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Bank of Cyprus chief Yiannis Kypri 'sacked' Bank of Cyprus chief Yiannis Kypri 'sacked'
(about 1 hour 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 Bank of Cyprus (BoC) 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 reported.
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. An administrator has been appointed.
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. Bank of Cyprus chairman Andreas Artemis handed in his resignation on Tuesday, 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. Now Panicos Demetriades, the central bank governor, has sacked the entire board on the troika's behalf, the news agency reported.
Capital controls Mr Demetriades 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.
On Tuesday, Mr Demetriades said that "superhuman" efforts were being made to ready the banks for reopening. His comments led to demonstrations, calls for his resignation from Bank of Cyprus staff, and a hastily-drafted denial from finance minister, Michalis Sarris.
They have been shut for more than a week as a controversial bailout was negotiated, which will see many depositors take losses. Open for business?
"We have to restore the public's trust in banks," Panicos Demetriades said. Mr Demetriades said "superhuman" efforts were being made to get the banks ready for reopening on Thursday.
Cyprus is planning to impose a weekly limit on cash withdrawals, among other restrictions on money transfers, following the banks' reopening. "Indications are that banks will open tomorrow with some restrictions on capital," said central bank spokeswoman Aliki Sylianou, speaking to the country's state broadcaster on Wednesday.
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 banks have been shut since 15 March while the controversial 10bn-euro bailout was being negotiated.
These capital controls could include a weekly limit on cash withdrawals, export limits on euros, and a ban on cashing cheques, Newsnight economics editor Paul Mason said on Tuesday.
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. The details of the capital controls are expected to be finalised on Wednesday.
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. Speaking to the Financial Times, Mr Sarris said that the controls would be reviewed after seven days, and that some banks could be exempted altogether.
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.