New platform allows 'haircut' depositors to confirm their impairment

The Ministry of Finance has announced the launch of the 'Review Impairment Results of Replenishment Scheme' electronic service, prepared in collaboration with the Deputy Ministry of Research, Innovation and Digital Policy.

The platform provides the opportunity for Physical Persons impacted by the 2013 bank deposit 'haircut' to be informed of their impairment amounts per category, taking into account the details they submitted to participate in the Replenishment Scheme during the period from 20 December 2023 to 25 May 2025.

The operating period of the electronic service 'Review Impairment Results of Replenishment Scheme' is from 11am on 19 June 2025 until 11.59pm on 30 September 2025, and it is available from the following electronic link: https://national-solidarity-fund-results.service.gov.cy/?culture=en-GB .

More specifically, the affected Physical Persons who have submitted an electronic application during the period 20 December 2023 to 25 May 2025, and using their existing access codes of the Government Internet Portal CY Login (formerly Ariadne) that they had used when submitting their electronic application, through the 'Review Impairment Results of Replenishment Scheme' service will be informed by email about the results of the confirmation of the impairment amounts they have suffered, based on verification data received from the Liquidator of the former Laiki Bank and the Bank of Cyprus, and which concern deposits and securities that were impaired in 2013, due to the implementation of resolution measures in the two systemic Banks (Bank of Cyprus and Laiki Bank).

For the cases of affected Physical Persons whose impairment amount has been confirmed in at least one Impairment Category by the two systemic Banks, they will be asked to post Bank Account details (IBAN), for the purposes of paying the replenishment amount that will be determined based on the conditions of the National Solidarity Fund Replenishment Scheme approved by the Council of Ministers.

More specifically, based on the approved Scheme for the year 2025:

The Basis for calculating the amount of partial replenishment for the year 2025 to eligible Physical Persons under the Scheme for the year 2025 encompasses:

• Impairment Categories : 4 categories
  • Impairment of Deposits at Laiki Bank,
  • Impairment of Deposits at the Bank of Cyprus,
  • Impairment of Securities at Laiki Bank and
  • Impairment of Securities at the Bank of Cyprus.
• Maximum Uninsured Amount taken into account per impairment category : €1,000,000.
• Value of Bank of Cyprus Shares due to impairment: Defined as the product of the number of Bank of Cyprus Shares received due to impairment multiplied by €0.24 which was the opening price of trading of the Bank of Cyprus share on the Stock Exchange on 16/12/2014.
• Net Loss : Net Loss for the purposes of the 2025 Scheme, and in conjunction with the determination of a maximum uninsured amount taken into account per Impairment Category, is defined as the impairment suffered by persons due to the implementation of Resolution Measures in the two systemic Banks in 2013, less any value of Bank of Cyprus shares they have received due to the impairment, or any amount they have received from the liquidation of Laiki Bank or any amount that has been awarded or paid or any other amount they have received as compensation.

Calculation of the replenishment scheme amount for the year 2025

The Scheme's replenishment amount for the year 2025 is calculated taking into account:

• Allocation of a replacement percentage on the Net Loss per Impairment Category, as follows:
  • Net Impairment Loss on Deposits at Laiki Bank: 10%
  • Impairment of Deposits at the Bank of Cyprus: 3.61%
  • Impairment of Securities at Laiki Bank: 10%
  • Impairment of Securities at the Bank of Cyprus: 10%
• Maximum Reimbursement Amount per Impairment Category per beneficiary individual:
  • Impairment of Deposits at Laiki Bank: €100,000
  • Impairment of Deposits at the Bank of Cyprus: €13,032
  • Impairment of Securities at Laiki Bank: €100,000
  • Impairment of Securities in the Bank of Cyprus: €99,760
• Maximum cumulative total amount in all Impairment Categories per beneficiary physical person: €100,000

The bank account must be in the name of the beneficiary Physical Person who will receive a replenishment under the Scheme. An acceptable account will also be in the case where the beneficiary Physical Person holds a joint account with another physical person, provided that, in the bank account statement or the certificate from the bank, the name of the beneficiary who will receive the replenishment will also appear.

In the case of a deceased affected Physical Person, the posting of bank account details (IBAN) as well as the administrative document will be done by the Legal Administrator/Heir of the deceased person's estate, and the relevant account to be declared must be the Management Bank Account or Heir's Bank Account.

Furthermore, through the 'Review Impairment Results of Replenishment Scheme' electronic service , the right to submit an objection will be provided in case of disagreement. When submitting the objection, there will be the possibility of providing additional evidence for the purposes of confirming the impairment amount.

The objections submitted will be duly examined by the Ministry of Finance at a later stage. Upon examination of the objection and any adjustment of the partial replenishment amount that will be due to them, the additional amount that will result based on the revised impairment amounts will be deposited in the bank account that will be declared by the affected individual.

For the cases of affected individuals, where at the start of the information through the 'Review Impairment Results of Replenishment Scheme' electronic service an impairment amount had not been confirmed for them in at least one Impairment Category, and they will proceed to submit an objection/dispute, upon examination and acceptance of their objection for the impairment they had suffered, they will become beneficiaries of the Scheme and will be asked for bank account details, based on a separate procedure that will be determined at a later stage.

For any assistance and guidance required on issues related to the 'Review Impairment Results of Replenishment Scheme' electronic service, affected Physical Persons may contact the email address nsf@mof.gov.cy. Additionally, for issues related to CY Login, affected Physical Persons may contact the email address CyLoginSupport@dits.dmrid.gov.cy.