Cyprus-Forum.com

[Tim Drayton]

Bank of Cyprus is now predominantly American owned following the most recent capital increase, two or so months ago, which saw the former owners' (Russians included) stakes heavily diluted. This exercise raised one billion euro, included a 400 million euro investment by Wilbur L. Ross, founder and chairman of WL Ross & Co. LLC. Bank of Cyprus passed the recent EU stress tests. For the record, I bank with Bank of Cyprus.

[Tim Drayton]

Is it best to open a greek bank account for bills etc and how do I go about doing this?

This is Cyprus - it is a separate country from Greece.

[Paphitis]

Here is a reason to keep that amount of money in the BoC.

Someones net worth (liquid) could be in the hundreds of thousands or millions.

think about it.....

You tell me how many millionaires will have large deposits in BoC when they could easily deposit in other European banks?

Maybe some Cypriots do, but not many foreigners or Russians anymore.

Look, if you want to keep large amounts in Cyprus, then the very least you would split your banking relationships and deposit smaller amounts in each in order to take advantage of the so called capital guarantees of 100,000.

Otherwise, if you're a Brit and have experience with British banking or in another country, then you would keep your larger deposits in those banks.

I have always been careful about my Banking Relationships and my business affairs are quite complicated and span across 4 banks now. The banks hate it.

[Maximus]

Here is a reason to keep that amount of money in the BoC.

Someones net worth (liquid) could be in the hundreds of thousands or millions.

think about it.....

You tell me how many millionaires will have large deposits in BoC when they could easily deposit in other European banks?

Maybe some Cypriots do, but not many foreigners or Russians anymore.

Look, if you want to keep large amounts in Cyprus, then the very least you would split your banking relationships and deposit smaller amounts in each in order to take advantage of the so called capital guarantees of 100,000.

Otherwise, if you're a Brit and have experience with British banking or in another country, then you would keep your larger deposits in those banks.

I have always been careful about my Banking Relationships and my business affairs are quite complicated and span across 4 banks now. The banks hate it.

In my opinion, anyone with more than 100k in any European bank is exposing themselves to risk.

[Paphitis]

Bank of Cyprus is now predominantly American owned following the most recent capital increase, two or so months ago, which saw the former owners' (Russians included) stakes heavily diluted. This exercise raised one billion euro, included a 400 million euro investment by Wilbur L. Ross, founder and chairman of WL Ross & Co. LLC. Bank of Cyprus passed the recent EU stress tests. For the record, I bank with Bank of Cyprus.

Yeh well the vultures didn't take long.

It might be quite safe but it will take time for me to feel confident so no 100,000 deposits from me. However, if they jeep improving their balance sheet and pass the stress tests then all is good.

[Paphitis]

Is it best to open a greek bank account for bills etc and how do I go about doing this?

This is Cyprus - it is a separate country from Greece.

Greece actually got a better deal than Cyprus did for some reason which means the country is less risky due perhaps to its greater bargaining power. There were no depositor levies in Greece.

[Paphitis]

Here is a reason to keep that amount of money in the BoC.

Someones net worth (liquid) could be in the hundreds of thousands or millions.

think about it.....

You tell me how many millionaires will have large deposits in BoC when they could easily deposit in other European banks?

Maybe some Cypriots do, but not many foreigners or Russians anymore.

Look, if you want to keep large amounts in Cyprus, then the very least you would split your banking relationships and deposit smaller amounts in each in order to take advantage of the so called capital guarantees of 100,000.

Otherwise, if you're a Brit and have experience with British banking or in another country, then you would keep your larger deposits in those banks.

I have always been careful about my Banking Relationships and my business affairs are quite complicated and span across 4 banks now. The banks hate it.

In my opinion, anyone with more than 100k in any European bank is exposing themselves to risk.

Depends doesn't it.

It's a case of consumer beware and the things that occured in Cyprus opened everyone's eyes to the possibilities of what could occur not just in Cyprus but elsewhere.

There are many fine banks in Europe which are in a good fiscal position but I wouldn't willy nilly dive into some banks in Italy or Greece for instance while others might be just fine.

[Maximus]

Of course, you bank with who you like but I don't see why anyone would sweat it if they have less than 100k per bank, regardless.

[Paphitis]

Of course, you bank with who you like but I don't see why anyone would sweat it if they have less than 100k per bank, regardless.

You would sweat because the Banking System is still too fragile and because they are not performing well in stress tests and because the Central Bank is not in a position to offer guarantees without outside help.

I wouldn't be stressing if I only had loose change such as having small amounts to cover expenses and living for a short period of time which is probably one of the options the OP should consider doing.

Having 100,000 in a BoC account is not exactly loose change.

[Maximus]

100k is the 'small loose change' threshold, per bank.

seriously, no sweat if its less than 100k.