Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Bank of Cyprus, one of the largest lenders, introduced a voluntary exit plan for about 200 employees in Greece.
According to reports, the BoC announced the departure of 6% to 7% of its staff in Greece, that mostly concerns those who are approaching retirement, in the context of the actions necessary under the Restructuring Plan and the reorganization of its operations. The package provides, for employees with seniority up to 5 years, 11 to 15 wages + 2 more for each minor child, for employees with seniority between 5 to 10 years, 17 to 21 wages +2 more wages for each minor child, and finally for those working over 10 years the incentive offered is 23 to 27 wages + 2 more for each minor child. In addition, a payment from the insurance companies (Cyprus Life or MetLife Alico) of the total amount of pension plan is foreseen.
BoC was one of two Cypriot banks that sought state aid this year after its regulatory capital was eroded from heavy exposure to Greek debt.
Eurofound (2012), Bank of Cyprus, Internal restructuring in Greece, factsheet number 74743, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74743.