Paphos Life

Not sure if anyone on here was caught up in the 2013 Haircut - but this popped up on NewsInCyprus and thought given the short notice it was worth sharing:

Cyprus calls for applications from those hit by 2013 Haircut
The Cyprus Finance Ministry called on all those who were affected by the 2013 Cyprus bailout to submit their electronic applications for their participation to the “Replenishment Scheme of the National Solidarity Fund.”

Following the 2013 financial crisis, Cyprus received a €10 billion bailout by the EU and the IMF. The bailout featured a “haircut” the conversion of 47.5% of deposits over €100,000 to equity in Bank of Cyprus, the island’s largest lender, whereas Laiki Bank, which was at the time the island’s second largest lender was placed into liquidation with... [Read More]

Cheers

Steve

Lets hope they get full compensation. It affected a few people who had proceeds from house sales taken, before they were transferred to the UK.

Anarita John wrote: ↑Tue Apr 09, 2024 1:08 pm Lets hope they get full compensation. It affected a few people who had proceeds from house sales taken, before they were transferred to the UK.

Hi John - unfortunately, from what I have read, I don't think it will be full compensation:
"partially replenish losses incurred by depositors and bond-holders considered as "retail clients"."

Cheers

Steve

Too late for those who have died

Exactly Trev. Luckily, we didn't have much money in our BOC account at the time of the haircut, but if it had been a few years earlier, when we were paying for our house, we would have been affected.