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NICOSIA, April 1 (Xinhua) -- Cyprus' largest lender, Bank of Cyprus (BoC), said on Monday it has completed its recapitalization by converting depositors' money into equity1, under a Eurogroup deal on a bailout for Cyprus.
A bank statement said the recapitalization fully2 satisfies the minimum capital adequacy requirements and maintains a Core Tier 1 of 9 percent under the adverse3 scenario4 developed by audit5 firm PIMCO.
The company completed a due diligence of the Cypriot banks in January to establish their recapitalization needs following heavy losses on account of their extensive exposure to the Greek debt.
Under the bailout deal reached at a Eurogroup meeting on March 25, Bank of Cyprus made use of 37.5 percent of deposits exceeding 100,000 euros (129,000 U.S. dollars) for the initial recapitalization operation, with a further 22.5 percent to remain blocked until the full needs of the recapitalization are established.
Bank of Cyprus did not say what percentage of depositor's money was used for its recapitalization to the Core Tier 1 ratio of 9 percent.
In a related development, government spokesman Christos Stylianides said also on Sunday that the government considers that it is now possible to unblock the remaining 40 percent of large deposits as of tomorrow so as to facilitate businesses to continue operations.
In a bid to prevent a sudden outflow of capital, Cypriot authorities imposed strict restrictions6 on transactions when bank reopened a week ago, following an extended bank holiday.
Stylianides stopped short of announcing a lift of the blocking of the 40 percent section of big deposits.
However, Central Bank assistant-governor Spyros Stavrinakis confirmed later that a decree unblocking this part of deposits will be issued on Tuesday.
Bank of Cyprus also announced that it has completed the takeover of all the good part of Cyprus Popular Bank, also known as Laiki, under the terms of the bailout accord.
The takeover involves all insured deposits in Laiki up to 100,000 euros and all other assets, excluding deposits upward of 100,000 euros and bad debts. These will remain with a "bad" Laiki bank until it is eventually liquidated7 in the span of 7 years.
"BoC will service all Laiki's customers in Cyprus based on existing terms and all employees of Laiki in Cyprus have been transferred to BOC with the same terms and conditions," the banks statement said.
It added that under the terms of the bailout decision it has completed the sale of the loans, fixed8 assets and deposits of BoC's banking9 operations in Greece to Piraeus Bank.
BoC said these major changes mark a new era for the Bank of Cyprus Group.
"BoC has solidified10 its position as the leading financial institution in Cyprus, has significantly strengthened its capital position, has minimized its exposure to the Greek economy, has access to European Central Bank liquidity11 and remains12 owned by private shareholders," the bank's statement concluded.
Under the restructuring arrangements the bank will from now on be owned by its large depositors, with the original equity downgraded to category and will neither receive dividend13.
BoC will eventually sell off all its operations in other countries, including Britain, Russia, Ukraine, Romania, Australia and New York, the United States.
An announcement in Bucharest on Monday said BoC branches in Romania will remain closed for a week ahead of an expected spin off.
Limits on bank transactions, mainly prohibition14 in using checks, have caused hardship to several sectors15 of the economy, mostly commerce, as traders find it impossible to pay their bills and take merchandise out of customs.
Stock breeders also have warned that they find it impossible to feed their herds16 and may have to resort to killing17 them.
The Central Bank of Cyprus has promised to review restrictions on a day to day basis with a view of easing problems which have brought the market to a near standstill.
Cyprus President Nicos Anastasiades said the cabinet will approve a plan within 15 days to restart the economy, as the government is racing18 to finalize19 its 10-billion-euro bailout deal with international lenders.
The plan includes attracting foreign investment, tax exemption20 for those who re-invest business profits, reducing interest rates for new and old loans and reversing a ban on casinos.
Anastasiades cut short his participation21 in celebrations to mark the start of Cyprus's guerilla campaign against British colonial rule 58 years ago which led to the island's independence, to chair an emergency meeting of his Council of Ministers in a bid to give impetus22 to final negotiations23 for finalizing24 the bailout deal.
Sources said that final details of the bailout deal will be in place by Wednesday, when troika negotiators will travel to Brussels to present a report to the Eurogroup working group on Cyprus.
A complete document may be signed at a Eurogroup meeting in Ireland on April 12. (1 euro = 1.29 U.S. dollars)
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1
equity
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| n.公正，公平，（无固定利息的）股票 | |
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2
fully
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| adv.完全地，全部地，彻底地；充分地 | |
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3
adverse
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| adj.不利的；有害的；敌对的，不友好的 | |
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4
scenario
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| n.剧本，脚本；概要 | |
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5
audit
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| v.审计；查帐；核对；旁听 | |
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6
restrictions
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| 约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则） | |
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7
liquidated
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| v.清算( liquidate的过去式和过去分词 )；清除（某人）；清偿；变卖 | |
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8
fixed
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| adj.固定的，不变的，准备好的；(计算机)固定的 | |
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9
banking
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| n.银行业，银行学，金融业 | |
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10
solidified
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| （使）成为固体，（使）变硬，（使）变得坚固( solidify的过去式和过去分词 )； 使团结一致； 充实，巩固； 具体化 | |
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11
liquidity
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| n.流动性，偿债能力，流动资产 | |
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12
remains
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| n.剩余物，残留物；遗体，遗迹 | |
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13
dividend
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| n.红利，股息；回报，效益 | |
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14
prohibition
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| n.禁止；禁令，禁律 | |
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15
sectors
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| n.部门( sector的名词复数 )；领域；防御地区；扇形 | |
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16
herds
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| 兽群( herd的名词复数 )； 牧群； 人群； 群众 | |
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17
killing
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| n.巨额利润；突然赚大钱，发大财 | |
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18
racing
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| n.竞赛，赛马；adj.竞赛用的，赛马用的 | |
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19
finalize
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| v.落实，定下来 | |
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20
exemption
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| n.豁免，免税额，免除 | |
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21
participation
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| n.参与，参加，分享 | |
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22
impetus
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| n.推动，促进，刺激；推动力 | |
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23
negotiations
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| 协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过 | |
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24
finalizing
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| vt.完成（finalize的现在分词形式） | |
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