Britain's new banking watchdog has said that local deposits in an ailing Cypriot bank would be transferred and given protection of up to £85,000.
The Bank of England's new Prudential Regulation Authority (PRA) said UK deposits in the Cyprus Popular Bank UK, operating under the name of Laiki Bank UK, would be moved to the Bank of Cyprus UK.
The transfer would allow the Bank of Cyprus UK to offer deposit protection under Britain's banking rules.
The switch in accounts follows a bail out the government of southern Cyprus and restructuring of its banking sector, amid an unprecedented two-week closure of branches.
"The agreement does not affect access to bank accounts," the PRA said in a statement.
"And therefore all customers who had an account with Laiki Bank UK will be able to access funds as normal and do not need to do anything."
The move was prompted by an order of the Cypriot Central Bank on the troubled southern part of the island because of difficulties in its bloated financial sector.
Cyprus has agreed to make local depositors contribute to a financial rescue in order to secure 10bn euros (£8.5 bn) in loans from the eurozone and the International Monetary Fund.
Cypriot President Nicos Anastasiades has defended the bailout deal, saying it had contained the risk of national bankruptcy.
Greek Cypriots and expatriates have expressed anger at the price attached to the rescue - the winding down of Laiki - the island's second-largest bank - and an unprecedented raid on deposits over 100,000 euros (£85,000).
The move by Britain's PRA means insured and uninsured deposits of £270m in some 15,000 accounts now come under the added protection of UK law.
:: On April 1 the PRA took responsibility from the Financial Services Authority for regulation and supervision of some 1,700 banks, building societies, credit unions, insurers and major investment firms.
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