“The problem has been solved. All deposits at the Romanian branch of Bank of Cyprus are safe. All deposits will be placed under the protection of Romanian law. The suspension of the bank’s activity has been extended by two days for technical reasons,” Vasilescu told Ziarul Financiar. He did not provide details on how deposits would be transferred and placed under Romanian jurisdiction.
Deposits in the accounts of Bank of Cyprus Romania will be guaranteed up to EUR100,000 per depositor by the Romanian Bank Deposits Guarantee Fund.
The Romanian branch of Bank of Cyprus was supposed to resume operations with clients on Tuesday, after three weeks of suspension, but the suspension has been extended by two day, with the bank set to reopen on Thursday.
(English version by Daniela Stoican)