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Bank of Cyprus board approves procedure for shares that emerged from the bail-in

31 January, 2014

The Board of Directors of Bank of Cyprus Public Company Ltd has approved the procedure for the transfer of shares of the Bank, which resulted from the implementation of the Bailing-In of Bank of Cyprus Public Company Limited Decrees of 2013 up to (No. 3) of 2013 that were issued by the Resolution Authority pursuant to the provisions of the Resolution of Credit and Other Institutions Law of 2013.

A €10 billion bailout agreed with the Troika (EC, ECB and the IMF) last March featured the conversion of deposits over 100,000 to capital (bail-in) in a bid to recapitalize the banks. According to IMF figures deposits worth of €4 billion have converted to shares.

"This procedure relates only to these non-listed and non-dematerialised shares and will be in force up until these shares will be admitted for trading on the exchange," the bank said in a press release.