BOC deposits

The Bank of Cyprus has announced the release of 12 month deposits of around 927 million euros, which were committed under orders of recapitalization in July 2013 and which expire on July 31 2014. The decision was taken by the Board of Directors, after consultation with the Ministry of Finance and the Central Bank.

The decision is as follows:

• 1/3 of the deposits will be released and available in current accounts

• 1/3 of the deposit is converted into three month time deposit accounts which expire automatically and will be released on 30 October 2014

• 1/3 of the deposit is converted into six month time deposit accounts which expire automatically and will be released on January 30, 2015.

The above amounts will still be under the restrictions of the Central Bank as far as transferring money abroad is concerned.

According to the Bank’s announcement “ The Bank’s improving liquidity position and its specific and deliberate actions to enhance its liquidity through deleveraging are the decisive reasons for the release of the deposits. The decision to release takes also into account the Bank’s recent announcement regarding the private placement of €1 billion ordinary shares, which is a significant demonstration of international investors’ confidence towards the Bank. Furthermore, the release of the deposits reflects the Bank’s prudent liquidity management and takes into account the improvement in the economic environment. Through its decision, the Bank’s management recognizes the improving trust and confidence towards the Bank by its customers and, in tandem, meets the expectations of the general public in Cyprus for supporting the recovery of the economy as a whole.”

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