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Bank charges: Brits could lose out in Cyprus deal

British people with accounts in Cypriot banks could lose money if a deal is reached that sees savings taken from banks.

The Telegraph reported that if savings are taken from Laiki bank, which has branches in London and Birmingham, then its customers will not be entitled to receive compensation under a UK wide scheme to cover this.

People with more than €100,000 in Laiki bank stand to see up to 40 per cent of their savings taken away if it is agreed that the funds Cyprus needs to be bailed out should be taken from customers at Cypriot banks.

Cyprus was the latest country to need to be bailed out in the eurozone. However, the country needs to raise €5.8 billion (£4.9 billion) before it can qualify to be bailed out.

Earlier, the Cypriot Parliament was presented with a deal that would involve taking money out of its banks but it rejected this.

Currently, banks in Cyprus are closed until a deal can be finalised.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801561001-ADNFCR

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