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From the Managing Director's desk

Cyprus: the recipe for zero deposits
March 16th 2013 will go down as a milestone in modern Cypriot history. The country, under the burden of financial difficulties, turns for help to the EU, who place draconian conditions on the bailout: all bank deposits will be affected, with 6.75% being taken from deposits under 100 000 euros and 9.9% from anything over that figure.
Why isn’t offshore dying?
The end of the year is upon us, and at this time the number of justified and more significantly unjustified fears and nervousness about the future increases dramatically. Ever since I started in this business there has hardly been an end of year when someone around me hasn’t croaked up that this is the end, that from tomorrow nothing will be the same and a whole new world is beginning.
Will Cyprus collapse?
Even before the onset of the recession I noticed on several occasions that people tend to confuse Cyprus with Greece, considering the island country to be part of the larger nation. However, although they share a common language and, to a certain extent, culture, financially the two countries are totally independent of one another. Naturally, here we are talking about the southern or “Greek” part of Cyprus, as opposed to the northern part, which, since the split of 1974, the Turks have formed into the Turkish Republic of Northern Cyprus.
Compliance’s world domination
10 years or so ago we didn’t even know of the existence of compliance departments, let alone what they did and how they worked. Even here at LAVECO, where we use the banks’ services day in day out, we were blissfully unaware. Of course, we all knew about the legal departments within the banks, just as was the case in general with large, serious companies.
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