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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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What is Cyprus's Investment Solidarity Fund?

The Cypriot government announced today that it would create a so-called "Investment Solidarity Fund", in essence a state investment fund.

Here are the main points of the plan:

  • The fund will bundle state assets such as natural gas revenues, church property and social security fund reserves, as the basis for an emergency bond issue.
  • It will bundle together assets in an effort to help raise the 5.8 billion euros it must contribute to a plan to shore up.
  • The fund is intended to appeal to "the patriotism of Cypriots" and draw on contributions from ordinary Cypriots, businessmen and foreign investors.
  • Officials have reported that some kind of deposit tax was not being ruled out.

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