Vladimír Urbánek (Kurzy.cz)
Markets  |  March 20, 2013 09:20:50

Cypriot Parliament rejected a blanket bank tax

Cypriot Parliament yesterday unanimously rejected proposals for special taxing bank deposits. This plan, however, was one of the main conditions for financial assistance and the country now face bankruptcy.

For assistance was necessary that Cyprus has contributed 5.8 mld.EUR he had to get extraordinary tax bank deposits. Originally, the taxation of 6.75% for deposits up to 100 000 EUR and 9.9% above this threshold. The Cypriot government is still trying to adjust the final form of taxation, and finally counted with the proposal not to tax deposits up to 20 000 EUR. Neither the modified proposal gained no support from anyone of the 56 legislators.

The Governor of the Central Bank Panikol Demetriades yesterday appealed to the legislature to increase the limit of zero tax to the limit 100 000 EUR, which is the general limit for deposit insurance across the EU.According to Demetriades, in the case of another tax settings threatened mass run on Cypriot banks, which would have potentially siphoned to 7 mld.EUR. Banks will remain closed until Thursday, according to agency reports, the government reportedly is considering the extension of bank holidays until the end of this week.

Cyprus will now discuss further developments and possible EU assistance or some specific countries (Russia) with the solution of the problem. Eurozone promised all possible help, but a maximum of 10 mld.EUR.
The ECB has previously declared that it is ready to supply the necessary liquidity to Cypriot banks operating within the rules of this assistance.

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