Banking / Investment in Cyprus
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CYPRUS, 2013/07/30
The Cypriot government on Monday announced depositors at the country's biggest lender will lose 47.5% of their accounts over the 100,000-euro insurance limit.
Government spokesman Victoras Papadopoulos announced the figure as part of the Bank of Cyprus' restructuring under a deal made by the Cypriot finance minister, the island nation's central bank, and the troika (EU-ECB-IMF).
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CYPRUS, 2013/05/20
Cyprus has further relaxed restrictions on foreign banks that were imposed next the deficit-laden country sought the $30 billion bailout.
Eight additional foreign banks - the Bank of Beirut SAL, Banque SBA, Barclays Bank PLC, Banque BEMO SAL, BBAC SAL, Credit Libanais SAL, Jordan Ahli Bank plc and Privatbank - have presently been excluded from control on transactions with international customers.
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CYPRUS, 2013/05/16
Bankers who had hoped that Lebanon would be spared the repercussions of the crisis in Cyprus would any minute at this time be disappointed.
At the last monthly board conference of the Association of Banks in Lebanon, the governor of Banque du Liban, Riad Salameh, rejected the Central Bank of Cyprus’ (CBC) invitation that foreign parent banks provide guarantees equivalent to 20 % of their deposits in Cypriot branches.
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CYPRUS, 2013/03/29
Massive amounts of cash have been transferred out of Cyprus since the beginning of the year. In February total deposits fell by almost a billion euros, to 67.5 billion from the 68.4 billion in January, according to Cypriot central bank figures. The sharpest drop was in deposits from other eurozone nations, which accounted for almost the entirety of the outflow in February.
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CYPRUS, 2013/03/22
Banks in Cyprus will extend this week's holiday closure to Tuesday in order to prevent a possible run on banks, marking the new in the country's growing fiscal crisis. The Associated Press confirmed that banks in Cyprus would be closed Thursday and Friday, but did not say at the same time as they would reopen. The stock market is as well closed.
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CYPRUS, 2012/09/18
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