EUROGROUP AFRAID TO ANNOUNCE 30%-40% BANK LEVY TO BANK OF CYPRUS. LAIKI BANK DEPOSITORS OVER 100.000 EUROS, BOND AND STOCKHOLDERS ARE LOSING EVERYTHING. DEPOSITS UNDER 100.000 EUROS IN ALL CYPRUS BANKS INTACT, GUARANTEED AND FROZEN (;)

BANK OF CYPRUS had deposits of 18,2 billion euros in the end of January 2013. 
45%-50% of  all BOC deposits are unisured (over 100.000 euros). 30% bank levy means 2,5-3 billion, 40% bank levy means 3,4-3,6 billion euros, plus eight (8) billion of  Laiki outstanding debt that is transferred to BOC as BOC debt!!!!!! LAIKI immediate closure also means that a big percentage of its current employees and executives are going to unemployement asap.

(..) Annex

Following the presentation by the Cyprus authorities of their policy plans, which were broadly welcomed by the Eurogroup, the following was agreed:

1. Laiki will be resolved immediately - with full contribution of equity shareholders, bond holders and uninsured depositors - based on a decision by the Central Bank of Cyprus, using the newly adopted Bank Resolution Framework.

2. Laiki will be split into a good bank and a bad bank. The bad bank will be run down over time.

3. The good bank will be folded into Bank of Cyprus (BoC), using the Bank Resolution Framework, after having heard the Boards of Directors of BoC and Laiki. It will take 9 bn Euros of ELA with it. Only uninsured deposits in BoC will remain frozen until recapitalisation has been effected, and may subsequently be subject to appropriate conditions.

4. The Governing Council of the ECB will provide liquidity to the BoC in line with applicable rules.

5. BoC will be recapitalised through a deposit/equity conversion of uninsured deposits with full contribution of equity shareholders and bond holders.

6. The conversion will be such that a capital ratio of 9 % is secured by the end of the programme.

7. All insured depositors in all banks will be fully protected in accordance with the relevant EU legislation.

8. The programme money (up to 10bn Euros) will not be used to recapitalise Laiki and Bank of Cyprus.

The Eurogroup is convinced that this solution is the best way forward for ensuring the overall viability and stability of the Cyprus financial system and its capability to finance the Cyprus economy.

Πηγή: Η ανακοίνωση του Eurogroup με τις οδυνηρές αποφάσεις για την Κύπρο [κείμενο στα ελληνικά] | iefimerida.gr http://www.iefimerida.gr/node/96568#ixzz2OX9nDVFk

CYPRUS POLITICIANS GO HIDING AFTER DETESTABLE DECISION TO IMPOSE LEVY ON DEPOSITS OF WORKING CLASS

Cyprus banks shall remain closed until further notice to delay bank run.
Cyprus politicians delay for Friday critical vote out of public backlash fear.
Asian stock markets in the red.
USD stronger against euro.
Cypriots, Greeks, British, American, German, Russian depositors and international investors  robbed with new unprecedented tax levy imposed on  deposits and ADDITIONAL 20%-25% taxes on interest, plus raise of company taxation to 12.5% from 10%.

EURO ZONE NEAR COLLAPSE AFTER EUROGROUP DECISION TO IMPOSE 10% LEVY IN DEPOSITS AND 20%-25% TO INTEREST. CYPRUS EXODUS FROM EURO IMMINENT

                                          Consumers in Cyprus lining up to make withdrawals....

       Panic, fear and shock prevails in European South

CYPRUS BANK RUN EXPECTED TUESDAY...ANGER AND PANIC ALL OVER EUROZONE AND RUSSIA....

The Cypriot government decided earlier today to impose a 6.75 percent tax on bank deposits as high as 100,000 euros ($130,580) and a 9.9 percent levy on deposits in excess of that amount in order to win a European aid package.

The measure, due to raise 5.8 billion euros, is designed to help limit the amount of outside emergency funds for Cyprus to a maximum of 10 billion euros and keep Cypriot debt sustainable. The Cypriot government had previously vowed to protect depositors.

“The exchange of this levy with shares in the banking institutions affected gives an upside potential,” Sarris told reporters in Brussels after euro-area finance chiefs reached the agreement that also includes a planned rise in the Cypriot corporate tax rate to 12.5 percent from 10 percent.

The euro area had refused to exclude the possibility of imposing losses on bank-account holders in Cyprus as a way to prevent its debt from becoming unsustainable while negotiating a rescue program that has been in the works for nine months. Such an element isn’t part of existing aid packages for Greece, Ireland, Portugal and Spain.

http://www.bloomberg.com/news/2013-03-16/cyprus-says-deposit-levy-to-involve-bank-share-compensation.html