🔔 Proposed Levy on Cypriot Savers – and how it affects UK savers

Author: Dan Darragh
18th March 2013

For those concerned about the news of a proposed bank levy for Cypriot savers, we are in the process of contacting providers directly and will come back shortly with their responses. There is also a good article on the BBC website that you might find useful. Click here.

In the meantime, below are details of the Cypriot providers who offer UK savings accounts and their statements for UK savers.

Bank of Cyprus UK

Whilst the measures agreed include an up-front, one-off, stability levy on deposits in Cyprus, there is no effect on deposits with Bank of Cyprus UK Limited which is a UK bank.

Bank of Cyprus UK Limited is a separately capitalised, UK incorporated bank, is subject to UK financial regulation, and eligible depositors are protected by the UK’s Financial Services Compensation Scheme.

Laiki Bank UK

We have clarified with the Cyprus authorities that this levy, as proposed in the draft law, will have no effect on customer deposits held with the Overseas Branches of Cyprus Banks.

To this extent your deposits held with Laiki Bank UK will not be affected.