Cabinet approves €100m for National Solidarity Fund for 2025

07:36 - 12 June 2025

Economy Reporter

The Cabinet has approved an amount of €100,005,000 as the budget for the National Solidarity Fund for 2025 Minister of Finance, Makis Keravnos said.

Moreover, he noted that the Cabinet, on 11 June, also approved the scheme for replenishing the National Solidarity Fund for the year 2025 the beneficiaries of which for 2025 are only natural persons, whose deposits and securities suffered a 'haircut' in 2013.

"The beneficiaries of the scheme for 2025 are only natural persons, whose deposits and securities had been impaired in 2013, due to the implementation of consolidation measures in the two systemic banks, Bank of Cyprus and Laiki Bank," he said.

According to the terms and conditions of the proposed scheme, the Minister said, the amount of partial replenishment to eligible natural persons based on the scheme for 2025, is calculated as follows: maximum uninsured amount taken into account in a loss category is €1,000,000 and maximum cumulative total amount in all losses categories per eligible individual is €100,000.

He also noted that there is a replenishment rate of 10% for the net loss of the impairment of deposits of Laiki Bank, the impairment of bank securities in the Bank of Cyprus and a rate of 3.61% for the loss of deposits in the Bank of Cyprus.

He added that for the implementation of the payment of the amount, a new electronic service is expected to be put into operation by the end of September 2025.

The Minister said that individuals who submitted an electronic application, after being informed of the replenishment amounts per category, will be asked to submit their IBAN, so that the amounts allocated to them can be paid.

(Source: CNA)

Cabinet approves €100m for National Solidarity Fund for 2025

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