The Compensation Plan for victims of the 2013 financial crisis has been approved

The Committee of the National Solidarity Fund (EST) has approved the Compensation Plan for victims of the 2013 financial crisis.

According to the Association of Affected Depositors (SYKALA), a separate plan will now be created for each subsequent year.

The program includes the following key points:

• Only individuals can be beneficiaries. Payments to companies will be included in future programs following a relevant legal opinion;
• The maximum identifiable loss is set at €1,000,000. Losses exceeding this amount will be considered as €1,000,000;
• The total amount for the first phase of payments is estimated at 100 million euros;
• Replenishment rate: 10% of net depreciation (or “haircut”). The maximum payment amount is €100,000 per beneficiary.

The plan primarily concerns depositors of Laiki Bank but also includes other categories such as securities holders and depositors of Bank of Cyprus.

The Ministry of Finance is expected to make an official statement on the matter.