14 March 2024

Cyprus banks haircuts 2013 - The National Solidarity Fund replenishment scheme

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The Ministry of Finance announced the launch of the electronic service "Participation in the Replenishment Scheme of National Solidarity Fund", prepared in collaboration with the Deputy Ministry of Research, Innovation and Digital Policy. The period for submission of application ends on 30/4/2024.

The purpose of the above is to contribute to the partial replenishment of losses incurred by physical persons and legal entities with the characteristics of a "retail client"; due to the implementation of resolution measures taken (haircut of deposits over EUR 100,000) in the two systemic Banks (Bank of Cyprus and Laiki Bank).

Such opportunity is provided to the affected persons, so as they are identified as and consequently be confirmed as potential beneficiaries of the Partial Replenishment Scheme.

Eligible to apply:

  • Physical Persons and Legal Entities with the characteristics of a "retail client", whose deposits and securities were impaired in 2013.
  • Persons representing a deceased person
  • Legal Entities including but not limited to Companies, Associations, Foundations, Religious Institutions, Partnerships.

Please be informed that the above is a new scheme and a separate claim from that of the Laiki Bank Proof of Debt (as informed by Totalserve on 23 February 2023).

Moreover, the above information does not constitute any kind of advice. It is given without prejudice and without admission of any liability. We do not accept any liability for the refund amount from BOC/ Laiki and shall not be held responsible for any loss or damage however risen or created as a result of or in connection with the above.

In case you want us to assist with this procedure on your behalf, you should get in contact with your usual contact person at legal@economideslegal.com.

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