The Republic of Cyprus has issued new decrees providing further relaxation to banking restrictions as follows:
- Payments and/or transfers of funds abroad do not require the approval of the Central Bank (previously,...more
The Republic of Cyprus issued new decrees on 2 June 2014 which provide further relaxation of restrictive measures, including abolishing restrictions on the opening of new bank accounts. ...more
On 25 March 2013, the Bank of Cyprus and Laiki Bank (also known as Cyprus Popular Bank) entered resolution proceedings under the Resolution of Credit and Other Institutions Law 2013....more
As noted in our previous update, several clients have considered legal challenges to the new laws based on the resolution measures agreed by the Eurogroup and the Republic of Cyprus. These resolution measures on Bank of...more
As we predicted a few weeks ago (see link below), Cyprus has rapidly fallen off the screen. Back to business as usual, based upon an iron-willed refusal to see the spreading cracks in the edifice of the common market...more
Large depositors in Cyprus's two largest banks may consider international arbitration and appeals to the European courts to recover funds lost under the bailout plan....more
28 March 2013 - Below are answers to frequently asked questions about banking in Cyprus in the context of the current banking crisis.
Q. Under what circumstances is the Deposit Protection Scheme activated?
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