Nicosia: The Council of Ministers has approved a budget of £100,005,000 for the National Solidarity Fund for 2025, as announced by Minister of Finance, Makis Keravnos. The decision aims to support individuals who suffered financial losses during the 2013 banking crisis.
According to Cyprus News Agency, the Cabinet also approved a scheme to replenish the National Solidarity Fund for 2025, specifically targeting natural persons whose deposits and securities were affected by the 2013 consolidation measures at Bank of Cyprus and Laiki Bank. The scheme outlines that the replenishment amount for eligible individuals will consider a maximum uninsured amount of £1,000,000 in a loss category, with a cumulative total cap of £100,000 across all loss categories per person.
The replenishment rates have been defined with a 10% compensation for the net loss of deposits impaired at Laiki Bank and in bank securities at Bank of Cyprus. Additionally, there is a 3.61% rate for losses on deposits at Bank of Cyprus. Keravnos mentioned that a new electronic service will be launched by September 2025 to facilitate the payment process.
Individuals eligible for the scheme will be required to submit an electronic application and provide their IBAN for the allocated funds to be transferred.