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Bank of Cyprus releases frozen deposits worth €900m

Bank of Cyprus releases frozen deposits worth €900m

Bank of Cyprus announced the release of €900 million that were held in fixed-term deposits, blocked following the lender’s recapitalisation on 2013. The €900 million concerns the six-month time deposits that matured on January 31.

With this decision, according to Bank of Cyprus chairman, Christis Hassapis, the Bank wanted to reciprocate the trust shown by depositors and rise to the expectations of society by boosting liquidity in the real economy.

The finance ministry and the Central Bank described the release as a “very important” decision that will help the banking sector. It is important to note that the deposits are subject to the same capital controls that apply to all other funds. These six-month time deposits account for one-third of the frozen funds.

Following a 47.5% write-down – or haircut – on uninsured deposits to recapitalise the bank, the remaining 52.5% was ordered frozen by the CBC.

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