Cyprus has prepared a decree implementing capital controls on the island as it attempts to prevent a banking collapse, according to media reports.

Kathimerini Cyprus has seen a copy of the legislations. Here are some of the key points.

1. A ban on checks being cashed, although they can be deposited into accounts.

2. The transfer of money abroad is not allowed unless it is to pay for imports that carry necessary documentation and for accommodation and tuition costs for Cypriots studying abroad. They must be full-time residents on the island.

The limit for students abroad is 10,000 per quarter.

Spending on credit cards abroad is limited to 5,000 euros per month per person.

3. Time deposit accounts cannot be redeemed before maturity.

4. Those leaving the country will not be allowed to carry more than 3,000 euros in cash on them per trip. This also applies to other countries.

5. Any transactions, transfers or payments that have not been completed before the decree is issued are subject to capital controls.

6. The capital controls apply to all accounts, payments and transfers, regardless of currency used.