The Ministry of Finance has announced the launch of the electronic service titled “Verification of Reduction Results under the National Solidarity Fund Reimbursement Scheme”, which will be available from June 19, 2025, at 11:00 a.m. until September 30, 2025.

According to the Ministry’s announcement, the service—developed in cooperation with the Deputy Ministry of Research, Innovation and Digital Policy—allows individuals to verify their reduction amounts per category, based on the electronic applications they submitted through the “Participation in the Reimbursement Scheme of the National Solidarity Fund” platform during the period December 20, 2023, to May 25, 2024.

The service can be accessed via the following link:
🔗 https://national-solidarity-fund-results.service.gov.cy
Alternatively, it is listed on gov.cy under the category “Citizen and Daily Life – Grant Schemes.”

Who Can Use the Service and How:

Affected individuals who submitted an online application during the designated period can log in using their existing CY Login (formerly Ariadni) credentials. Upon login, they will receive an email notification with verification results regarding the reduction amounts they incurred, based on information provided by the Liquidator of Laiki Bank and Bank of Cyprus. These relate to deposits and securities that were reduced during 2013 as a result of bank resolution measures affecting the two systemic banks.

Submission of Bank Account Information for Reimbursement:

For individuals whose reduction amount has been verified in at least one Category of Reduction, the Ministry will request submission of IBAN account details to facilitate reimbursement. The amounts to be reimbursed will be determined in accordance with the 2025 Reimbursement Scheme, which was approved by the Council of Ministers.

The 2025 Scheme defines four categories of eligible reductions:

• Deposit reduction at Laiki Bank

• Deposit reduction at Bank of Cyprus

• Securities reduction at Laiki Bank

• Securities reduction at Bank of Cyprus

Each category has a maximum eligible uninsured amount of €1,000,000.

Share Value Consideration:

For Bank of Cyprus shares received due to reductions, their value is calculated based on the number of shares received multiplied by €0.24, which was the initial trading price on December 16, 2014.

Net Loss Calculation:

The Net Loss for each reduction category is calculated by deducting:

• The value of Bank of Cyprus shares received,

• Any amounts received from Laiki Bank liquidation,

• Any court-awarded or other compensation already paid.

Reimbursement Amounts by Category (2025):

The reimbursement amounts, based on a percentage of the verified Net Loss, are as follows:

Total cumulative reimbursement per individual cannot exceed €100,000 across all categories.

Bank Account Requirements:

• The bank account must be in the name of the eligible individual.

• Joint accounts are acceptable if the applicant’s name is clearly listed.

• In case of a deceased eligible individual, account details and administrative documentation must be submitted by the legal administrator/heir, and the account provided must be either an Estate Administration Account or Heir's Account.

Objection Process:

If an individual disagrees with the verified reduction amount, they may submit an objection through the online service. Supporting evidence can be uploaded to validate the claimed reduction.

The Ministry of Finance will review all objections. If the objection is accepted and the reduction amount is adjusted, any additional reimbursement will be deposited into the declared bank account.

Individuals who were not initially confirmed as eligible in any reduction category may also submit an objection. If accepted, they will become beneficiaries and will be requested to submit bank details under a separate procedure to be announced later.

Support and Assistance:

• For help with the online verification service: 📧 [email protected]

• For issues related to CY Login: 📧 [email protected]