Cyprus Popular Bank Public Co Ltd

Established in 1901 as 'Popular Savings Bank of Limassol', Cyprus Popular Bank was the second largest bank in Cyprus; Cyprus Popular Bank was branded on its domestic bank as 'Laiki Bank'. In 2012 the bank collapsed and was rescued the government of Cyprus. In March 2013 the 'good' assets of Cyprus Popular Bank was merged into Bank of Cyprus.

Contacts 
    Address  154, Lemesou Avenue, 2025, Nicosia, Cyprus
Member of Group   Bank of Cyprus (Cyprus)
Close Date  July 2013
Credit Ratings (as of Apr 2016)
    Fitch  D (default)
    Moody's  - (not rated)
    S&P's  - (not rated)
Deposit Guarantee  Yes (up to 100 000 EUR per depositor)
Bank Identifiers
    BIC (SWIFT)  LIKICY2N
    MFI ID  CY110010

Credit Ratings

Credit Rating is an opinion of a credit rating agency about credit worthiness of a company or a government.
Of the 'Big Three' rating agencies, Cyprus Popular Bank Public Co Ltd is rated by Fitch.

Credit ratings assigned to Cyprus Popular Bank Public Co Ltd as of April 2016 are shown in details in the following sections.

Fitch

Long-term issuer default rating is Fitch's view of a credit institution's relative vulnerability to default on its financial obligations, for Cyprus Popular Bank Public Co Ltd it is set to D (default). The rating is not on watch. Short-term issuer default rating for Cyprus Popular Bank Public Co Ltd is set to D (default).

Long-Term Issuer Default Rating  D
    Outlook  -
    On Watch  No
Short-Term Issuer Default Rating  D
Viability Rating  f
Support Rating  5
Support Rating Floor  NF

Viability rating for Cyprus Popular Bank Public Co Ltd is set to f (has failed, and that either has defaulted or would have defaulted had it not received extraordinary support); support rating is 5 (there is a possibility of external support, but it cannot be relied upon); support rating floor is NF (no floor; no reasonable presumption of potential support being forthcoming).

Deposit Guarantee

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

All credit institutions operating in Cyprus are obliged to participate in Cyprian deposit guarantee scheme.

In the case of Cyprus Popular Bank Public Co Ltd failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Maximum Protected Amount  100 000 EUR
Paid In Currency  EUR

Further Information: Deposit Guarantee Scheme in Cyprus

ECB Minimum Reserves Requirements (MRR)

Minimum reserves is the minimum amount of reserves a credit institution is required to hold with a central bank.

Subject to MRR by ECB  No
Exempt from MRR by ECB  No

Bank Identifiers

Any bank can be identified for different purposes and hence can have several different identifiers.

BIC

BIC (Business Identifier Code, also known as SWIFT code or SWIFT BIC) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.

A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).

BIC of Cyprus Popular Bank Public Co Ltd and its components are shown in the table below.

BIC  LIKICY2N
Bank BIC Code  LIKI
Country Code  CY (Cyprus)
Location Code  2N
Branch Code  -

MFI ID

MFI ID (Monetary Financial Institution Identifier) is a code, unique to each institution in the MFI list provided by ECB (European Central Bank). MFI ID is hence applicable to MFIs resident in the European Union.

The code is alphanumerical, with the first two digits representing the two-digit ISO code for the country of residence of the MFI and the remaining number of digits (no limit has been specified) is any combination of alphanumerical characters.

MFI ID of Cyprus Popular Bank Public Co Ltd is shown in the table below.

MFI ID  CY110010

Related Information on Cyprus

  Economy and Banking Sector of Cyprus

  List of Banks in Cyprus

Country Information

  Economy and Banking Sector of Cyprus

  List of Banks in Cyprus


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