The Cypriot government says depositors at the country's largest bank will lose 47.5 per cent of their savings over the 100,000-euro ($132,000 Canadian) insurance limit.
€
Losses at Bank of Cyprus were initially estimated at 37.5 per cent. Another 22.5 per cent of the deposits remained tied up while experts calculated how much money the bank would need to remain solvent. Government spokesman Victoras Papadopoulos announced the figure Monday.
Depositors hit with losses will get shares in the bank.
Large depositors in Cyprus' two biggest lenders were forced to take losses as a condition of a 23 billion-euro ($30.5 billion) rescue package the country agreed on with its eurozone partners and the International Monetary Fund in March.
Restrictions on money withdrawals and transfers were imposed for all banks to head off a run.
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