Cyprus increases bank deposit guarantee to 100,000 euros

Cyprus is following the lead of other euro-zone nations by increasing its guarantee on bank deposits to 100,000 euros, double the new EU-wide floor, despite assurances by Finance Minister Charilaos Stavrakis that the Cyprus banking system is sound and the guarantee will not be needed.
Following a high level meeting with CEOs and senior officials of commercial banks and other governmental officials, Stavrakis announced the decision to raise the deposit guarantee to 100.000 euros, double the minimum level of insurance on deposits across the 27-nation bloc of 50,000.
Stavrakis said it was too early to go into details as to who was covered by the scheme, if it refers to one customer per bank or one account per customer and other details. He also clarified that if the fund is not utilised, there would be no cost on taxpayers.