Developments are expected in the coming months for the depositors affected by the haircut at the former Laiki Bank.

Specifically, according to an answer from Finance Minister Makis Keravnos to a parliamentary question, the analysis of data submitted by applicants to the National Solidarity Fund is expected to be completed by the end of 2024.

This suggests that the first compensations for the affected depositors may begin as early as the end of 2025.

As Brief reports, it is worth recalling that more than 11,000 applications have been submitted for the Scheme, with the goal of recording the necessary data and calculating the compensations.

According to the Finance Minister’s response, the ongoing phase involves the required confirmation and verification of banking data and bond information for the affected individuals who have submitted electronic applications. Following due review and assessment, the beneficiaries of the Scheme will be identified, leading to the preparation and cost assessment of the Partial Compensation Plan for potential beneficiaries of the Fund. The drafting of this plan will be undertaken by the Fund’s Management Committee, then submitted to the Finance Minister, and subsequently to the Council of Ministers for approval.

According to current information, the Fund for compensating the affected depositors holds €200 million in cash and approximately €90 million in assets. Additionally, the state has committed to allocate €50 million annually to the Fund.

However, sources from the Ministry of Finance indicate that it is still too early to determine either the amount of compensation or the percentage and method by which it will be distributed. As they noted, the evaluation of the applications must first be completed, after which the compensation formula can be finalized.