CYPRUS: BOCY cuts ELA to €3.8 blnswiss replica watches

The Bank of Cyprus announced that it has been notified by the Ministry of Finance that on December 16 the government will fully repay a EUR 340 mln bond held by the bank.

The bond to be repaid was issued on July 1, 2015 to replace the outstanding amount of the recapitalisation bond of Laiki Bank that was absorbed by the Bank of Cyprus in March 2013, following the acquisition of certain assets and Bell & Ross BR01 Replica liabilities of Laiki Bank.
The bond is pledged as collateral with the European Central Bank (ECB). The proceeds will be used to repay EUR 140 mln of ECB funding and EUR 200 mln of emergency liquidity assistance (ELA). As the recapitalisation bond of Laiki Bank was transferred to the bank at fair value at the acquisition date, there will be an accounting profit of EUR 13 mln resulting from this transaction.
According to the bank, the above repayment of the bond by the Tag Heuer Monaco Replica Watches Republic of Cyprus, coupled with customer inflows experienced during the fourth quarter of 2015 and proceeds from ECB funding relating to the covered bond becoming ECB eligible, will result in total ELA repayments of EUR 1.1 bln post September 30, reducing ELA to Corum Replica Watches EUR 3.8 bln.