Economic Adjustment Programme for Cyprus be saved and transferred to Bank of Cyprus (BoC), while shareholder capital would be written off, and the uninsured deposits above €100,000 – along with other creditor claims – would be lost to the degree being decided by how much the receivership subsequently can recover from liquidation of the remaining bad assets. As an extra safety measure, uninsured deposits above €100,000 in BoC will also remain frozen until a recapitalisation has been implemented "(with a possible imposed haircut if this is later deemed needed to reach the requirement for a 9% tier 1 capital ratio)". The targeted closure of Laiki
Consumption tax that is put in investments (such as property, stocks, savings accounts) would be tax-free. As the asset grows in value, it would not be taxed. Only when the proceeds from the investment are spent is any tax imposed. This is in contrast with an income tax system where if land is bought and sold it with a profit, the gain is taxable. A consumption tax taxes only consumption, so if an investment is sold to buy another investment, no tax is imposed. Andrews notes the inherent problem with housing. Renters necessarily "consume" housing, so they will be taxed on the