No. eg in Cyprus http://www.centralbank.gov.cy/nqcontent.cfm?a_id=8158&lang=en http://www.centralbank.gov.cy/nqcontent.cfm?a_id=8158&la... "On the activation o

No. eg in Cyprus http://www.centralbank.gov.cy/nqcontent.cfm?a_id=8158&lang=en http://www.centralbank.gov.cy/nqcontent.cfm?a_id=8158&la... "On the activation of the DPS, an announcement is made in the Official Gazette of the Republic of Cyprus and in the local press stating that the member bank is unable to repay its deposits and specifying the manner in which claims could be submitted and the necessary documentary evidence that accompany each claim." This is not related to the restructuring and payment of creditors (which usually takes years, while deposit insurance pays out quickly). The deposit fund it is true then becomes a creditor and might get some money back later. This happened with eg insured UK depositors in Iceland. The ECB has not restructured the Cyprus Banks. Cyprus is going to inject equity into them as a going concern, the equity paid for from this tax (and then the equity will be distributed to the taxpayers). This not really restructuring and other models where banks are left as going concerns with arbitrary appropriation of various bonds (somewhat at random it is true) is becoming normal in Europe (eg see SNS Reaal).