Bank deposit guarantee ready for Cyprus House vote

The legislation guaranteeing bank deposits up to EUR 100,000 has cleared the last hurdle and after approval by the Cyprus Cabinet this week will be tabled before parliament for urgent passage.
Under the proposed bill, the guarantee on all bank deposits placed with Cyprus banks will be increased from EUR 20,000 to EUR 100,000 indefinitely, in line with an EU summit decree adopted last October raising the guarantee to up to EUR 50,000.
The bill will guarantee deposits up to EUR 100,000 per account per bank, in any currency. The scheme also applies to the Cooperative Credit Societies, as well as non-resident deposits in foreign currency.
The bill provides for the setting up of a guarantee fund that is covered jointly by the government and banks.
Greece also provides guarantees of up to EUR 100,000 per bank per customer.