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A long-awaited boost is on the way for individuals hit hardest by Cyprus’ 2013 banking crisis. On June 6, the National Solidarity Fund (NSF) Committee finalized the structure of the 2025 Loss Compensation Plan, set to roll out later this summer.
According to Kathimerini's Panayiotis Rougalas, the plan, which only covers the year 2025, applies strictly to individuals, not businesses or organizations (companies may be included in future plans, pending legal clarification). Compensation will be capped at €1 million in recognized losses, and eligible individuals will receive up to 10% of that loss, with a maximum payout of €100,000 per person. The total pool available for this first round of compensation is expected to be around €100 million.
Next steps include approvals from the finance minister, the Cabinet, and Parliament. If those are secured before lawmakers head off for their summer break, payments could begin as early as July.
Applicants will receive emails with links to a special platform where they can confirm their compensation amounts and submit bank details for payment. If there’s a dispute over the figures, they can file an objection and upload proof.
The plan mainly targets Laiki Bank depositors but will also include other affected groups, such as Bank of Cyprus depositors and holders of securities, though their terms may differ.
An official statement from the Finance Ministry is expected soon.
