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As a result of essential reduction of liquidity in Cyprus and risk of money outflow from bank accounts, the Ministry of Finance of the Cyprus Republic, following recommendations of the Central Bank Chairman of the Cyprus Republic, prepared a package of temporary restrictions concerning bank operations and operations with cash money, as follows:

1) The maximum amount of cash withdrawal shouldn’t exceed 300 euros a day (or the equivalent in foreign currency) for each person in each of the credit institution. The total amount of cash taken from all accounts  (mostly cash withdrawals from debit cards and prepaid cards, the withdrawal of funds in credit institutions, as well as the withdrawal of funds from credit cards to their enrollment at current account) of this physical person in each credit organization, will be summarized. If the limit on cash withdrawal of money which is established for every day wasn't reached by the person during the day, he has the right to remove money within the remained limit in the subsequent time.

2) Checks can't be exchanged for cash money.

3) Non-cash payments or transfers from deposits / funds on accounts abroad or in other credit institutions are forbidden except the following cases:

- payments on the operations which are carried out within usual business activity, confirmed by the relevant documents;

- payments of up to 5,000 euros a day can be made without restrictions;

- payments in the amount of 5 001 euros to 200 000 euros are subject to approval by Committee. The list of requests for payments within this category have to be sent to Committee of the relevant credit organization daily with the indication of the sums of each payment and total amount of payments, and also number of payments within this category. The committee which has to make the decision within 24 hours, has to take into account existence of necessary available liquidity in the credit organization;

- payments of more than 200 000 euros, considering that approval of Committee is got taking into account a situation with liquidity in the credit organization;

- salary payment to employees, in the presence of confirming documents;

- expenses on rent of housing in the amount up to 5 000 euros a quarter and expenses on education of relatives to the first degree of the relationship, who study abroad, have to be confirmed with the relevant documents. Tuition fees must be made only in favor of the actual recipient with the appropriate supporting documents.

- payment or money transfers from the Cyprus Republic through the use of debit cards, credit cards or prepaid cards of up to 5,000 euros per month for each person from each bank.

4) Early cancellation of urgent deposit accounts is forbidden, except for a case when this money is necessary for repayment of the credit which has been given out by this credit organization.

5) At the end of the period bank deposits 5,000 euros, or 10% of the total amount (the larger of the two values) at the request of the account holder should be transferred to a current bank account or the new term deposit in this credit organization for this sum has to be open. Concerning the remained sum, term of its return lasts for one month.

6) The money transferred from deposits to current accounts, is subject to restrictions which extend on current accounts.

7) The persons traveling abroad, can have cash money in euro or in other currency which sum doesn't exceed 1 000 euros (or an equivalent in foreign currency) concerning each trip abroad.

8) Financial operations, payments and other transfers, which weren't not completed before coming into effect of these measures, also have to comply with the new rules.

9) Restrictions are applicable concerning all accounts opened in the credit organizations, payments and money transfers regardless of currency.

Restrictions do not apply in the following situations:

- Money transfers from abroad to the Cyprus Republic;

- Withdrawal of funds from credit or debit cards issued by foreign credit institutions in respect of accounts opened abroad;

- Payment of money by the checks issued on accounts, opened in the foreign credit organizations abroad;

- Cash withdrawal of money from accounts of the credit organizations in the Central Bank of Cyprus;

- Diplomatic missions act as the party of calculations;

- The Cyprus Republic acts as the party of calculations;

- The Central Bank of the Cyprus Republic acts as the party of calculations.

These measures will be valid for seven days, starting from March 28, 2013.