Overseas depositors took most of the pain in Cyprus -Central Bank

Published May 09, 2013

| Reuters

Cyprus' central bank said on Thursday most of the depositors who lost money at bailed-out Bank of Cyprus were from overseas and that Cypriots had not been hit as hard as might have been expected.

"Seventy percent of the value of deposits concerned overseas residents, leaving Cypriot households and businesses unaffected to a greater extent than was possibly expected," Central Bank of Cyprus Governor Panicos Demetriades told a news conference.

He said overall 96 percent of deposits in Cyprus were unaffected by losses on larger accounts required by the euro zone in exchange for aid to the overly indebted country.

(Reporting by Michele Kambas. Editing by Jeremy Gaunt.)

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