Cyprus's Parliament passed a bank tax

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Cyprus's Parliament passed a bank tax
Tuesday, April 19, 2011

The funds will protect investors' deposits

Cyprus's parliament on Thursday passed legislation imposing a 0.095 percent tax on deposits of banking institutions, saying part of it would help create a financial stability fund. Lawmakers passed the government bill unanimously.

The measure is expected to bring in 120 million euros ($175 million) in the next two years. Some 60 percent of the amount, or 70 million euros, will go to the state. The remainder will be directed to a bank stability fund to be created by the Cypriot Central Bank.

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