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 |
Tomorrow and Friday will see the next round of meetings between eurozone and EU finance ministers respectively.The meetings will focus on a number of issues, but the key ones will arguably be the Bank Recovery and Resolution Directive (BRRD) and the pl…
Posted by Open Europe blog team
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bail-ins, banking regulation, banking sector, banking supervision, depositors, deposits, recovery, resolution, single supervisor |
May 30, 2013
Update 31/05/13 09:40: As we noted below, it seems that the figures do include some of the write-downs of deposits under the bank restructuring (but not all). Apologies for the confusion. As the Central Bank of Cyprus notes the initial write down for B…
Posted by Open Europe blog team
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bailout, banking sector, Cyprus, depositors, deposits, ECB, economic growth, ELA, eurozone crisis |
April 2, 2013
Uncertainty continues to reign in Cyprus. Cypriot Finance Minister Michalis Sarris resigned this afternoon, seemingly confirming the earlier (denied) rumours that he had previously tried to resign and bringing to a close what must be one of the shortes…
Posted by Open Europe blog team
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austerity, banking sector, capital controls, Cyprus, depositors, deposits, troika, unemployment |
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 |
It’s looking as if there will be a deal in Cyprus, although there are some big obstacles to be crossed to get there and it is likely to go down to the wire.Last night the Cypriot parliament voted to approve a few bills which will make a significant b…
Posted by Open Europe blog team
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bail-ins, bail-out, Cyprus, deposit levy, depositors, deposits, ECB, ELA, eurozone, imf, troika |
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