If bail-ins are to become the new model for rescuing banks, John Patric Hourican might become a critical actor. The former RBS senior banker has been charged by the international authorities with turning around crisis-stricken Bank of Cyprus, the Mediterranean island’s biggest bank. The bank has been able to survive only because its depositors were forced to forfeit some of their deposits. As a result of this EU-induced bail-in, the bank is reviled throughout Cyprus and its management has lost the trust of customers.
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