Filenews 10 June 2025
The structure of the loss compensation plan was decided at a meeting of the Committee of the National Solidarity Fund (EDF), on Friday, June 6, 2025, SYKALA reports, adding that "after 12 years and something, we managed to reach a result, not according to our absolute goals, but acceptable".
In a statement, SYKALA states that the plan is only for 2025 and only for natural persons and imposes a ceiling of one million for losses, adding that "each year will have its own plan".
It also states that the plan provides for a total disbursement amount for all beneficiaries of the first disbursement to be around €100 million and provides for a replacement rate of 10% of the net loss/impairment/haircut, with a maximum replacement ceiling of €100,000 per beneficiary.
It adds that "legal persons/companies are expected to be included in subsequent drafts when they clarify some details for which an opinion has been requested from the Prosecutor General's Office".
SYKALA also states that the decision of the EDF Committee will be sent to the Minister of Finance, who in turn will present it to the Council of Ministers for approval.
"After this approval, the matter will be referred to the Parliament for approval of the budget/disbursement amount," he adds.
According to SYKALA, "provided that the approvals will be secured before the closure of the Parliament for the summer holidays, the disbursements and crediting of the bills with the appropriate amount for each of them, are expected to take place in July".
In addition, it states that "at the same time as the approval process, each applicant will receive by e-mail to the e-mail address he stated in his application, a message with a link that will refer him to the electronic platform created for this purpose. This is expected to take place in June."
He adds that the applicant will follow the link that will enable him to confirm the amounts for which he has requested a replacement.
"If he confirms the amounts, he will be asked to enter details of his bank account to which he wishes to be transferred the replacement money," he adds.
SYKALA states that the platform allows objections if the amounts mentioned in the message you will receive differ from the amounts for which you submitted the application.
He also mentions that the above concerns Laiki's depositors and adds that the 2025 plan includes other beneficiaries (holders of securities and depositors of the Bank of Cyprus).
SYKALA would like to thank the President of the Republic, the Minister of Finance and the Chairman of the EDF Committee/Director General of the Ministry of Finance, as well as the competent officials of the Ministry of Finance, "for the time they have given us and their cooperation to reach the point where the first disbursement is made".
CNA
