Cyprus
Free area: Nicosia, Limassol,
Larnaca, Paphos, Polis,
Ayia Napa, Paralimni.
Occupied area: Ammochostos (Famagusta),
Kyrenia, Morfou, Rizokarpaso
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DepositBank@gmail.com
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Cyprus
1. Alpha Bank Cyprus Ltd
Note: The Regulations on the Establishment and Operation of the Deposit Protection Scheme have been amended on 24 July 2009, in accordance with which the following changes were introduced: - The maximum amount of compensation per depositor per bank has increased from €20.000 to €100.000 - All currencies of deposits are now covered whereas before only the currencies of member states of the EU were covered - The coinsurance has been abolished and, therefore, claims up to €100.000 are fully reimbursed (whereas before only 90% of the claims was covered) -------------------------------------------------------------------------
In accordance with the Regulations on the Establishment and Operation of the Deposit Protection Scheme (DPS) issued under article 34(2) of the Banking Law of 1997, as subsequently amended, a Deposit Protection Fund (DPF) has been established and is in operation since September 2000. The DPF is a separate legal entity administered by a Management Committee.
The purpose of the DPS is to provide protection and pay compensation to depositors in case a member bank is unable to repay the deposits of its customers.
The DPS covers deposits denominated in all currencies. Participation is compulsory for all the banks licensed by the Central Bank of Cyprus (i.e. banks incorporated in Cyprus as well as Cyprus branches of foreign banks incorporated outside the European Union) which accept deposits from the general public including, in the case of banks incorporated in Cyprus, their branches operating in other European Union countries. The DPF’s Management Committee may exempt a Cyprus branch of a foreign bank incorporated outside the European Union from joining the Cyprus DPS provided that it is covered by an equivalent DPS in its country of origin.
The deposits of the European Union branches operating in Cyprus are covered, in accordance with the relevant directive of the European Union, by the corresponding DPS operating in their country of incorporation.
The DPS is activated if it is determined that a member bank is unable to repay its deposits, such a determination being made by the Central Bank of Cyprus or, in case of a member bank which is incorporated in a country other than Cyprus, the competent supervisory authority of the country where the bank is incorporated. The DPS may also be activated by a Court’s order for the liquidation of a member bank.
The maximum level of compensation, per depositor and per bank, under the DPS is €100.000. This limit applies to the aggregate of a depositor’s deposits with the same bank.
For the purposes of calculating the compensation paid to a depositor, the amounts of deposits will be set-off against any loans or other credit facilities granted by the depositor’s bank as well as any other counterclaim that the bank concerned may have against the depositor in respect of which a right of set-off exists.
In accordance with article 18 of the Regulations governing the operation of the DPS certain categories of deposits are exempted from the payment of compensation. (e.g. bank deposits held for own account, deposits by provident and pension funds, insurance companies, government departments, semi-government organisations and local authorities, deposits by collective investment companies etc.).
Should the DPS be activated, an announcement will be made in the Official Gazette of the Republic of Cyprus as well as in the daily press stating that the member bank is unable to repay its deposits and determining the way in which claims together with supporting documentary evidence should be submitted.
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