The chief executive of Bank of Cyprus has been sacked by the central bank governor as part of an international bailout deal.
Yiannis Kypri was fired on the instructions of the so-called troika, as part of the €10bn bailout deal, according to State media.
It comes after the board of the Bank of Cyprus rejected the resignation of chairman Andreas Artemis and four other board members yesterday.
Meanwhile, Fine Gael MEP Sean Kelly has said people with deposits in Irish banks of more than €100,000 should not fear losing their money.
Mr Kelly was responding to the bailout deal for Cyprus that will see those with large deposits in two Cypriot banks take a significant haircut.
He said anyone who says the Cypriot situation could arise here is indulging in "unnecessary scaremongering".