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UK customers escape bank levy

Around 15,000 savers in the UK arm of stricken Cypriot bank Laiki will see their deposits protected under British rules and will escape the Cyprus banking levy.

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Cyprus bank account levy vote 'too close to call'

Cyprus's parliament will today decide on whether to impose a bank account levy but the vote is "too close to call", according to an analyst.

A bank account levy in Cyprus could see people lose up to 9.9 per cent of their savings. Credit: REUTERS/Yiannis Nisiotis

If approved, the levy, which will impose a one-off charge of 6.7 per cent on all deposits under €100,000 and 9.9 per cent over that amount, will be implemented on Tuesday.

Three parties in the 56-member chamber, where no party has an absolute majority, have already declared that they will not back the plan.

JPMorgan analyst Alex White said: "The government can be reasonably confident of only around 26-28 votes at the most, while the opposition may be confident of around 26. Our best estimates of a potential vote have it too close to call at this stage."

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