Former Laiki Bank depositors who lost their savings during the 2013 financial crisis have been promised further compensation in 2026, the Laiki Bank Depositors Association (Sykala) said on Monday.

Sykala said President Nikos Christodoulides had called the association on Sunday to announce the planned disbursement, “without setting amounts, percentages etc, which will be decided and announced soon, following necessary deliberations”.

According to the association, Christodoulides said he would intensify efforts with the aim of matching the compensation provided in 2025.

Under the 2025 scheme, around €100 million was distributed to beneficiaries in the first round of payments. Compensation amounted to 10 per cent of each beneficiary’s verified net losses from the 2013 haircut, capped at €100,000 per beneficiary.

The phone call came after the National Solidarity Fund committee announced that there would be no disbursement in 2026.

Sykala said it had “strongly reacted” to the announcement and met Christodoulides last week to express its concerns.

There are around 13,000 beneficiaries under the compensation scheme, including former Laiki Bank and Bank of Cyprus depositors and bondholders.

According to figures presented to parliament last year, verified losses suffered by depositors and bondholders during the 2013 haircut amount to around €2 billion.

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

Big savers with the Bank of Cyprus had 47.5 per cent of their uninsured deposits (any amount over €100,000) converted into shares.

At Laiki Bank, uninsured deposits were wiped out as the lender was wound down, with parts of its operations transferred to Bank of Cyprus.