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News - Deposit Protection Scheme Update
Deposit Protection Scheme Update
Dear Clients,

Kindly note that the Quarterly Deposit Protection Scheme return has been updated by the Central Bank of Cyprus, as per the circular letter with reference number 4519 (July 2012).
The letter clarifies the methodology for allocating the net repayable amounts in the report, especially when clients have deposits and loans in different currencies which do not directly net off. 
The FRCS has been updated to reflect the contents of the above letter, with the most significant changes being:

  1. The inclusion of negative numbers in the Net Repayable Amount column, to ensure that the final amount agrees with the Depositor’s Register return.
  2. The modification of the Excel Template to be submitted, with the most notable changes being:
  • The specific list of currencies which must be provided in detail.  All other currencies except the ones listed will be presented in the Other Currencies line.  In the previous version of the report, the Other Currencies line contained those currencies where the total deposits did not exceed the equivalent of the 200,000 EUR.
     
  • The split of the Net Repayable Amount column for the Deposits Over 100,000EUR band to two sub-sections:  Those clients with Net Repayable amount up to 100,000EUR and those with Net Repayable amount exceeding 100,000EUR.
     
Please note that you will be contacted by the Client Support team regarding the update of your system.  Should you require any further assistance, please contact us by email at client-support@prognosys.com.cy or by telephone at +357 22 456 400 or through our online support tracking tool (http://213.149.188.63:8080/bugnet/).
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