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Bank charges: Laiki bank cannot guarantee all UK deposits

The Cypriot bank, Laiki, has only been able to guarantee that deposits in the UK up to £85,000 are secure.

As part of a eurozone deal to bail Cyprus out, it has been agreed that Laiki bank will need to close and Bank of Cyprus will need to restructure.

People with deposits of above €100,000 (£85,150) in either bank, certainly in Cyprus, risk losses of up to 40 per cent following the bailout deal.

UK customers of Bank of Cyprus are guaranteed to have their deposits protected under a compensation scheme. However, customers at Laiki bank do not have the same entitlements.

In the UK, Laiki bank has 13,000 account holders.

As Cyprus became the latest country in the eurozone that needed to be bailed out through the international monetary fund, the country has had to close its banks until it came to a solution. Cyprus’ banks are due to reopen on Thursday.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801563481-ADNFCR

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