Russians and Ukrainians Major Depositors of Bank of Cyprus (BOC)

By in

8-26-2013-8-37-52-AM-7983605The final agreement on the recapitalization of BOC as drafted from the Cypriot authorities to avoid the collapse of the Bank and as pressured by the EU was constructed as follows – all depositors’ funds exceeding 100,000 Euros would have 37.5% of their funds converted into equity for the bank’s capital requirements i.e. shares. Further, authorities also agreed to hold an additional 22.5% of depositors’ funds as a buffer for additional liquidity needed if presented in the future. In accordance to the figures released from the bank, forced shareholders arise to 110,000 of which 9,000 are legal entities. The majority of depositors are Russians and Ukrainians with only 30% being Cypriots.