Cyprus's Central Bank has confirmed that 37.5% of the value of deposits of over €100,000 at Bank...

|By:, SA News Editor

Cyprus's Central Bank has confirmed that 37.5% of the value of deposits of over €100,000 at Bank of Cyprus will be converted into shares, effectively imposing steep losses on those accounts. The bank will also freeze a further 22.5% of each deposit until Cyprus has met its bailout terms. The money won't earn interest and could face further write-offs. Accounts of under €100,000 will be protected.