Britain’s banking supervisor said on Tuesday that all deposits at Cyprus Popular Bank UK, operating under the name of Laiki Bank UK, will be transferred to the Bank of Cyprus UK and protected under Britain’s rules.
The switch in accounts follows a bail out the government of Cyprus and restructuring of its banking sector.
The Bank of England’s Prudential Regulation Authority said the deposits will be covered under Britain’s compensation scheme which protects deposits up to 85,000 pounds.
“The agreement does not affect access to bank accounts and therefore all customers who had an account with Laiki Bank UK will be able to access funds as normal and do not need to do anything,» the PRA said in a statement. [Reuters]