St Mary’s Couple Set To Lose Cyprus Savings

Tony Dingley

Tony Dingley

A St Mary’s couple are set to lose money in a Cypriot bank if the government there goes ahead with taxing up to 10% of money held in accounts.

Tony and Deanne Dingley have a holiday home on the island. Tony says it’s been a major talking point amongst ex-pats but he doesn’t have significant amounts held in the country so he could loose just under 7% of his cash.

The Cypriot government is expected to vote on the proposals tomorrow.

Tony says if the government fails to satisfy the International Monetary Fund by ratifying the tax, there’s talk that the two largest banks will collapse this week, taking smaller banks with them. That means savers could loose almost three-quarters of their wealth.

Tony says the residents can’t do anything about it and there’s no point worrying about it, although he admits some ex-pats will be hard hit because they’d transferred their life savings to Cyprus to take advantage of the high interest rates.