CyprusLiving

by **MarkN** » 02 Sep 2009 11:12

The government scheme for protecting deposits has been ammended:

The Regulations on the Establishment and Operation of the Deposit Protection Scheme have been amended on 24 July 2009, in accordance with which the following changes were introduced:

- The maximum amount of compensation per depositor per bank has increased from â‚¬20.000 to â‚¬100.000

- All currencies of deposits are now covered whereas before only the currencies of member states of the EU were covered

- The coinsurance has been abolished and, therefore, claims up to â‚¬100.000 are fully reimbursed (whereas before only 90% of the claims was covered)

This is from the Central Banks web site so I can now believe it!

**Sponsor**

by **trevnhil** » 02 Sep 2009 11:21

I am also led to believe that it is â‚¬100,000 per investor. That means that a joint account is protected to â‚¬200,000. This was clarified on the Banks website..

Trev..

by **MarkN** » 02 Sep 2009 11:43

trevnhil wrote:I am also led to believe that it is â‚¬100,000 per investor. That means that a joint account is protected to â‚¬200,000. This was clarified on the Banks website..

Trev..

The statement is "per depositor per bank" so I suspect you are right Trev.

by **trevnhil** » 02 Sep 2009 12:27

It certainly give people including us a little more confidence..... rightly or wrongly.

Here is the wording from the BOC site.

This means that in the very unlikely event of the Bank of Cyprus Group failing, our customers could claim from the Scheme all of their deposit up to a maximum of â‚¬100,000 (or Sterling equivalent). As at 12 August 2009, â‚¬100,000 is equivalent to approximately Â£86,000. For joint accounts, each account-holder is entitled to compensation up to the maximum limit.

Trev..

by **Stank Olly** » 05 Oct 2012 15:18

The Cyprus guarantee is little more than a bet on continued German largesse, the Cypriots couldn't honour it on their own, hence the trip over by the Troika

by **MarkN** » 18 Oct 2012 13:15

S.O.,

I think you may well be right. Any guarantee is only as good as the person/ organisation/ government backing it. With the recent downgrade of Cyprus sovereign debt, the experts aren't putting too much faith in Cyprus' ability to honour any guarantee given!

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