Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal Tech Talk
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- The New Generation of Database
- Satellite Communications: Acquiring SATCOM in Tight Times
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Value of Health IT
Shows & Panels
Laiki's UK arm to escape Cyprus deposit charge
Tuesday - 4/2/2013, 5:50am EDT
LONDON (AP) -- The Bank of England's new financial watchdog says savers, big and small, in the British arm of the Cypriot bank Laiki will not have to pay a levy on their deposits.
The Prudential Regulatory Authority says 270 million pounds ($410.5 million) worth of deposits in Laiki Bank U.K. have been transferred to the Bank of Cyprus' U.K. arm. Deposits of up to 85,000 pounds per customer were already guaranteed under British laws.
Laiki operated as a "branch" in Britain, which could have meant its depositors were subject to the charge. But because of Tuesday's transfer, it will become part of a subsidiary fully regulated under British rules.
Big depositors in the Cyprus branches of Laiki may end up paying a charge as high as 60 percent.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.