As promised, the Cypriot government has officially launched an online platform through which those affected by the 2013 banking crisis can apply for partial compensation for their losses.
This applies to depositors and bondholders who lost money when the country's financial system was restructured more than ten years ago.
The compensation is intended for individuals who lost savings exceeding the insured limit of €100,000, as well as investors who held bonds of the bankrupt Laiki Bank and the affected Bank of Cyprus.
The platform is already operational. Applications can be submitted until September 30, 2025. Access is via the standard CY Login system (formerly Ariadne), which most citizens and residents can easily use to log in.
After submitting an application, the competent authorities will review the documents. If approved, the beneficiary will receive an email notification indicating the amount of compensation. To receive payment, applicants must provide a bank account number (IBAN) in their name or on a joint account in which they are a participant.
Applicants who are rejected may file a formal objection. The platform provides access to the necessary forms and instructions for appealing.
In 2025, compensation is limited to the following amounts:
- For affected depositors at Laiki Bank: a maximum of €100,000.
- For depositors at the Bank of Cyprus, it is no more than €13,032.
- Laiki Bank bondholders are eligible for up to €100,000 in compensation.
- Bank of Cyprus bondholders are eligible for up to €99,760.
These measures were part of a government program aimed at partially restoring justice after the 2013 financial collapse. At that time, Cyprus was forced to implement a bail-in, a mechanism whereby part of the funds of large depositors were used to rescue the banking system, as part of an agreement with international lenders. The Bank of Cyprus was recapitalized through a compulsory write-down of some of its deposits. Laiki Bank was liquidated, and its assets and operations were transferred to the Bank of Cyprus.
According to the Cypriot Ministry of Finance, the confirmed losses resulting from these measures amounted to approximately €2 billion.
To submit an application or obtain further information, please visit the official platform via the link on the Cypriot Ministry of Finance website.