go long good bank short bad bank.
One plan pushed by European finance officials could see Cyprus Popular Bank (CPB) and the Bank of Cyprus Plc (BOCY), the country’s largest, split to create a so-called bad bank. Insured deposits -- below the European Union ceiling of 100,000 euros -- would go into a so-called good bank and not sustain any losses, while uninsured deposits would go into the bad bank and be frozen until assets could be sold, four euro-region officials said.
http://www.bloomberg.com/news/2013-0...e-to-meet.html