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Bank charges: Bank of Cyprus UK customers not affected by bailout

Customers with the Bank of Cyprus in the UK will not be affected by Cyprus’ bailout.

In the UK, customers at the bank are covered by the Financial Services Compensation Scheme, which would protect them against losses that they would have incurred to pay for Cyprus’ bailout.

It has been announced that Bank of Cyprus will need to be restructured under the bailout deal between Cyprus and eurozone governments. The cost of restructuring the bank will be taken from savers with over €100,000 (£85,000) deposits in the bank.

As part of the deal, Laiki bank will be closed down. Its shareholders and people who put deposits of over €100,000 into the bank will be most affected by the losses. There were fears previously that customers of Laiki bank in the UK would see money taken from their savings when Cyprus was bailed out.

Savers with less than €100,000 in Laiki bank will see their accounts transferred to Bank of Cyprus.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.


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