Bank of Cyprus seeks FSA protection for savers
Bank of Cyprus is set to join the Financial Services Compensation Scheme (FSCS) to protect 50,000 British savers from its exposure to Greece.
The FT reports the bank has about £1bn of deposits in the UK, which are covered by a Cypriot compensation scheme. The report said, as fears grow that Cyprus may need a bailout from Brussels the bank has moved to reassure its UK customers that their money would be dafe if it collapsed.
The bank has applied to the Financial Services Authority (FSA) to make its UK operation a fully fledged subsidiary, regulated by the watchdog. It would offer the same protection - £85,000 per customer - as British banks.
The FT said it has received approval from the FSA and is set to join the deposit scheme by mid-July.
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