May 29, 2014
Last year, we covered the Cypriot crisis extensively, and the steep decline in Cypriot deposits in particular. As we reported back then, the problem was likely to continue for some time, and did. But now, just over twelve months on (data from end of Ap…
Posted by Open Europe blog team
September 26, 2013
The latest Cypriot deposit data is out and it shows some stabilisation in bank deposits in Cyprus. According to the data total deposits decreased by around €460m in August, although much of this was down to the conversion of 10% of unsecured Bank of …
Posted by Open Europe blog team
July 30, 2013
As expected the Cypriot government has finally reached a deal with the EU/IMF/ECB Troika over the final stage of the restructuring of the Bank of Cyprus (BoC).As we noted in today’s press summary this was not an easy decision to reach, and has dragge…
Posted by Open Europe blog team
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bank capital, bank of cyprus, capital controls, capital requirements, Cyprus, depositors, deposits, dispute, haircut, troika |
July 25, 2013
The latest Cypriot deposit statistics seem to be out and there are some strange goings on.We say seem to be, since there has been no press release but the July data release (which corresponds to June data) is up on the website in the usual place.As the…
Posted by Open Europe blog team
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bank of cyprus, central bank, Cyprus, deposit levy, depositors, deposits, laiki |
June 27, 2013
As we reported last month, the outflow of Cypriot deposits has continued apace despite the continuation of capital controls (even once the impact of the bank restructuring is stripped out the outflows have totalled around €3bn for each of the last tw…
Posted by Open Europe blog team
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bailout, bank of cyprus, Cyprus, depositors, deposits, eurozone |
As we reported last week in our press summary and which the FT is today reporting on (and presenting as a bit of a scoop), Cypriot President Nicos Anastasiades has sent a scathing letter to the EU/IMF/ECB Troika slamming the terms of the Cypriot bail-o…
Posted by Open Europe blog team
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bailout, bank of cyprus, Cyprus, EU-IMF memorandum, eurozone, imf, laiki, troika |
March 28, 2013
Journalists were descending on banks across Cyprus this morning to monitor whether Cypriot depositors would rush to withdraw their cash as the country’s banks opened after being closed for 10 days. So far, however, there have been virtually no drama…
Posted by Open Europe blog team
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bank capital, bank of cyprus, bank run, capital controls, contagion, Cyprus, deposit levy, depositors, deposits |
March 27, 2013
Some more details coming out about the much talked about capital controls in Cyprus (details via @MatinaStevis and RANsquawk): Will include limit on cashing cheques (but will be able to deposit cheques).Time fixed deposits will not be able to be red…
Posted by Open Europe blog team
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bail-out, bank of cyprus, capital controls, crisis, Cyprus, depositors, deposits, eurozone, Iceland, imf |
As we have noted at length, the capital controls are a key part of the Cypriot deal and could have a huge bearing on how and when Cyprus recovers from this crisis. Unfortunately, as with almost all important eurozone decisions, this one lacks clarity. …
Posted by Open Europe blog team
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bailout, bank capital, bank of cyprus, capital controls, cypriot parliament, Cyprus, ECB, ELA, eurozone crisis, eurozone exit, free movement |
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