Research (J&T BANKA)
Markets  |  March 25, 2013 10:19:43, updated

Cyprus has agreed with the EU to help - all costs borne by bank deposits above 100 000 EUR, tax 30-40%


Eurozone, the IMF now the morning agreed to a rescue plan for Cyprus, which does not affect either deposits to 100 thousand. EUR, or pension funds, all costs borne by bank deposits of over 100 thousand. EUR. Finally was no sales tax on deposits, but is split troubled banks into good and bad banks, while deposits of over 100 thousand. EUR will remain frozen in a bad bank, until it is established exactly how a great loss carry. Agreement no longer approve the Cypriot Parliament, will be announced today details and deadlines entire rescue plan that acute ward off the risk of bankruptcy.

Addition editors:
Commissioner for the euro area economy and monetary policy Oli Rehn called for negotiations without consuming to find the optimal solution, all options have some perspective complex or difficult.
The euro and European stock markets react to announcements agreement growth.

The specific amount of tax deposits over 100 000 EUR is not yet precisely defined. Even before negotiations appeared calculation that if the insured deposits remained spotless enough to tax the uninsured deposits less than 16%. There is also speculation about the 20% tax. According eurozone leaders are not losses to uninsured deposits exceeding 40%.

According to the head of the Cypriot House Committee on Financial Affairs Nicholas Papadopulos account holders of the Bank of Cyprus seems to come up about 30% of their deposits in excess of 100 000 EUR. Total by Bank of Cyprus should contribute about 1.2 mld.EUR.Clients Cypriot twos Laika likely to depreciate further. The bank should contribute € 4.2 mld.EUR. The official definition of depreciation has still not been announced.
In exchange for cuts savers should acquire equity stakes in banks.

In connection with the rescue plan, it is estimated that the Cyprus economy at least in the short term falls into a deep recession, possibly up to two digits which drastically increases the total unemployment. That negatively affects mainly outflow "of extinct tax haven". Dash of country planning Russians who used the most benefits of tax havens, and who will also be the most affected by the after-tax contributions in excess of 100 000 EUR. It is estimated that the Russians are up to a third of total bank deposits totaling 68 mld.EUR.

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