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Insurance firm deposits to suffer 27.5% loss: Bank of Cyprus

India Infoline News Service | Mumbai |

The central bank said the move aims to ease the pain on other large savers who will take losses of up to 60% on Bank of Cyprus deposits of over 100,000 euros

The Bank of Cyprus on Sunday said that all insurance firm deposits—in the bailed-out country’s second largest bank—will now suffer a loss of 27.5%, according to a media report.

According to the Cyprus’ central bank, savings of unregistered financial companies, charities and some educational institutions kept in the Bank will also register an identical loss, but only on deposits of over 100,000 euros ($131,150).

The central bank said the move aims to ease the pain on other large savers who will take losses of up to 60% on Bank of Cyprus deposits of over 100,000 euros, the report added.
 

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