BoC takes €1.01 billion hit on Greek debt

 

BANK of Cyprus (BoC), the island’s biggest lender, yesterday posted a €1.01 billion net loss for 2011 after taking provisions for a Greek sovereign debt swap.

BoC said the total impact of its participation in a voluntary swap of Greek government bonds with a 60 per cent impairment, amounted to €1.3 billion for 2011.

The nominal value of the Greek government bonds held by the group – after the write-down — totalled €975 million at the end of December 2011.

Excluding the impairment, the group’s net profit for the period reached €312 million, an annual increase of 2.0 per cent.

 

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.