In a statement, Bank of Cyprus said the resignations of chairman Andreas Artemis and the others had not been accepted and "will only apply if not withdrawn within one week". This gives the directors breathing space to reconsider their decisions, but they cannot be compelled to stay on.

A special administrator was app pointed to run the bank on Monday night, after it was saved from collapse by a bailout deal that will see it take on the small deposits of competitor Cyprus Popular Bank.

(Reporting By Laura Noonan; editing by Ron Askew)