Big depositors in Cypriot lender Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over $130,000, a source with direct knowledge of the matter said yesterday.
The rest of their big deposits may never be paid back. About 22.5 percent of deposits over the $130,000 insured limit will attract no interest. The remaining 40 percent will continue to attract interest, but will not be repaid unless the bank does well.
Conditions of the conversion of deposits into equity, a pre-requisite for Cyprus receiving $13 billion in bailout funds from the European Union and the International Monetary Fund, were expected to be announced by authorities today.
Cypriot officials have already said that Cyprus Popular Bank will be wound down, with its assets transferred to the Bank of Cyprus, the island's largest bank.
Those with deposits under $130,000 will continue to be protected under the state's deposit guarantee.
Meanwhile, it was announced that Cyprus' stock exchange may resume limited trading on April 2 after closing for more than two weeks.
"We may resume trading on a number of stocks, but this is not something which we can say with 100 percent certainty," said CEO Nondas Metaxas.
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