Nicosia: The electronic service ‘Review Impairment Results of Replenishment Scheme of the National Solidarity Fund’ will be available from June 19, 2025, at 11:00 a.m. until September 30, 2025, the Ministry of Finance said on Thursday.
According to Cyprus News Agency, the electronic service, prepared in collaboration with the Deputy Ministry of Research, Innovation and Digital Policy, allows affected Natural Persons to be informed about the impairment amounts per Category. This is based on the information they submitted through the electronic application “Participation in the Replenishment Scheme of the National Solidarity Fund” during the period from December 20, 2023, to May 25, 2024.
The service can be accessed via https://national-solidarity-fund-results.service.gov.cy/, and citizens can find it under the service category “Citizens and day-to-day life – Aid schemes” on gov.cy. Affected Natural Persons who submitted an electronic application within the specified period can use their Government Portal CY Login credentials to access the service. They will be notified by email to view information on the amounts impaired, based on verified data from the Liquidator of the former Popular Bank and the Bank of Cyprus concerning deposits and securities impaired in 2013 due to resolution measures applied to the two systemic banks.
For those with confirmed impairment amounts in at least one Category from the two systemic Banks, the Ministry of Finance states they will need to upload their bank account details (IBAN) to receive the replenishment amount. This amount will be determined based on the conditions of the Replenishment Scheme of the National Solidarity Fund, approved by the Council of Ministers.
The Ministry specifies that for 2025, there are four categories of impairment for calculating partial compensation amounts: impairment of deposits at Popular Bank, impairment of deposits at the Bank of Cyprus, impairment of securities at Popular Bank, and impairment of securities at the Bank of Cyprus, with a maximum uninsured amount of pound 1,000,000 per impairment category.
The value of Bank of Cyprus shares due to impairment is defined as the product of the number of shares received due to impairment multiplied by pound 0.24, the opening price on the Stock Exchange on December 16, 2014. The Net Loss for the Scheme of 2025 is the impairment due to resolution measures in the two systemic Banks, less any value of Bank of Cyprus shares or any compensation received.
According to the Ministry of Finance, the bank account must be in the name of the affected Natural Person, and joint accounts are acceptable if the person’s name appears on the bank statement or certificate. In the case of deceased persons, the Legal Administrator/Inheritor must provide the bank account details and a Legal Administrative Document.
Affected Natural Persons can submit objections through the electronic service if they disagree with the impairment amount, providing additional evidence for verification. The Ministry will examine objections later, and adjustments to the replenishment amount will be deposited in the provided bank account.
Affected persons who submit an objection and are later confirmed to have an impairment amount will become beneficiaries, and their bank details will be requested. The objection examination process will be determined separately later.
For assistance with the electronic service, affected persons can contact [email protected]. For CY Login issues, they may contact [email protected], the Ministry concludes.