Cyprus discussing changes in bank tax levy: source

Published March 17, 2013

| Reuters

Cyprus was in talks with international lenders on Sunday to possibly change the size of proposed levys on bank deposits demanded as a condition for a bailout, a source close to the consultations said.

Cyprus was discussing with lenders the possibility of changing the levy to 3.0 percent for deposits below 100,000 euros, and to 12.5 percent for those above that, the source said on condition of anonymity.

Euro zone leaders and Cyprus agreed on Saturday that depositors should be taxed up to 10 percent - 6.7 percent on amounts below 100,000 euros and 9.9 percent on figures above that - to raise 5.8 billion euros and be eligible for an international bailout.

(Reporting By Michele Kambas; Editing by Matthew Tostevin)

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