Cyprus Popular Bank

Limassol Court dismisses depositor claims over 2013 haircut

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Limassol Court dismisses depositor claims over 2013 haircut

The Limassol District Court dismissed lawsuits filed by depositors against Cyprus Popular Bank, the Central Bank of Cyprus, and the Republic of Cyprus regarding the 2013 haircut. The Court ruled that the defendants did not act negligently or breach any duty, and the resolution measures did not put depositors in a worse position than a bank liquidation scenario. The claims of constitutionality and human rights violations were deemed non-essential and unsubstantiated.

Laiki depositors applaud action on solidarity fund

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Laiki depositors applaud action on solidarity fund

Laiki depositors who lost their money in the banking crisis and economic meltdown in Cyprus in 2013 may receive a tenth of their money back next year. The Depositors Association of the former Laiki Bank has approved the government’s plan to establish the Solidarity Fund for affected depositors. An online platform has been created for depositors to submit their information, and the deadline is April 2024. The fund currently holds reserves of €230 million and real estate assets valued at €90 million. The first disbursements from the fund are expected in 2024. The Attorney General’s office is appealing recent court decisions that awarded compensation to depositors affected by the 2013 deposit haircut. The court rulings blamed the Republic of Cyprus and the Central Bank of Cyprus for negligence in allowing the crisis to occur.