In addition to being credit negative for Cypriot banks, the willingness to impose losses on bank depositors signals that burden-sharing for senior unsecured bank debt, and potentially deposits, is a viable and realistic policy option for governments in the euro area and perhaps elsewhere in Europe to limit the financial and political costs of bank bailouts.

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Through its banking subsidiaries, Whitney engages in commercial and retail banking and in trust business, including the taking of deposits, the making of secured and unsecured loans, the financing of commercial transactions, the issuance of credit cards, the delivery of corporate, pension and personal trust services, investment services and safe deposit rentals.

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