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Bank of Cyprus UK branch customers will ‘not be affected’ by bank tax
Savers with money in the Bank of Cyprus UK, a UK bank, will not be affected by the proposed up-front one-off stability levy on deposits in Cyprus.
Cypriot President Nicos Anastasiades bowed to demands by eurozone finance ministers to raise €5.8bn by taking a piece of every bank account in Cyprus.
The bank tax could be levied today if politicians sign it off.
The shock tax on deposit holders – which includes a large number of UK citizens – sent markets reeling amid fears it will spark a move to withdraw huge sums from across Europe.
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.