Restructuring Plan and Exit from Resolution slide image

Restructuring Plan and Exit from Resolution

2 Restructuring Cyprus Operations Steps undertaken to reduce staff cost Annualized Cyprus bank-only cost base € mn. 286 23 -36% • Actions to reduce staff cost through salary cuts and Voluntary Retirement Scheme (VRS) From 1/6/2013 salary cuts 81 182 2013 pre-merger May-Jun 2013 Salary Cuts at BOC Jul-Aug 2013 2013 post VRS Bank of Cyprus KYMPI VRS in Jul-Aug 2013; about 1.370 full time employees left the Group 7
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