The BBC and national newspapers are reporting this afternoon that 15,000 UK customers who have accounts in credit at the UK arm of the Laiki Bank will escape the bank levy being imposed in Cyprus.
Laiki has four branches in the UK, including the flagship branch at 246 Green Lanes, which saw long queues in mid March. Laiki had sought to reassure UK customers that their deposits were safe and this now appears to be confirmed. Customers who are concerned or wish to discuss their personal circumstances to should contact their branch for further information.
Under the EU bail-out, Laiki and other bank’s customers in Cyprus stand to lose 60% of any deposits greater than 100,000 Euros. However, reports say that UK customer’s deposits have been moved from the Laiki bank to the Bank of Cyprus which, because it is fully registered as a UK subsidiary, is covered by the UK compensation scheme.
For more information visit
Marfin Laiki Bank http://www.laiki.com/web/w3uk.nsf/WebContentDocsByID/ID-D38D9DAE3DABFFA980257B30004837C9