– Government spokesman Christos Stylianides
Following a proposal by the President of the Republic there was a consensus reached and a unanimous decision was taken for the setting up of an investment solidarity fund. The proposal is currently undergoing legal and technical processing by the Law Office and Republic.
If it is considered necessary, on the basis of the legal and technical processing, the Council of Ministers will be convened immediately in order to approve it, and will be forwarded to the House of Representatives for the rest.
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.