Key data missing at troubled Bank of Cyprus

 

Some key data about bond purchases by Bank of Cyprus - now the focus of a controversial EU-IMF bailout - is missing, investigators have found.

The gaps were found in computer records studied by a financial consultancy, Alvarez and Marsal, Cypriot media say.

Bank of Cyprus - the island's biggest bank - bought Greek bonds which turned into some 1.9bn euros (£1.6bn; $2.4bn) of losses in the Greek debt crisis.

Depositors with more than 100,000 euros in the bank are now facing a big loss.

The "haircut" for such deposits in Bank of Cyprus is expected to be about 60%.

The money taken from those accounts, and from deposits above 100,000 euros at Laiki (Popular) Bank, will be used by the government to contribute billions towards the bailout.

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Surprise, surprise And how much will go "missing" on the account of the bailout?