Cyprus

British Customers of Cypriot Bank to Escape Levy

Protected by British compensation program

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Thousands of customers with funds in the UK arm of Cypriot bank Laiki will escape any levy on their accounts.

The Bank of England's new Prudential Regulation Authority (PRA) has announced that all those whose accounts are in credit will be automatically moved to Bank of Cyprus in the UK.

This means that up to £85,000 of their deposits will be protected under the UK compensation scheme.

Laiki customers in Cyprus face losing much of their money above that amount.