Over 7,000 applications for bank haircut solidarity fund

A total of 7,500 people have submitted applications for participation in the national solidarity fund scheme for depositors and bondholders affected by the bank haircut in 2013, it was revealed on Thursday, a day after the deadline.

Speaking to Cybc radio, the finance ministry’s permanent secretary George Panteli said that the process of verifying the applications will begin, in collaboration with the Bank of Cyprus and the administrator of the former Laiki Bank.

He pointed out that the fund has €160 million and will be reinforced with €50 million annually from the state.

Asked to verify whether each beneficiary will receive €8,000 for every €100,000 they have lost, Panteli said it is premature to talk about numbers.

He noted, however, that for relatively small amounts, payment will be made in one go, while larger sums will be paid in instalments.