The Cypriot government plans to start disbursing compensation to depositors and bondholders affected by the 2013 “haircut” by mid-2025, Finance Minister Makis Keravnos announced on Thursday.
He said that the government has taken specific initiatives to compensate the “haircut” depositors and bondholders, aiming to rectify the injustices they suffered. The process is well underway and disbursements are expected to commence by the end of the first half of 2025.
According to the minister, approximately 13,000 applications for compensation have been submitted through the special electronic platform. The evaluation of these applications is expected to be completed soon, with the goal of starting payments in May 2025. The compensation process will occur in phases, due to the limited resources of the Solidarity Fund.
Stavros Yiallourides, President of SYKATA, expressed satisfaction with the developments, thanking President Christodoulides for keeping his pre-election promises. He noted that, after 13 years, there is now hope for rectifying the significant injustice suffered by the depositors and bondholders.
Through the National Solidarity Scheme, the government aims to restore social justice by gradually compensating those affected by the 2013 “haircut”. The commencement of compensations marks an important step towards restoring public trust in the country’s financial system.
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