Cypriots who misplaced their financial savings in the course of the 2013 banking disaster will lastly start receiving compensation this Might, in accordance with the island’s Finance Minister Makis Keravnos. This follows a latest assembly between the minister, President Nikos Christodoulides, and the Depositors’ Affiliation of former Laiki Financial institution (SYKALA).
A complete of 13,000 purposes for compensation have been submitted to this point, marking a major milestone for these affected by the disaster. In statements made after the assembly, Keravnos reassured the affiliation that the federal government is totally dedicated to responding to this long-awaited and simply request.
“The federal government’s intention is evident: to handle this overdue problem and supply honest compensation to those that misplaced their financial savings,” Keravnos mentioned, emphasizing that the compensation course of has been a very long time coming.
Purposes have been submitted by an digital platform arrange for the method, and their analysis is already underneath method. The minister confirmed that the analysis shall be accomplished by the tip of the month, after which a compensation plan shall be finalized. This plan shall be accredited by the board of administrators of the Solidarity Fund and the cupboard, with payouts anticipated to start in Might.
Whereas the precise quantity to be distributed stays unknown, the minister of finance assured that it might be revealed as soon as the analysis is accomplished.
Adonis Papaconstantinou, president of SYKALA, described the assembly as productive, including that each events reviewed what has been achieved to this point and what nonetheless must be accomplished. Papaconstantinou emphasised that the compensation course of wouldn’t be a one-time occasion on account of limitations within the present funds obtainable within the Solidarity Fund. As an alternative, payouts shall be made yearly till the total compensation is disbursed.
“Whereas it has been a protracted and difficult journey, we at the moment are reaching the ultimate phases,” mentioned Papaconstantinou. He urged the members of the affiliation to stay affected person because the long-awaited disbursement begins in Might, signaling the beginning of a course of that has been years within the making.
1000’s of financial institution prospects with deposits in extra of 100,000 euros every misplaced cash because of the bail-in course of employed in 2013 to avoid wasting the Cypriot credit score sector from full collapse.
