The Ministry of Finance has recently unveiled an initiative aimed at aiding individuals and entities impacted by the 2013 banking crisis in Cyprus.
Through collaboration with the Deputy Ministry of Research, Innovation, and Digital Policy, the Ministry has launched the Participation in the Replenishment Scheme of National Solidarity Fund (the Scheme), an electronic service designed to alleviate the financial burden faced by those affected. This Scheme particularly targets Natural and Legal Persons categorized as retail clients, whose deposits and securities incurred losses during the resolution measures implemented in the Bank of Cyprus and Popular Bank. According to the provisions of the Law on Investment Services and Activities and Regulated Markets, a "Retail Client" means a client who is not a “professional client”. A professional client is a client who has the experience, knowledge, and expertise to make his own investment decisions and to properly assess the risk he undertakes (includes Credit Institutions, Investment Firms (IFs), Insurance Companies, Pension Funds, Provident Funds, Large Corporations, Public Bodies etc).
Under this Scheme, eligible participants can now submit their applications electronically via the designated service. The Ministry will diligently evaluate each application to identify beneficiaries, subsequently formulating a Partial Replenishment Scheme tailored to address the needs of potential beneficiaries. This process not only streamlines assistance but also ensures a fair and thorough assessment of each applicant's circumstances, fostering transparency and accountability in the allocation of resources.
Applicants are required to furnish comprehensive information, including details of deposit devaluation, contact particulars, legal entity specifics (if applicable), previous compensation claims, and consent for access to banking information. The accuracy of the provided data will be meticulously verified against bank records, underscoring the Ministry's commitment to upholding integrity and fairness throughout the process. It's imperative for eligible individuals and entities to adhere to the submission deadline, which concludes on 30/4/2024, to avail themselves of this vital support opportunity.
The introduction of the Scheme signifies a significant step forward in addressing the enduring repercussions of the 2013 banking crisis. By offering a structured avenue for financial assistance and relief, the Ministry of Finance demonstrates its dedication to supporting affected parties in rebuilding and stabilizing their financial well-being.
More details can be found here: https://www.gov.cy/en/digital-services/business-activity/support-schemes-for-businesses/participation-in-the-national-solidarity-fund-scheme
For more information, please visit our website microsite on Banking and Finance or send your queries at This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it.
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