Bank of Cyprus haircut concluded
We would like to inform you that the Bank of Cyprus has enforced on the 29th of April 2013, a conversion of 37.5% of uninsured deposits (i.e. deposits over EUR 100,000) into Class A shares with voting rights and dividends in the Bank of Cyprus.
A further 22.5% of uninsured deposits has been deducted and will remain frozen in a separate account until the valuation of assets and liabilities of the Bank of Cyprus by an independent evaluator is completed by the end of June 2013. Potentially, part or the entire amount may be converted into Class A shares with voting rights and dividends in the Bank of Cyprus for the purpose of its full recapitalisation.
Finally, an additional 30% of uninsured deposits also remains frozen temporarily and is subject to a whole or partial conversion, at the notification of the Central Bank of Cyprus acting as a Resolution Authority.