Bank of Cyprus issues two milestone decisions

Explore:  Foreign Banks

On January 30 2014 the board of directors of the Bank of Cyprus Public Company Ltd approved two important decisions, thereby meeting the expectations of its depositors and the general public in Cyprus for enhancing liquidity in the economy.

The bank's board of directors has decided to release the six-month time deposits that were blocked under the decrees relating to the recapitalisation of the bank in July 2013. The deposits matured on January 31 2014. Despite the bank's right to automatically renew these deposits for another six months, in accordance with the relevant decree, the board of directors has released the deposits, following consultations with the Ministry of Finance and the Central Bank of Cyprus. The released funds will be subject to the general restrictive measures applicable to the Cypriot banking system.

Originally published in ILO on February 7, 2014.

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Topics:  Foreign Banks

Published In: Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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