July 30, 2013 / 11:27 AM / 6 years ago

Cyprus central bank announces 47.5 percent haircut on large Bank of Cyprus deposits

NICOSIA, July 30 (Reuters) - Cyprus’s central bank said on Tuesday 47.5 percent of deposits exceeding 100,000 euros in Bank of Cyprus would be converted into equity to recapitalize the troubled lender as part of an international financial bailout for the island.

The figure confirmed information Reuters obtained from sources at the weekend.

Twelve percent of remaining depositor funds which were frozen under the arrangement, known as a bail-in, would be unblocked, the Central Bank said in a statement released jointly with the finance ministry. (Reporting By Michele Kambas; Editing by John Stonestreet)

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