New Bank regulator tackles Cyprus on its first day

The new Bank of England regulatory body, the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) have announced that UK depositors in Cyprus' Laiki bank could now be protected.

Cyprus Popular Bank Public Co Ltd operating in the UK under the trading name ‘Laiki Bank UK’ has today reached an agreement with Bank of Cyprus UK Ltd to transfer all deposits to Bank of Cyprus UK, a UK subsidiary fully regulated by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) and covered by the UK Financial Services Compensation Scheme (FSCS) up to £85,000 per depositor.