UK customers to escape Cyprus levy

Around 15,000 savers in the UK arm of stricken Cypriot bank Laiki will see their deposits protected under British rules and will escape the Cyprus banking levy, it has been announced.

The Bank of England's new City watchdog, the Prudential Regulation Authority (PRA), said around £270 million in deposits from Laiki Bank UK had been transferred to Bank of Cyprus UK and would come under the UK compensation scheme, guaranteeing up to £85,000 per saver.%VIRTUAL-SkimlinksPromo%