Wednesday, April 3, 2013

Charitable Organization Spared Haircut

The Central Bank of Cyprus has announced exemptions to the levy or "haircut" on deposits over 100,000 euros in account in Laiki and Bank of Cyprus. The entire amounts of deposits belonging to financial institutions, the government, municipalities, municipal councils, and other public entities, insurance companies, charities, schools, educational institutions, and JCC Smart Payment System Ltd are not subject to levy and have been transferred to Bank of Cyprus.

In an announcement last week, the government stated that municipalities and educational institutions would be exempt from levy, but did not include charitable organizations and other entities now protected.

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