Monday, 25 March 2013

Cyprus bank trading normally

The UK branch of the Cyprus Popular Bank or Laiki Bank, which has 13,000 customers, is maintaining its position this morning that it is "trading normally" and that it has a "sea of cash" if people want to withdraw money.

I would caution that they are having ongoing discussions with Cyprus and the UK authorities, so we should expect to be updated on the situation.

Unlike UK customers of the Bank of Cyprus, Laiki customers are not covered by our Financial Services Compensation Scheme. Their deposits are guaranteed by the government of Cyprus up to 100,000 euro.

A member of Laiki's management team in London said customers can withdraw money, as normal, as long as the terms of their accounts permit.

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