Funds Disbursed to Affected Depositors Marking the Start of Haircut Adjustments
The Government of Cyprus has initiated the long-awaited compensation payments to affected depositors and bondholders today, in a clear demonstration of its political will and consistency in implementing Cabinet decisions. The announcement was made by Government Spokesman, Mr. Konstantinos Letymbiotis, during a press briefing at the Presidential Palace.
The compensation process is progressing smoothly, according to plan, and is in response to the haircut implemented during the 2013 financial crisis, specifically in relation to Laiki Bank. The total amount of compensation is €44,360,000 and will be distributed among 4,524 individual recipients.
Mr. Letymbiotis emphasized that the payments are a clear demonstration of support for citizens who were impacted by the financial crisis. He urged those who have not yet submitted their details through the electronic platform to do so immediately, as this is essential for verifying the amounts lost during the haircut.
The Solidarity Fund, responsible for the compensation payments, has already initiated the transfers to the Central Bank. The corresponding compensation will be disbursed after the details are submitted and verified. All beneficiaries who have confirmed their amounts will receive the compensation they are entitled to.
The compensation payments mark a significant step forward in the recovery of the Cyprus economy and provide some closure for those affected by the financial crisis. Mr. Letymbiotis reiterated the Government's commitment to ensuring a fair and transparent compensation process for all eligible depositors and bondholders.
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