Laiki case adjourned until October

A CASE before the Supreme Court against the Central Bank’s decision to resolve Laiki Bank has been adjourned until October 26.

The case was filed by Laiki shareholders who want the Supreme Court to overturn the Central Bank’s decision two years ago to resolve the lender as part of the terms of the island’s bailout.

On Monday, the court heard pre-trial motions filed by the shareholders.

The case adjourned for 12pm on October 26.

As part of the bailout, Cyprus agreed to close down Laiki and seize deposits in Bank of Cyprus to recapitalise the lender.

All uninsured deposits – over €100,000 – in Laiki were lost, while 47.5 per cent of those in Bank of Cyprus were seized in return for equity.

Bank of Cyprus absorbed parts of Laiki, including €9 billion in emergency liquidity assistance owed to the European Central Bank.

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