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.
|Address||154, Lemesou Avenue, 2025, Nicosia, Cyprus|
|Member of Group||Bank of Cyprus (Cyprus)|
|Close Date||July 2013|
|Credit Ratings (as of Apr 2016)|
|Moody's||- (not rated)|
|S&P's||- (not rated)|
|Deposit Guarantee||Yes (up to 100 000 EUR per depositor)|
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.
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|
|Short-Term Issuer Default Rating||D|
|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 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
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|
Any bank can be identified for different purposes and hence can have several different identifiers.
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.
|Bank BIC Code||LIKI|
|Country Code||CY (Cyprus)|
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.