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The stability levy on deposits in Cyprus has no effect on deposits with Bank of Cyprus UK because it is a UK bank subject to UK financial regulations, and eligible depositors are protected by the UK's Financial Services Compensation Scheme.
For purposes of this section, eligible depositors are depositors holding qualifying deposits at the bank as of a date designated in the bank's plan of conversion that is not less than one year prior to the date of adoption of the plan of conversion by the converting bank's board of directors/trustees.
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(b Definition of Eligible Depositor.
(iii) The information set forth by the depositor regarding the eligible collateral is true and correct.
Greek banks were deemed solvent — and therefore eligible for loans from Greece's central bank — even as nervous depositors withdrew hundreds of millions of euros.
A Depositor delivers, or executes an agreement to deliver, eligible collateral to a trust in exchange for a single Association guaranteed multiclass security, as set forth in the Multiclass Guide.
Its depositors lose their money.
It insures depositors, not borrowers.
Depositors are not affected.
Depositors would be getting richer much faster.
Still, some depositors are taking no chances.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com