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Cypriot banks in Greece excluded from "haircut": Greek FinMin


08:28, March 18, 2013

ATHENS, March 16 (Xinhua) -- Cypriot bank branches operating in Greece have been excluded from the emergency "haircut" imposed on deposits at the Mediterranean Sea island's banking system as part of a bailout deal to address the economic crisis, Greek Finance Minister Yannis Stournaras said on Saturday.

The management of Greece's debt crisis is not affected by Euro group's decision to implement a special depositor tax at the island's banking sector, he stressed in a statement in Athens upon his return from Brussels.

The branches of the Bank of Cyprus and Cyprus Popular Bank in Greece will be absorbed by a Greek lender, the Greek official added.

"Euro group's decision regarding Cyprus clearly excludes Cypriot bank branches in Greece. The stability of Greece's banking system is fully safeguarded," Stournaras assured.

"The deal safeguards completely all deposits kept in branches of Cyprus banks in Greece, Greece's public interests and Greek financial system's stability and does not negatively affect the management of Greek public debt," he said.

Greece's Central Bank will contact interested Greek banks for the purchase of Cypriot bank branches in Greece, Stournaras added.

According to Greek media reports, citing government sources, the most likely candidate for the takeover is the Greek Postbank.

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