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Cyprus and the EU Reach an Agreement: EXNESS Promises Full Protection of Client Funds

The EU's bailout plan for Cyprus which included raising 5.8 billion euros towards the rescue package through a partial deposit confiscation scheme, was a disconcerting news not only for bankers but for many of the smaller brokers on the island as well. If it were to be implemented, this clause of the agreement could have resulted in a massive loss of business for the companies that keep their clients' account in Cypriot banks.

 
Still, brokers like FXPro, XEMarkets, Liquid Markets, JFX, eToro and quite a few others, have boldly gone against the system and promised that they're prepared to respond adequately to any turn of events and reimburse customers for unwanted money cuts. Just recently, another broker -- CySEC-regulated EXNESS –  joined in, guaranteeing full protection of funds. We're still, however, waiting for the response of CySEC, the Cyprus Securities and Exchange Commission, but all interested parties have been assured that the organization is keeping a close eye on the situation and will be out with an official stand soon.
 
On March 19, with 31 voting against and 19 abstained in Cyprus's parliament, it became clear that there won't be any forceful confiscations. Well, at least not for all of the island's residents. Earlier this morning, the bailout plan was finally approved and Cyprus is expected to receive its first 10-billion tranche sometime in the beginning of May 2013. In return, the country consents to take the following measures: move all deposits under €100,000 from Laiki, the second largest banking group on the island, to the Bank of Cyprus and create a “good bank” as well as freeze the ones larger than €100,000 which are not guaranteed under EU law and use them to resolve debts. Depositors with higher capital could lose up to 40% of their savings for which they'll be compensated in shares. According to Jeroen Dijsselbloem, President of the meeting of the Eurozone's finance ministers – Eurogroup, the seizure of huge, uninsured Laiki accounts will results in the raise of some €4.2 billion to restore Cyprus's feeble economy.
 
Nonetheless, EXNESS's clients have got the company's word that their money will be fully reinstated from EXNESS's own reserves. Also, to avoid similar financial instabilities in the future, the firm's management is thinking about significantly cutting down the use of Cypriot bank accounts. In any case, if you're trading with EXNESS on the island, you can be sure that the EU's decision as of late will not affect you and the amount you've trusted to the broker in any way whatsoever.
 

About EXNESS

 
EXNESS is a Russian based broker that provides professional services to MetaTrader 4 (MT4) traders. The company prides itself on offering profitability, reliability and convenience to its clients. Some of the perks of using EXNESS include minimum floating, leverage of up to 1:2000, minimal non-trading risks, flexible deposit and withdrawal options and competent customer support.
TAGS: cyprus  bailout  broker  exness  billion  forex  trade  trading  cysec  eurogroup 

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