Financial Mirror (Cyprus)

,E1/4960 Mln to Hit Market as BOCY Releases 3-Month Depos

* Uniastrum sale on hold, Ukraine to go * The Bank of Cyprus is releasing about 960 mln euros worth of time-deposits that had been blocked as part of the bail-in package imposed on uninsured savers holding more than 100,000 euros last summer, following the deposits-for-equity rescue deal.

The nearly 4.8 bln euros reaped from the depositors were frozen or subject to a near 40% write-down, with the resolution authority only allowing 12% to be released last July. The remaining 47.5% were blocked in 6-month, 9-month and 12-month deposits, with the bank allowed to roll-over the term if it so wished or if it feared a bank-run.

In a statement issued on Thursday, the bank said the board "decided the release of the six-month time deposits that were blocked as per the decrees relating to the recapitalisation of the bank in July 2013 and mature on 31 January 2014. …

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