Pamboridis

April 2013 — update in regards to the banking system in Cyprus

An unprecedented and controversial decision was taken by Eurogroup last week, in dealing with the recapitalisation of the two largest banks in Cyprus. Having been unable to recapitalise the two banks directly, Cyprus sought the support of the EU for obtaining a loan. As a result, resolution measures were taken in regards to the two banks as of 30 March 2013.

The resolution measures already adopted are:

  • The sale of Laiki Bank’s branches in Greece to Piraeus Bank in Greece 
  • The sale of Laiki Bank’s business in Cyprus (excluding the bank’s subsidiaries and branches abroad) to the Bank of Cyprus.

As a result of the above, all contracts are transferred to either the Bank of Cyprus or Piraeus Bank.

Furthermore, all branches of Laiki Bank resumed as normal on Tuesday, 2 April 2013 together with their staff, but under the ownership of the Bank of Cyprus…

If you are registered and logged in to the site, click on the link below to read the rest of the Pamboridis briefing. If not, please register or sign in with your details below.

 

Briefings from Pamboridis

View more briefings from Pamboridis

Analysis from The Lawyer

  • Andreas Neocleous

    Reserve psychology

    Cyprus is mired in bailout talks yet has massive untapped gas reserves. We ask the experts how the island’s law firms are coping with this complexity

  • /j/w/r/Mishal_HussainAlexander_Liegl.jpg

    Eurovision

    Monte Carlo was the location for The Lawyer’s annual European Awards and Conference. Here are the highlights

View more analysis from The Lawyer

Overview

45 Digeni Akrita Avenue
Pamboridis House
Nicosia
CY-1070
Cyprus
http://www.pamboridis.com

Total number of fee earners: 18
Total number of partners: 4