In the run up to the Irish bailout, a large flight of deposits, took place in Ireland. Many feared that there was going to be losses imposed on depositors. Others thought that it was an irrational fear. Maybe it was a rational fear, at the time, as it turns out depositors are not immune to haircuts, as Cyprus has just proven.
It is a deposits for equity swap, shame the equity is worthless ...
Deposits under 100,000 EUR will lose 6.75%.
Deposits over 100,000 EUR will lose 9.9%.
Equity will be given in lieu of the deposit loss.
Moneysavingexpert.com have said, on Twitter, that the FSA guarantee should compensate UK savers in Cypriot banks that were protected by the FSA up to 85,000 GBP. The same does not apply to non UK savers.
It is a deposits for equity swap, shame the equity is worthless ...
Deposits under 100,000 EUR will lose 6.75%.
Deposits over 100,000 EUR will lose 9.9%.
Equity will be given in lieu of the deposit loss.
Moneysavingexpert.com have said, on Twitter, that the FSA guarantee should compensate UK savers in Cypriot banks that were protected by the FSA up to 85,000 GBP. The same does not apply to non UK savers.