The government platform where people can apply for reimbursement for savings lost during the 2013 bank ‘haircut’ will be re-activated shortly, President Nikos Christodoulides said on Thursday.

Answering a question that depositors were recently reportedly told that there is no new funding available for this year, the president said this was down to a misunderstanding.

What really happened is that depositors may have been told that they missed their opportunity, having failed to meet the application deadline.

“Right now the platform will open, so that all those who missed the deadline can file an application,” Christodoulides said.

“And depending on the assessment, payouts will be made – a specific amount has been budgeted for 2026, and a new scheme will be rolled out in 2027.”

He added: “This is something we promised before the elections, and we’re delivering.”

Reimbursement for losses in the bank bail-in is funded via the national solidarity fund.

The government calls it a ‘partial replenishment scheme’ – to avoid the term ‘compensation’.

Applicants are notified via email to log into the service using their CY Login (formerly Ariadne) credentials to verify their impairment amounts and provide bank details for payment.

The maximum payout to an individual is capped at €100,000, with savers with legacy Laiki Bank able to claim a maximum of €100,000 and savers with Bank of Cyprus able to claim a maximum of €13,032.

Bondholders with Laiki are able to claim a maximum of €100,000, while bondholders with Bank of Cyprus are able to claim a maximum of €99,760.

Under a 2013 bailout programme between Cyprus and international lenders, large depositors paid for the recapitalisation of Bank of Cyprus, heavily exposed to debt-crippled Greece.

As for Laiki, all uninsured deposits there were wiped out, and the lender was wound down and its operations folded into Bank of Cyprus.