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The Bank of Cyprus officially completed a clean-up of its books on July 30, reports O Phileleftheros.
“We have entered a new era for the economy now that the period of ‘uncertainty is over’”, declared Cypriot government spokesman Christos Stylianides.
The news has come in the wake of a decision by the Cyprus central bank and the country’s Ministry of Finance to levy a 47.5 per cent tax on deposits of more than €100,000 euros. The funds sourced from major depositors will be used to recapitalise the island’s largest bank, the Bank of Cyprus.
Last March, the Cypriot government pledged to restructure its excessively large banking sector in exchanged for a loan of €10bn provided by the EU and the IMF, an initiative that notably included the liquidation of the island’s second largest financial institution, Laiki Bank.
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