Bank of Cyprus, the recession-hit Mediterranean island's largest lender, Friday announced a record loss of 2.21 billion euros ($3 billion) in 2012, up more than 60 percent on its 2011 losses.

Cyprus agreed in March to a 10-billion-euro rescue package negotiated with the European Commission, European Central Bank and International Monetary Fund to bail out its troubled economy and oversized banking system.

The deal included the closure of the island's second-largest bank Laiki and a 47.5 percent "haircut" on deposits above 100,000 euros at the Bank of Cyprus.

“Events following Eurogroup’s decision on Cyprus have significantly impacted the Bank of Cyprus Group,” the BoC said in a statement.

It said profit before penalties and restructuring costs was 620 million euros in 2012, down 22 percent from 797 million euros the year before.

To prevent a rush on deposits, t

“The recapitalisation of the bank, and the restructuring currently in progress, aim to create a healthy financial institution, able to best serve client needs and contribute to the recovery of the Cyprus economy,” the BoC said.

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