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Bank of Cyprus sees deposits slide in H1

November 26. 2013 1:40PM
Associated Press

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(AP) Cyprus' largest bank says deposits shrank by over a third in the first half of 2013, a period in which it was a central player in the country's financial crisis.

Bank of Cyprus says Tuesday that deposits fell 40 percent to 17 billion euros ($23 billion) by the end of June from 28.4 billion euros six months earlier. During that period, the country negotiated a messy financial rescue that forced uninsured depositors to take big losses on savings in the country's top two lenders.

Savers withdrew 4.1 billion euros from the bank during the half-year, even though Cypriot authorities imposed capital controls to prevent a run.

Bank of Cyprus also posted a net loss of 1.8 billion euros during the period, much worse than last year's 134 million-euro loss.

Associated Press

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