The Bank of Cyprus decided to release fixed-term deposits worth €950 mln, that were retained in accordance to a recapitalization decree, issued in July 2013 and expire on January 31, 2014.
Announcing the decision on Thursday, BoC Board Chairman Christis Hasapis said the move was made after consultations with the Ministry of Finance and the Central bank of Cyprus.
He added that the decision was taken due to a significant improvement in the bank’s liquidity in the last few months and the stabilization of the deposit base.
The Bank is returning the trust shown by its depositors, Hasapis noted, adding that the move aims to meet society’s expectations to reinforce the real economy and boost cash flow in the market.
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