Institutions in Cyprus withdraw their deposits in anticipation of Loan agreements to the value of US$ 916.
When information was received by the Institutions who had very high deposits in Cyprus banks, that their deposits would be absorbed these institutions had taken a decision to withdraw their deposits. Accordingly 132 institutions had withdrawn deposits worth the tune of US$ million 916. It is learnt that they had taken this decision as they had received information from internal sources.
A few days ago it is learnt the Minsters of the European Union and the IMF had signed an agreement for Euro billion 10 in order to obtain taxes from depositors who maintained high deposits.
However taxes have been retained by the banks in Cyprus and they would not be released until talks the government are having are completed.
Those who withdrew the deposits have redeposited in other foreign banks. It is also learnt that some customers of Cyprus bank had refrained from withdrawing their deposits.
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