Cyprus calls for applications from those hit by 2013 financial crisis decisions

The Cyprus Finance Ministry called on all those who were affected by the 2013 Cyprus bailout to submit their electronic applications for their participation in the 'Replenishment Scheme of the National Solidarity Fund.'

Following the 2013 financial crisis, Cyprus received a €10 billion bailout from the EU and the IMF. The bailout featured a “haircut,” the conversion of 47.5% of deposits over €100,000 to equity in Bank of Cyprus, the island’s largest lender, whereas Laiki Bank, which was at the time the island’s second-largest lender was placed into liquidation with its assets folded into Bank of Cyprus. As part of the bailout bond-holders as well as share-holders were wiped out. The Government decided to set up the Solidarity Fund in a bid to partially replenish losses incurred by depositors and bond-holders considered as “retail clients.”

According to the Finance Ministry, the deadline for the submission of applications expires on 30 April.

“The opportunity for the submission of electronic applications is available to natural and legal persons who had the characteristics of a ‘retail client’, and whose deposits and securities were impaired in 2013, due to the implementation of resolution measures in the two systemic Banks (Bank of Cyprus and Popular Bank),” the Finance Ministry said.

The Ministry reminded that access to the electronic service for the submission of an electronic Application for the 'Participation in the Replenishment Scheme of the National Solidarity Fund', carried out through a Cy Login Profile, as follows: Natural Persons with a Cyprus identity card or residence permit in Cyprus (ARC) as well as Legal Entities with a registration number in Cyprus: Registration AND authentication on the Government Portal CY Login (former Ariadne) are required.

Natural Persons who do not have a Cyprus identity card and are not residents of Cyprus as well as Legal Entities that do not have a registration number in Cyprus: Registration on the Government Portal CY Login is required.  Authentication of their profile will be made through the listing and uploading additional details and documents in several fields of the service.

It is further emphasised that the "Participation in the Replenishment Scheme of the National Solidarity Fund" is only possible through the submission of an electronic application.

The electronic service is available at the following link: https://www.gov.cy/en/digital-services/business-activity/support-schemes-for-businesses/participation-in-the-national-solidarity-fund-scheme ).