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Cyprus News Agency: News in English, 13-04-13
CONTENTS
[01] Moody's downgrades Bank of Cyprus' deposit ratings
[02] British MP calls for the protection of Laiki UK staff
[01] Moody's downgrades Bank of Cyprus' deposit ratings
Moody's credit rating agency downgraded on Friday Bank of Cyprus deposit
ratings to Ca, negative outlook, from Caa3.
Moreover they downgraded senior unsecured debt ratings to C, from Caa3
while the agency confirmed Hellenic Bank's deposit ratings at Caa3 with
a negative outlook.
The subordinated and junior subordinated debt ratings of BoC have been
affirmed at C. Hellenic does not have any rated debt outstanding.
[02] British MP calls for the protection of Laiki UK staff
A British MP representing a large number of Greek Cypriot constituents in
north London has condemned the freezing of the staff's personal accounts
in Laiki Bank in the UK as inhumane.
David Burrowes MP visited Laiki UK branch in Palmers Green, where he heard
members of staff describing their feeling of insecurity over their jobs.
Following a UK authorities' decision after the Cyprus banking sector
restructuring, deposits held with Laiki in the UK are to be transferred
to Bank of Cyprus UK, regardless of the amount. The deposits will be
protected in the new bank as it is a fully UK incorporated subsidiary.
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