Sun, 27 July
28.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

Bank of Cyprus large depositors to lose 47.5%, CypLive says

YEREVAN, July 31./ARKA/. Write-offs to the uninsured portion of deposits in the Bank of Cyprus will be 47.5% – the funds will be converted into shares of the bank, said on Monday the deputy spokesman of the Government of Cyprus Victor Papadopoulos at a briefing in Nicosia, CypLive reported.

Papadopoulos, however, indicated that the government considers it possible to achieve a sufficient level of capital at a lower write-off of assets.

Several media outlets reported on Sunday that the representatives of the Cypriot Ministry of Finance, the Central Bank of Cyprus and the troika of creditors in the talks in Nicosia agreed to write off 47.5% of deposits in excess of 100,000 euros.

However, shortly after that a source in the Ministry of Finance said that the decision has been made and negotiations would continue. According to media reports, the government insisted on the write-off of 42.5% of the funds.

Earlier in the rehabilitation of the bank 37.5% of uninsured deposits Bank of Cyprus have been converted into shares.—0-

spot_img

POPULAR

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Armenia’s economy to stabilize on 5.5% growth trajectory in 2025 – EDB forecast

According to EDB forecasts, Armenia's economy will stabilize on a 5.5% growth trajectory with domestic demand remaining the main driver of development.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img