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| Bank of Cyprus chief Yiannis Kypri 'sacked' | |
| (35 minutes later) | |
| The chief executive of the biggest bank in Cyprus has been sacked at the behest of the country's international lenders, state media has said. | The chief executive of the biggest bank in Cyprus has been sacked at the behest of the country's international lenders, state media has said. |
| Yiannis Kypri and his board of directors were removed at the request of the European Union, European Central Bank and International Monetary Fund, the Cyprus News Agency says. | Yiannis Kypri and his board of directors were removed at the request of the European Union, European Central Bank and International Monetary Fund, the Cyprus News Agency says. |
| The bank will be restructured and merged with the "good" parts of Laiki Bank, which is being shut down. | The bank will be restructured and merged with the "good" parts of Laiki Bank, which is being shut down. |
| Cyprus's banks will reopen on Thursday. | Cyprus's banks will reopen on Thursday. |
| On Tuesday, Bank of Cyprus chairman Andreas Artemis handed in his resignation, along with four other directors, but the bank's board rejected the resignations. | On Tuesday, Bank of Cyprus chairman Andreas Artemis handed in his resignation, along with four other directors, but the bank's board rejected the resignations. |
| Panicos Demetriades, the central bank governor, was widely criticised on Tuesday for suggesting that Bank of Cyprus was going to be wound up in the same way as is planned for Laiki Bank. The apparently erroneous statement led to demonstrations and calls for his resignation from Bank of Cyprus staff. | Panicos Demetriades, the central bank governor, was widely criticised on Tuesday for suggesting that Bank of Cyprus was going to be wound up in the same way as is planned for Laiki Bank. The apparently erroneous statement led to demonstrations and calls for his resignation from Bank of Cyprus staff. |
| Capital controls | Capital controls |
| On Tuesday, Mr Demetriades said that "superhuman" efforts were being made to ready the banks for reopening. | On Tuesday, Mr Demetriades said that "superhuman" efforts were being made to ready the banks for reopening. |
| They have been shut for more than a week as a controversial bailout was negotiated, which will see many depositors take losses. | They have been shut for more than a week as a controversial bailout was negotiated, which will see many depositors take losses. |
| "We have to restore the public's trust in banks," Panicos Demetriades said. | "We have to restore the public's trust in banks," Panicos Demetriades said. |
| Cyprus is planning to impose a weekly limit on cash withdrawals, among other restrictions on money transfers, following the banks' reopening. | Cyprus is planning to impose a weekly limit on cash withdrawals, among other restrictions on money transfers, following the banks' reopening. |
| The country's draft capital controls will include export limits on euros and a ban on cashing cheques, said Newsnight economics editor Paul Mason. | The country's draft capital controls will include export limits on euros and a ban on cashing cheques, said Newsnight economics editor Paul Mason. |
| In addition, fixed-term deposits will have to be held until maturity. | In addition, fixed-term deposits will have to be held until maturity. |
| The restrictions are expected to be tighter for accounts at Bank of Cyprus and Laiki Bank. | The restrictions are expected to be tighter for accounts at Bank of Cyprus and Laiki Bank. |
| Mr Demetriades has confirmed that "temporary" capital controls will be imposed on the island, without giving details. | Mr Demetriades has confirmed that "temporary" capital controls will be imposed on the island, without giving details. |
| Banks have not been open since 15 March. Their reopening had been expected after Cyprus agreed a deal with the International Monetary Fund (IMF) and the European Union (EU) that releases 10bn euros in support. | Banks have not been open since 15 March. Their reopening had been expected after Cyprus agreed a deal with the International Monetary Fund (IMF) and the European Union (EU) that releases 10bn euros in support. |
| The Cypriot authorities had previously said all that but the biggest two banks would open on Tuesday, but they have remained shut while the finer details of capital controls are handled by the Cypriot central bank. | The Cypriot authorities had previously said all that but the biggest two banks would open on Tuesday, but they have remained shut while the finer details of capital controls are handled by the Cypriot central bank. |