Insider Business Central Bank assures deposits of up to €100,000 guaranteed

Central Bank assures deposits of up to €100,000 guaranteed

The Central Bank on Friday reassured that deposits of up to €100,000 per person or company per credit institution are guaranteed under an EU directive that has been transposed into national legislation.

The Central Bank’s statement follows a House Watchdog Committee meeting on Thursday into the plight of the Cyprus Co-operative Bank (CCB).

The CCB is the second largest bank in Cyprus with a significant market share in deposits and holds a critical position in the economy. Therefore, the public interest and economic stability require that guaranteed depositors are not affected in any way, the Central Bank’s spokeswoman said.

Even should a possible resolution is considered, the above reasons of public interest stipulate the full protection of guaranteed depositors, without the possibility of the bank being liquidated should the sale of the CCB’s operations to Hellenic Bank not be completed.

The reference to the remote theoretical possibility of liquidation of the CCB was made in order to stress the most extreme negative consequences should the transfer of the CCB’s operations to Hellenic Bank — which under the circumstances constitute the only way out — are not completed, she added.

Read more

Top Stories

Mask or noodle soup?

Japanese designer Takahiro Shibata wears a protective mask that looks like a steaming bowl of ramen noodle soup in Yokohama, Japan September 23, 2020.

Down but not out, Haftar still looms over Libya peace process

His assault on Libya's capital has collapsed. Foreign powers have tried to sideline him. But military commander Khalifa Haftar still sits astride oil terminals,...

Out of 592 inspections island-wide, 15 fines handed out

Police conducted 592 inspection all across Cyprus over the past 24 hours and booked six establishments and nine individuals for violation of measures to...

Cyprus says committed to peace talks, but not at gunpoint

Cyprus is committed to reunification talks with Turkish Cypriots but not at gunpoint, President Nicos Anastasiades said in an address to the U.N. General Assembly late...

Ex Cambridge Analytica boss banned over ‘unethical services’

The former head of now-defunct political consulting firm Cambridge Analytica has been banned from running limited liability companies in Britain for seven years for...



Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...


Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...