Haircut on Bank of Cyprus deposits to be around 40%

Governor of the Central Bank of Cyprus Panikos Demetriades has said that the haircut on deposits over 100,000 euro in the Bank of Cyprus would be around 40%.

In a joint press conference with Minister of Finance Michalis Sarris, the Governor said that efforts are made for the banks to re-open Thursday, while any restrictions  imposed on capital transactions are expected to be temporary.

In his statements, the Minister referred to the Bank of Cyprus, expressing hope that the bank will not only survive the current crisis, but also come out of the crisis even stronger.