SCHEDA - Salvataggio banche Cipro, i dettagli

venerdì 12 aprile 2013 10:36
 

April 12 (Reuters) - Euro zone finance ministers are
expected to give political approval on Friday to a 10 billion
euro bailout package for Cyprus with a view to signing a formal
agreement later in April. 
   The first loans are exopected to reach Nicosia in early May. 
   Below are details of the package and its economic assumptions
according to documents prepared by international lenders for the
ministerial meeting and initially obtained by Reuters. 
    
   WHAT ARE CYPRUS' TOTAL FINANCING NEEDS? 
   * Cyprus' total gross financing needs are estimated at 23
billion euros from the second quarter of 2013 to the first
quarter of 2016. This includes recapitalisation of the banking
sector, the redemption of maturing medium- and long-term debt
including loans and fiscal needs. 
   * Of this amount: 
       - the euro zone bailout fund will provide 9 billion euros
       - the International Monetary Fund will provide 1 billion 
       - Cyprus will come up with 13 billion euros 
    
   WHAT THE 10 BLN FROM INTERNATIONAL LENDERS WILL BE SPENT ON 
   - 2.5 billion euros will be spent on recapitalising what is
left of the Cypriot banking sector after the closure of Laiki
bank and the restructuring of the Bank of Cyprus. The
recapitalisation will be financed by the euro zone bailout fund
ESM through its bonds, without raising the cash on the market. 
   - 4.1 billion euros will be spent to redeem maturing
government debt. 
   - 3.4 billion will cover the fiscal needs of the government
in the three-year period. 
    
   HOW CYPRUS WILL MAKE UP ITS CONTRIBUTION  
   * resolution of Laiki bank, losses imposed on junior
bondholders and deposit for equity swap of uninsured depositors
at Bank of Cyprus - up to 10.6 billion euros 
   * corporate tax hike by 2.5 points to 12.5 percent and a
doubling of a capital gains tax to 30 percent - up to 600
million euros 
   * gold sales - approximately 400 million euros 
   * roll-over of debt held by domestic investors - up to 1     
   billion euros 
   * privatisation - estimated 1.4 billion euros  
   * lower interest, longer maturity of 2.5 billion euros
borrowed from Russia - up to 100 million euros 
    
   LOAN MATURITY 
   According to a proposal by the euro zone bailout fund, the
European Stability Mechanism (ESM), loans to Cyprus will have a
average maturity of 15 years and a maximum maturity of 20 years.
    
  GROWTH, FISCAL PROJECTIONS     2013     2014     2015    2016 
  * real GDP growth (pct y/y)    -8.7     -3.9     1.1     1.9 
  * gross govt debt (pct/GDP)   109.0    123.0    126.3   121.9 
  * Govt deficit    (pct/GDP)    -6.0     -7.9     -5.7    -2.5
     
(Reporting By Gernot Heller, writing by Jan Strupczewski and
Martin Santa. Editing by Jeremy Gaunt.)
 
Keywords: CYPRUS BAILOUT/