No Longer Exempt: Charities, Educational Institutions, Insurance Companies
Now Subject to Levy
Now Subject to Levy
anamericanincyprus
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| Central Bank of Cyprus (photo from Reuters) |
The Central Bank of Cyprus announced that charities, educational institutions and insurance companies will now be subject to a levy of 27.5% on bank accounts held in the two beleaguered banks, Bank of Cyprus and Laiki Bank.
Under previous terms of the bailout it had been announced that charities, educational institutions and insurance companies would not subject to levy or "haircut" after much initial anxiety. See my earlier post on the issue: University of Cyprus Among Casualties of "Haircut” and Academic Institutions, Municipalities to be Spared Haircut and Charitable Organization Spared Haircut.
This development follows an earlier statement by the current government (elected 24.02) that it was recently discovered that more money was required to bailout Cyprus than the previous government had declared.
http://uk.reuters.com/article/2013/04/22/uk-cyprus-banks-charities-idUKBRE93L03R20130422
Under previous terms of the bailout it had been announced that charities, educational institutions and insurance companies would not subject to levy or "haircut" after much initial anxiety. See my earlier post on the issue: University of Cyprus Among Casualties of "Haircut” and Academic Institutions, Municipalities to be Spared Haircut and Charitable Organization Spared Haircut.
This development follows an earlier statement by the current government (elected 24.02) that it was recently discovered that more money was required to bailout Cyprus than the previous government had declared.
http://uk.reuters.com/article/2013/04/22/uk-cyprus-banks-charities-idUKBRE93L03R20130422
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