Wealthier Bank of Cyprus savers may lose 60%

Bank of Cyprus savers with more than €100,000 could face losing up to 60%, Central Bank and Finance Ministry officials said today.

They said deposits over €100,000 at the country’s largest lender will lose 37.5% of their value after being converted into bank shares.

The officials also said they could lose up to 22.5% more, depending on an assessment by officials who will determine the exact figure aimed at restoring the troubled bank back to health.

On Monday, Cyprus agreed to make depositors contribute to a financial rescue in order to secure €10bn in loans from the eurozone and the IMF.