YEREVAN, July 31./ARKA/. Write-offs to the uninsured portion of deposits in the Bank of Cyprus will be 47.5% - the funds will be converted into shares of the bank, said on Monday the deputy spokesman of the Government of Cyprus Victor Papadopoulos at a briefing in Nicosia, CypLive reported.

Papadopoulos, however, indicated that the government considers it possible to achieve a sufficient level of capital at a lower write-off of assets.

Several media outlets reported on Sunday that the representatives of the Cypriot Ministry of Finance, the Central Bank of Cyprus and the troika of creditors in the talks in Nicosia agreed to write off 47.5% of deposits in excess of 100,000 euros.

However, shortly after that a source in the Ministry of Finance said that the decision has been made and negotiations would continue. According to media reports, the government insisted on the write-off of 42.5% of the funds.

Earlier in the rehabilitation of the bank 37.5% of uninsured deposits Bank of Cyprus have been converted into shares.—0-