After years of stagnation, compensation payments for the “haircut” victims are finally being processed.

The platform is now open, initial payments have already been disbursed, and beneficiaries are urged to act with care, verify their information, and submit the required details promptly to secure what they are entitled to.

The first payments for compensation to depositors and bondholders affected by the 2013 haircut have begun to be settled. Who qualifies, how much will be paid, and what happens with objections?

As Brief reports, after 12 years of waiting, the first compensation beneficiaries affected by the 2013 haircut are finally seeing funds credited to their accounts. The confirmation platform opened on June 19, 2025, and €60 million of the approved €100 million budget of the National Solidarity Fund has already been paid out.

The total compensation per person cannot exceed €100,000, even if losses were incurred across multiple banks or financial instruments.

Example 1 – Laiki Bank Depositor

Had €200,000 in “haircut” deposits at Laiki?

You are entitled to €20,000 (10%).

Example 2 – Multiple Banks Exposure

Had €400,000 at Laiki, €100,000 at Bank of Cyprus, and €50,000 in bonds?

Even though the sum would qualify for a higher compensation, you will receive the maximum of €100,000.

Example 3 – Bank of Cyprus Depositor

Had €150,000 in “haircut” deposits at Bank of Cyprus?

Compensation is limited to 3.61%, i.e., €5,415.

The Ministry of Finance and KEDIPES online platform:

• Opened on June 19, 2025

• Remains open until September 30, 2025

• Lets you view your approved compensation and submit your IBAN for payment

• Allows you to file an objection if you disagree with the amount

• Operates entirely online — no physical visits required

According to KEDIPES:

• On June 26, 2025, the first payment of €60 million in cash was made, covering a large number of former depositors

• The total 2025 budget is €100,005,010

• Remaining funds will be disbursed gradually, depending on the completion of confirmation and IBAN submissions

If you disagree with the compensation amount shown on the platform, you can:

• Submit an objection with documented evidence

• The objection will be reviewed by a special committee

• If approved, the amount will be recalculated, and possibly an additional payment will follow

Objections can be filed until September 30, 2025.

• Compensation is not 100% of the loss

• The maximum payout per person is €100,000

• If you have a complex portfolio involving deposits and bonds, carefully review your amounts on the platform

• If you do not submit an IBAN, you will not receive the payment