‘Haircut’ depositors compensation platform reopened

An online platform through which depositors who suffered from the 2013 “haircut” can receive compensation, will be reopening on Tuesday, the finance ministry announced.

Through the platform, available at the ministry webpage here,  applicants can submit their online applications to the National Solidarity Fund, starting at 10:30am.

Affected natural and legal persons classed as private clients whose deposits and securities were reduced during 2013 due to the implementation of consolidation measures in Bank of Cyprus and Laiki Bank, are eligible to apply.

It is recalled that access to the electronic service for submitting an electronic application for the replenishment plan is made through the Cy Login profile, as follows:

Natural persons with a Cypriot identity card OR residence permit in Cyprus (ARC) as well as legal persons with a registration number in Cyprus: registration and identification on the CY Login Government Portal (formerly Ariadne) is required.

Natural persons who do not have a Cypriot identity card and are not residents of Cyprus as well as legal persons who do not have a registration number in Cyprus: registration on the Government Portal CY Login required and they will be identified when submitting their application through the entry and posting of additional details.

The ministry notes that participation in the compensation plan can be done only via electronic application.

The platform will be available until May 25.

During the previous period for submission of applications, which ended at midnight on April 30, 7,500 applicants were registered. The solidarity fund amounts to €160 million and will be boosted with an additional €50 million annually, ministry of finance director Giorgos Panteli told CyBC.

According to preliminary assessments compensated applicants will receive around €8,000 for each €100,000 lost. Around 30,000 customers of the affected banks have been estimated to be eligible.