“Bank of Cyprus (BoC) said on Sunday it had carried out a conversion of uninsured cash deposits in the bank into equity, one of the conditions of international lenders to offer the cash-starved island financial aid. The process, known as a ‘bail-in’, made depositors in the bank pay for its recapitalisation, after the institution was hit by massive losses from its exposure to debt-crippled Greece. It converted 37.5% of deposits exceeding €100,000 on March 26, into ‘class A’ shares – nominal value €1 — with an additional 22.5% held as a buffer for possible conversion in the future. Another 30% would be temporarily frozen and held as deposits.”
formerly http://www.cyprus-mail.com/cyprus/boc-converts-portion-uninsured-savings-equity/20130430
