of Cyprus will
provide an estimated contribution to recapitalisation of â~B¬8.3bn,"
the document, dated 12 April, said.
In a footnote of the official document, it added: "This is a maximum
estimate. The final amount will depend inter alia on the conversion
under the debt-for-equity swap in Bank of Cyprus and the recoveries
of Laiki Bank."
Armenian News - Tert.am