Cyprus bank has a plan to boost UK’s economy

OPTIMISM among owner-managed businesses is soaring. That’s according to a survey sent over by the Bank of Cyprus UK, British unit of the troubled Eurozone lender.

The Capitalist concedes that positive vibes in and around the bank’s activities, including lending to small businesses, are probably higher now than they were during the Bank of Cyprus’s rescue talks earlier this year.

While the UK unit has assured customers that their deposits are safe, the Cyprus-based bit of the bank imposed a whopping 47.5 per cent haircut on depositors with more than €100,000 this summer to stave off collapse.

The bank also has a solution to these growing feelings of hope in Britain: “It is... crucial that banks like ourselves are there to help owner-managed businesses deliver on these aspirations, and continue to facilitate these early signs of recovery.” Funny, that.