French President Francois Hollande said guarantees on bank deposits was an "irrevocable" principle and the Cyprus case was exceptional.

"The guarantee of bank deposits must be an absolute and irrevocable principle," Hollande said at a news conference with Spanish Prime Minister Mariano Rajoy.

He added that Cyprus was a "specific, unique and exceptional case."

Eurogroup head Jeroen Dijsselboem asserted on Monday that the Cyprus bailout represented a new model for resolving banking crises in the bloc.