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Its adoption in the United States was delayed until 1980, when Congress first authorized banks to pay interest on checking accounts for certain types of depositors.
In a Europe where big banks hold outsize political and financial power — Cypriot banks wield assets eight times the size of the country's economic output — any move to punish depositors is certain to attract bitter opposition.
One fact depositors know for certain is that the euro authorities are prepared to impose capital controls.
Sure, some Cypriot depositors are Russian oligarchs.
This act creates the board, and directs it to levy upon every bank existing under the laws of the state an assessment of 1 per cent of the bank's average daily deposits, with certain deductions, for the purpose of creating a depositors' guaranty fund.
With their initial plan to tax all depositors, policymakers made it clear that they would, in certain circumstances, be prepared to take that money.
Banks as we know them could not exist if they could not rely upon averages and lend a large part of the money that they receive from their depositors on the assumption that not more than a certain fraction of it will be demanded on any one day.
Certain materials deposited with the CGSC may be subject to special disclosure requirements established by the depositor.
While this supported depositors, it also meant that Tier 2 capital instruments, mainly subordinated debt, "did not absorb losses incurred by certain large internationally active banks that would have failed had the public sector not provided support," the committee said.
"This has meant that … [certain] depositors' funds have been repaid".
Depositors are not affected.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com