UPDATE 1-Bank of Cyprus posts 1.94 billion euro 9-month net loss
NICOSIA Dec 18 (Reuters) - Bank of Cyprus, the Cypriot lender which recapitalised itself after seizing depositors' savings this year, posted a 1.94 billion euro net loss in the first nine months of the year.
The bank said the loss included a 1.45 billion euro loss from discontinued operations and from the disposal of its Greek operations in the first quarter of 2013.
Chief Executive Officer John Hourican said the bank's priority was to restore investor and customer confidence.
"This can only be achieved through our focusing on arresting asset quality deterioration, making progress on non-core disposals and maintaining capital ratios so as to build a strong platform for the safe return of depositors to the Bank,"
The troubled lender converted large deposits into equity, a process known as a 'bail-in' as a condition for Cyprus to receive 10 billion euros in aid from international lenders last March.
Under terms of the accord, another bank, Laiki, was shut down and some of its assets absorbed by Bank of Cyprus. The bank was also forced to sell its Greek operations to ringfence the Cyprus crisis and stop it spreading to other euro zone nations.
Hourican said deposit outflows had "significantly abated", suggesting that customer confidence was returning. Sixty five percent of new deposits were for periods exceeding 12 months, the bank said, referring to deposits since October.
Bank of Cyprus had 15.4 billion euros in deposits at the end of September 2013, 46 percent down from a year earlier.
(Reporting By Michele Kambas; editing by Keiron Henderson and Elaine Hardcastle)
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