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Bank of Cyprus chief Yiannis Kypri 'sacked' Bank of Cyprus chief Yiannis Kypri 'sacked'
(35 minutes later)
The chief executive of the Bank of Cyprus (BoC) has been sacked at the behest of the country's international lenders, state media has said. The chief executive of the Bank of Cyprus has been sacked at the behest of the country's international lenders.
Yiannis Kypri and his board of directors were removed at the request of the European Union, European Central Bank and International Monetary Fund, the Cyprus News Agency reported. Yiannis Kypri and the board of directors were removed at the request of the European Union, European Central Bank and International Monetary Fund, the Cyprus News Agency reported.
The bank will be restructured and merged with the "good" parts of Laiki Bank, which is being shut down. In a statement Mr Kypri confirmed his removal, but said he had not yet received a formal letter.
An administrator has been appointed. It follows the appointment of an administrator to restructure the bank.
BoC is being merged with the "good" parts of the failed Laiki Bank, which will be closed down.
Bank of Cyprus chairman Andreas Artemis handed in his resignation on Tuesday, along with four other directors, but the bank's board rejected the resignations.Bank of Cyprus chairman Andreas Artemis handed in his resignation on Tuesday, along with four other directors, but the bank's board rejected the resignations.
Now Panicos Demetriades, the central bank governor, has sacked the entire board on the troika's behalf, the news agency reported. Now Panicos Demetriades, the central bank governor, has sacked the entire board on behalf of the troika - the EU, IMF and ECB - the news agency reported.
But Mr Kypri, who only took over as chief executive in 2012, said in a statement: "Until now I have not received a formal letter from the governor of the Central Bank on the matter".
Mr Demetriades was widely criticised on Tuesday for suggesting that Bank of Cyprus was going to be wound up in the same way as is planned for Laiki Bank.Mr Demetriades was widely criticised on Tuesday for suggesting that Bank of Cyprus was going to be wound up in the same way as is planned for Laiki Bank.
His comments led to demonstrations, calls for his resignation from Bank of Cyprus staff, and a hastily-drafted denial from finance minister, Michalis Sarris.His comments led to demonstrations, calls for his resignation from Bank of Cyprus staff, and a hastily-drafted denial from finance minister, Michalis Sarris.
Open for business?Open for business?
Mr Demetriades said "superhuman" efforts were being made to get the banks ready for reopening on Thursday.Mr Demetriades said "superhuman" efforts were being made to get the banks ready for reopening on Thursday.
"Indications are that banks will open tomorrow with some restrictions on capital," said central bank spokeswoman Aliki Sylianou, speaking to the country's state broadcaster on Wednesday."Indications are that banks will open tomorrow with some restrictions on capital," said central bank spokeswoman Aliki Sylianou, speaking to the country's state broadcaster on Wednesday.
The banks have been shut since 15 March while the controversial 10bn-euro bailout was being negotiated.The banks have been shut since 15 March while the controversial 10bn-euro bailout was being negotiated.
These capital controls could include a weekly limit on cash withdrawals, export limits on euros, and a ban on cashing cheques, Newsnight economics editor Paul Mason said on Tuesday.These capital controls could include a weekly limit on cash withdrawals, export limits on euros, and a ban on cashing cheques, Newsnight economics editor Paul Mason said on Tuesday.
In addition, fixed-term deposits will have to be held until maturity.In addition, fixed-term deposits will have to be held until maturity.
The restrictions are expected to be tighter for accounts at Bank of Cyprus and Laiki Bank.The restrictions are expected to be tighter for accounts at Bank of Cyprus and Laiki Bank.
The details of the capital controls are expected to be finalised on Wednesday. The exact details of the capital controls are expected to be finalised on Wednesday.
Speaking to the Financial Times, Mr Sarris said that the controls would be reviewed after seven days, and that some banks could be exempted altogether.Speaking to the Financial Times, Mr Sarris said that the controls would be reviewed after seven days, and that some banks could be exempted altogether.