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Cyprus savings levy is cause for concern – DA

March 20 2013 at 08:00am

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The Cyprus savings levy led to an objection yesterday from the DA about a clause in the Banks Amendment Bill. The clause concerned removes the need for written consent from the head of a bank for it to be placed in curatorship. The bill states that if a bank’s ability to repay deposits comes into question, the governor of the Reserve Bank may appoint a curator after simply notifying the chief executive or the chairperson of the bank in writing. DA finance spokesman Tim Harris said this might be unwise, because confidence in the banking sector was built in part on its perceived independence. This was underscored by reactions to Cyprus’s unprecedented plans to place a once-off levy on savings accounts to help fund a bailout.


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