Bank of Cyprus – Unfreeze of the six-month time deposit

Bank of Cyprus has announced today the decision of the bank to unfreeze the six-month time deposits that mature on 31 January 2014 which were blocked as per the decrees relating to the recapitalisation of the Bank in July 2013.

The above mentioned deposits have been converted to one-month fixed term deposits and are subject to the general restrictive measures currently applicable in the Cypriot banking system. The depositors have until Friday, 14 February to instruct the bank to transfer an amount upto the higher amount between €5.000 or 20% of the total amount of the deposit, to a current account. The one-month fixed term deposits will bear interest at 1,5% for Euro and 0,3% for US Dollar.

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