ARTICLE
27 April 2024

Cyprus Bail-In Related Support Scheme: Deadline Approaching

The purpose of the above initiative is to assist physical persons and legal entities that are characterised as "retail clients" who suffered losses, as a result of resolution measures...
Cyprus Finance and Banking
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The Cyprus Ministry of Finance, in collaboration with the Deputy Ministry of Research, Innovation, and Digital Policy, announced in December 2023, the launch of the electronic service "Participation in the Replenishment Scheme of National Solidarity Fund."

The purpose of the above initiative is to assist physical persons and legal entities that are characterised as "retail clients" who suffered losses, as a result of resolution measures, such as the haircut of deposits over €100,000 in the two systemic Banks (Bank of Cyprus and Popular Bank) in 2013. This opportunity is extended to affected individuals and entities to facilitate their identification and subsequent confirmation as potential beneficiaries of the Partial Replenishment Scheme.

In this respect, those who may benefit from this scheme are individuals over 18 years of age, representatives of deceased persons, and various legal entities that are retail clients. Retail clients are understood to be entities which do not have the necessary knowledge to understand the risks involved in the management of their portfolio. Application details differ for each bank with regard to the impairment information. Cyprus residents must register and authenticate via the Government Portal CY Login, while non-residents or entities without a Cyprus registration number need to provide additional details.

Assistance for the electronic service is available via email. Submitted data will be cross-checked with bank and government records to determine eligibility for the Partial Replenishment Scheme of the National Solidarity Fund.

The submission deadline for applications is 30 April 2024.

The Ministry of Finance's official announcement can be found here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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