The Finance Ministry appears to be opening a “window of hope” for the approximately 93,000 former shareholders of the Bank of Cyprus, whose shares were wiped out in the March 2013 bail-in, following the Eurogroup’s decision at the height of the financial crisis.

According to information obtained by Brief, the Ministry of Finance now accepts that the “haircut” shareholders of the Bank of Cyprus (BoC) are legally entitled to equal representation on the Management Committee of the National Solidarity Fund, as stipulated by law—just like the representatives of affected depositors and bondholders.

During yesterday’s meeting of the Committee, Finance Ministry Director General Andreas Zachariades reportedly stated that the Ministry recognises the old shareholders as potential beneficiaries, suggesting that they could eventually receive compensation, provided certain conditions are met.

The Association of Former Bank of Cyprus Shareholders, whose Honorary President is the head of the Church of Cyprus, has been campaigning since 2013—alongside the bail-in depositors and bondholders—for at least partial compensation for the losses suffered. The Church and several monasteries reportedly lost over €100 million due to the share haircut.

Before his election, President Nikos Christodoulides had pledged to compensate affected depositors and bondholders through the Solidarity Fund, originally established under former President Anastasiades. Both associations had publicly supported Christodoulides’ candidacy before the 2023 presidential election.

However, former shareholders were excluded from the initial compensation framework. The Finance Ministry’s recent acknowledgment that they are “potential beneficiaries” creates optimism that they could be included in a revised scheme by 2026.

The 2025 state budget includes an allocation of €100 million for the National Solidarity Fund. To date, the Ministry of Finance has paid out around €62 million, distributed to roughly 6,500 verified depositors and bondholders of the Bank of Cyprus and the defunct Laiki Bank.

The Fund currently holds about €38 million, which is expected to be disbursed in 2026. According to reports, the Ministry is considering a new compensation plan to be discussed in 2026, potentially expanding eligibility to include the pre-2013 shareholders of the Bank of Cyprus under revised terms and conditions.

The next disbursement is expected to take place within the first quarter or half of 2026. Some claimants were left out of the process as the compensation amounts would have been too small to be meaningful.

When asked recently whether former shareholders would be included in a new compensation plan, Finance Minister Makis Keravnos said that no discussions or plans for changes are currently underway.

The Ministry maintains that any activation or expansion of the compensation scheme will depend on the state’s fiscal capacity.