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
Report on a National Bank not exceed $10 million (exclusive of deposits), and to assure compliance with government rules of incorporation. Certificates of indebtedness – i.e. government war time debt – had been paid with government securities at face value plus arrears of interest under the terms of Hamilton’s First Report on the Public Credit. The new securities were accepted by the Bank to purchase its stock, up to three-quarters (75%) of the value. Based on the collateral of these securities, new Bank notes were issued, producing a dramatic increase in the money supply and serving as the principal circulating medium – the “legal tender”