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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 discussing 25% levy on big bank savers

The Bank of Cyprus is the island's largest local lender. Credit: Nick Ansell/PA Wire

Cypriot officials are discussing imposing a levy of around 25 per cent on bank deposits over 100,000 euros in the Bank of Cyprus, the island's finance minister has said.

Michael Sarris told reporters "significant progress" had been made in talks on the levy with officials from the European Union, European Central Bank and International Monetary Fund. He said the discussions could conclude this evening.

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