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Just 6 cents on the euro for Cyprus bank 'haircut' victims
From Cyprus Mail, Nicosia, Cyprus
Monday, August 12, 2019
Six years on from the demise of legacy Laiki Bank, its uninsured depositors can expect to get about 6 cents on the euro for their savings used to bail in the lender during the March 2013 financial meltdown.
Kleovoulos Alexandrou, the special administrator appointed for Laiki, has said that to date approximately E220 million has been raised from sales of the lender's assets.
... Dispatch continues below ...
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He told local news outlet Stockwatch that an additional E32 million could be earned from the sale of Laiki's remaining stake in Bank of Cyprus Holdings.
The total recovered amount would work out to about 6% of the E4 billion in uninsured deposits (more than E100,000) completely wiped out in the bail-in. Insured savings were untouched and transferred to Bank of Cyprus.
Laiki was placed under resolution in 2013, its depositors at the time classed as creditors for the purposes of the "haircut." ...
... For the remainder of the report:
https://cyprus-mail.com/2019/08/12/just-6-cents-on-the-euro-for-laiki-ha...
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