Bank of Cyprus savers may lose 60%

[joebloggs]

lucky we are in the UK

Bank of Cyprus savers with more than 100,000 euro (£85,000) could face losing up to 60%, Central Bank and Finance Ministry officials have said.

Read more: Wales Online http://www.walesonline.co.uk/news/uk...#ixzz2P1OtmUtk

[fred]

Ouch.
I wonder how many Brits over there are set to lose so much money?

[joebloggs]

Are the UK operations of Cypriot banks affected?

Bank of Cyprus UK has 50,000 UK customers. Although it is a subsidiary of Bank of Cyprus, it is a separately incorporated UK bank and depositors are protected by the UK's Financial Services Compensation Scheme (FSCS), which covers savings up to £85,000. It said the crisis in Cyprus would have no effect on its deposits.

Laiki Bank has four branches in Britain and serves 13,000 customers.

Unlike Bank of Cyprus UK, its UK operations are directly controlled from Cyprus, and so are not covered by the FSCS. It says deposits up to 100,000 euros are guaranteed and customers are free to make withdraws if they wish.

However, the UK Finance Minister, George Osborne, says the UK government is in talks with Cypriot authorities to find "a British solution" to Laiki's UK branches.

http://www.bbc.co.uk/news/business-21922110

[stevewool]

i would be angry if i had to give so much from my savings

[jake]

Don't keep all your pennies in one place!

[stevewool]

i try not too but Ems says they are safe in her purse