The Ministry of Finance has revised—for the third time—the payment date for compensation owed to depositors and bondholders in Cyprus affected by the 2013 banking crisis and subsequent bail-in.

>>National Solidarity Fund 2025: Results and Reimbursement Application Portal Now Open<<

As Brief reports, Andreas Karaolis, spokesperson for the Ministry, informed the Parliamentary Finance Committee during its review of the 2025 National Solidarity Fund budget that compensation will be issued before the end of 2025.

Karaolis explained that a new digital platform will be launched during the summer. Eligible individuals will be able to use it to:

• Verify the compensation amount allocated to them.

• Confirm agreement with the listed amount.

• Submit their complete banking information to receive the payment.

In the event of discrepancies or disputes—particularly regarding the compensation amount—affected individuals will be able to file an official objection for their case to be re-evaluated.

>>National Solidarity Fund 2025: Results and Reimbursement Application Portal Now Open<<

Only private individuals who meet specific eligibility criteria may submit their banking details to receive the corresponding compensation.

Individuals who have already submitted applications will be notified of their calculated losses. These will be based on verified data from the liquidator of the former Laiki Bank and the Bank of Cyprus.

Confirmed compensation will apply to:

• Depositors and bondholders of Laiki Bank.

• Depositors and bondholders of Bank of Cyprus, provided verification has occurred.

Importantly, the bank account must belong to the individual entitled to compensation, and objections will be reviewed by the Ministry of Finance itself. The Director-General of the Ministry chairs the National Solidarity Fund.

According to Karaolis, the 2025 compensation plan determines payout amounts based on net losses in each category:

• 10% reimbursement for net losses from deposit haircuts at Laiki Bank.

• 3.61% reimbursement for deposit losses at the Bank of Cyprus.

• 10% reimbursement for losses on bonds from both Laiki Bank and Bank of Cyprus.

The maximum total compensation per eligible individual is capped at €100,000.

Laiki Bank depositors will see losses equal to the full amount of their uninsured deposits and bond values. For the Bank of Cyprus, losses amount to 47.5% of the uninsured deposit value at the time of the haircut.

Unlike Laiki Bank depositors, Bank of Cyprus clients received one share for every €1 in deposit loss. Similarly, affected bondholders of Bank of Cyprus received one share with a nominal value of €1 for every €100 loss.

The Board of the Association of Laiki Bank Depositors (SYKALA) has convened an extraordinary General Assembly for Wednesday, July 2, 18:00, at the Amphitheatre of the European University in Nicosia.

The main agenda is to inform members about the 2025 Loss Compensation Plan and demonstrate how to use the new online platform for submitting banking information and receiving payments.

At this stage, compensation is limited exclusively to natural persons.

A senior official from the Finance Ministry will attend the assembly to respond to questions and concerns from affected parties.