UK banks.Cypriot banks??

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Chaddy
Posts: 780
Joined: Thu Jan 18, 2018 9:39 am

UK banks.Cypriot banks??

Post by Chaddy »

In the UK,bank deposits are underwriiten for up to £85,000 ( or there abouts ) by the government...Nice and safe :D

Mmmm,what is the situation here with Cypriot banks :?
The Aquila
Posts: 1066
Joined: Sun Mar 10, 2019 11:12 am

Re: UK banks.Cypriot banks??

Post by The Aquila »

Same type of scheme here where €100,000 Is guaranteed.
WHL
Posts: 6862
Joined: Sat Mar 25, 2017 2:43 pm

Re: UK banks.Cypriot banks??

Post by WHL »

This is for the Bank of Cyprus, but its the same for other Banks...


INFORMATIVE LEAFLET ON THE DEPOSIT GUARANTEE SCHEME
Deposits in Bank of Cyprus
Public Company Limited are
protected by
Deposit Guarantee and Resolution of Credit and Other
Institutions Scheme (DGS)
Limit protection EUR 100.000 per depositor per credit institution (
1
)
If you have more deposits at the
same credit institution
All your deposits at the same credit institution are «aggregated» and the total is
subject to the limit of EUR 100.000 (
1
)
If you have a joint account with
other person(s)
The limit of EUR 100.000 applies to each depositor separately (
2
)
Reimbursement period in case
of credit institution’s failure 7 working days (
3
)
Currency of reimbursement Euro
Contact 80 Kennedy Avenue, 1076 Nicosia, Tel. 22-714100
Email: cbcinfo@centralbank.cy
More information
https://www.centralbank.cy/en/deposit-g ... pensation-
schemes/deposit-guarantee-and-resolution-of-credit-and-other-institutions-
scheme
Acknowledgement of receipt by the depositor:
(
1
) If a deposit is unavailable because a credit institution is unable to meet its financial obligations, deposits are repaid
by the DGS. This repayment covers at maximum EUR 100.000 per credit institution. This means that all deposits at
the same credit institution are added up in order to determine the coverage level. If, for instance a depositor holds a
savings account with EUR 90.000 and a current account with EUR 20.000, he or she will only be repaid EUR 100.000.
Any liabilities of the depositor to the credit institution are taken into account when calculating the repayable amount, in
accordance to the provisions of Article 35 of the Bankruptcy Law and the relevant contractual provisions governing the
contract between the credit institution and the depositor.
In some cases (e.g. deposits resulting from real estate transactions relating to private residential properties and
deposits that serve social purposes as laid down in the Regulations) deposits are protected above EUR 100.000.
More information can be obtained under: https://www.centralbank.cy/en/deposit-g ... investors-
compensation-schemes/deposit-guarantee-and-resolution-of-credit-and-other-institutions-scheme.
(
2
) In case of joint accounts, the limit of EUR 100.000 applies to each depositor.
However, deposits in an account to which two or more persons are entitled as members of a business partnership,
association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single
depositor for the purpose of calculating the limit of EUR 100.000.
(
3
) Reimbursement
The responsible Deposit Guarantee Scheme is the Deposit Guarantee and Resolution of Credit and Other
Institutions Scheme (DGS), 80 Kennedy Avenue, 1076 Nicosia, Tel. 22714100,
https://www.centralbank.cy/en/deposit-g ... antee-and-
resolution-of-credit-and-other-institutions-scheme. It will repay your deposits up to EUR 100.000 within 7
working days at the latest.
If you have not been repaid within these deadlines, you should contact the DGS since the time to claim reimbursement
may be barred after a certain time limit. Further information can be obtained under:
https://www.centralbank.cy/en/deposit-g ... antee-and-
resolution-of-credit-and-other-institutions-scheme.
Other important information
In general, all retail depositors and businesses are covered by the DGS. Exceptions for certain deposits are stated on
the website of the DGS. Bank of Cyprus Public Company Limited will also inform you on request whether certain
products are covered or not. If deposits are covered, the credit institution shall also confirm this on the statement of
account.
Galini
Posts: 146
Joined: Fri Jan 06, 2017 8:18 am

Re: UK banks.Cypriot banks??

Post by Galini »

The Bank Deposit Guarantee Scheme is an EU legislation so applies to all banks in all EU member countries
Varky
Posts: 1189
Joined: Sat Mar 25, 2017 11:44 am
Location: Anarita

Re: UK banks.Cypriot banks??

Post by Varky »

It should be borne in mind that the guarantees mentioned previously ar per bank, i.e. if you have multiple accounts within the same bank the guarantee is per bank and not for each account within any bank. Theoretically, for example, it is better to have 10 accounts spread across 10 different banks rather than to have 10 accounts within the same bank. (I should be so lucky!)
Chaddy
Posts: 780
Joined: Thu Jan 18, 2018 9:39 am

Re: UK banks.Cypriot banks??

Post by Chaddy »

That's stands a little reassuring..But lets say a major bank goes bust here will the government really have enough coffers to pay everybody out in eight days?????????
WHL
Posts: 6862
Joined: Sat Mar 25, 2017 2:43 pm

Re: UK banks.Cypriot banks??

Post by WHL »

Chaddy wrote: Tue May 19, 2020 12:26 pm That's stands a little reassuring..But lets say a major bank goes bust here will the government really have enough coffers to pay everybody out in eight days?????????
Quote, A little reassuring,
what more do you want?
galexinda
Posts: 2294
Joined: Wed Dec 28, 2016 9:47 am
Location: Paphos

Re: UK banks.Cypriot banks??

Post by galexinda »

Galini wrote: Tue May 19, 2020 12:02 pm The Bank Deposit Guarantee Scheme is an EU legislation so applies to all banks in all EU member countries
So where does that leave those from the UK who have Cypriot bank accounts or hold accounts in other EU countries?

The UK left the EU on 31st January. Transition period ends 31 December 2020.
J B
Posts: 991
Joined: Wed Dec 28, 2016 4:35 pm
Location: UK mostly, Tala occasionally
Contact:

Re: UK banks.Cypriot banks??

Post by J B »

Chaddy wrote: Tue May 19, 2020 8:07 am In the UK,bank deposits are underwriiten for up to £85,000 ( or there abouts ) by the government...Nice and safe :D

Mmmm,what is the situation here with Cypriot banks :?
I think the 'UK Law' is actually an 'EU Law' underwriting €100K, which the UK have converted to £85K
J B
Chaddy
Posts: 780
Joined: Thu Jan 18, 2018 9:39 am

Re: UK banks.Cypriot banks??

Post by Chaddy »

WHL wrote: Tue May 19, 2020 12:40 pm
Chaddy wrote: Tue May 19, 2020 12:26 pm That's stands a little reassuring..But lets say a major bank goes bust here will the government really have enough coffers to pay everybody out in eight days?????????
Quote, A little reassuring,
what more do you want?
What more do I want :o if i,ve got my, say lifes savings in a bank here i want a LOT of reassuring not a LITTLE.
WHL
Posts: 6862
Joined: Sat Mar 25, 2017 2:43 pm

Re: UK banks.Cypriot banks??

Post by WHL »

Chaddy wrote: Tue May 19, 2020 2:39 pm
WHL wrote: Tue May 19, 2020 12:40 pm
Chaddy wrote: Tue May 19, 2020 12:26 pm That's stands a little reassuring..But lets say a major bank goes bust here will the government really have enough coffers to pay everybody out in eight days?????????
Quote, A little reassuring,
what more do you want?
What more do I want :o if i,ve got my, say lifes savings in a bank here i want a LOT of reassuring not a LITTLE.
That's as good as it gets for everyone, the same as the UK, there's always the keep it under the mattress, that's safer surely?
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