The District Court ruled in favor of the plaintiffs-depositors and ruled that "they have suffered damage to their property and are therefore entitled to compensation" from the Republic, for the losses they suffered due to the reduction of deposits at Laiki Bank in 2013
The Attorney General of the Republic filed an appeal, on behalf of the Republic of Cyprus, against the second decision of the District Court of Limassol, dated November 30, 2023, by which it vindicated the plaintiffs-depositors and ruled that "they have suffered damage to their property and are therefore entitled compensation" from the Republic, for the losses suffered due to the impairment of deposits at Laiki Bank in 2013, by virtue of the "Credit and Other Institutions Consolidation Law of 2013".
A statement from the Attorney General's Office states that the appeal is directed against the entire decision of the District Court of Limassol. In particular, the Republic of Cyprus questions the Court's findings regarding the responsibility attributed to it in relation to dealing with the economic crisis as well as its connection with the collapse of the banking system and the deterioration of deposits. Furthermore, the Republic of Cyprus disputes the conclusion of the Court that it must pay compensation to the depositors.
This appealed decision of the Court deviates from the multitude of decisions issued to date for such cases, where similar demands were rejected by the courts.