By Adam Adamos
Depositors affected by the 2013 banking crisis, along with holders of bank securities, are growing increasingly frustrated as Cyprus bailout delays persist. Another milestone- the end of July- has passed with no compensation payouts from the National Solidarity Fund.
Their concerns intensified following recent comments by Finance Minister Makis Keravnos, who indicated that payments are now expected to begin at the end of August, a shift from earlier promises. This latest update has deepened fears of ongoing delays among those who lost savings in the wake of the 2013 decisions to rescue Cyprus’ banking system.
Speaking to Politis radio last week, Keravnos stated the process is moving forward as planned, with verification of claims currently underway. “I believe that by the end of August, payments will begin. The goal is to complete payouts by October,” he said.
But according to Economy Today, the statement caused fresh unrest among affected individuals and associations, who had been told payments would begin by late June or early July. The July date follows several missed milestones- including an original commitment made on 15 January 2025, when Keravnos pledged payouts would begin in May.
Despite assurances earlier this year from the Laiki Depositors Association (SYKALA) and the Association of Non-Institutional Holders of Bank Securities (SYKATA), confidence has eroded. These associations had stated that a renewed application period would not interfere with “the planned first disbursement in the first half of 2025.”
A formal replenishment plan for the National Solidarity Fund was finalised in June, including Cabinet and parliamentary approval of a €100 million budget. Authorities indicated payouts would start gradually in July- but no payments have yet been made.
As Cyprus bailout delays continue, trust in the state’s promises is rapidly wearing thin for those still waiting to recover from the losses of over a decade ago.
