Cypriots face up to 60% cut to bank deposits

BANK of Cyprus savers with more than 100,000 euros (£85,000) could face losing up to 60%, Central Bank and Finance Ministry officials said today.

They said deposits over 100,000 euros at the country’s largest lender will lose 37.5% of their value after being converted into bank shares.

The officials also said they could lose up to 22.5% more, depending on an assessment by officials who will determine the exact figure aimed at restoring the troubled bank back to health.

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On Monday, Cyprus agreed to make depositors contribute to a financial rescue in order to secure 10 billion euros (£8.5 billion) in loans from the eurozone and the IMF.