Greek debt impacts Bank of Cyprus by €1.01 billion

Yesterday the island’s biggest lender, Bank of Cyprus (BoC), posted a €1.01 billion net loss for 2011.

This happened after taking provisions for a Greek sovereign debt swap.

According to BoC 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.


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