The Bank of Cyprus on Wednesday announced the launch of a new rewards initiative for mortgage borrowers who have remained up-to-date with their repayment schedules.

The programme is part of the bank’s Pronomia scheme, aimed at supporting customers who have been affected by previous increases in interest rates set by the European Central Bank (ECB) and the Euribor.

According to a statement released by the bank, this marks the second time it has taken steps to support its borrowers in response to rising interest rates.

A total of 13,000 eligible customers will benefit from the scheme, with rewards amounting to €2 million in points and cash incentives.

The bank confirmed that customers entitled to the rewards have already been notified, and more than 8,500 have responded, opting primarily for cash benefits.

Under the programme, borrowers in the Diamond and Gold tiers of the Pronomia scheme will receive €250 in reward points for every €100,000 of outstanding mortgage balance.

To qualify, customers must have been registered in the Gold or Diamond tier of Pronomia as of November 30, 2024, and hold a mortgage that meets specific criteria.

The eligible loans must have been issued before September 30, 2022, have a variable interest rate tied to either the ECB base rate or Euribor between September 30, 2022, and June 30, 2024, and be secured against a primary residence as of June 30, 2024.

Additionally, these loans must have been in good standing as of the same date.

Further conditions apply to ensure eligibility, the bank noted. Between June 30, 2024 and December 31, 2024, all of the borrower’s facilities must have been serviced in accordance with their repayment schedules without any delays.

Moreover, loans that underwent any special restructuring during the period between September 30, 2022, and December 31, 2024, are excluded from the programme.

This initiative follows a similar scheme implemented by the Bank of Cyprus in 2023, when it rewarded up-to-date borrowers with a total of €2.2 million in benefits.