As promised, the government on Thursday launched an online platform where people losing their savings in the 2013 bank bail-in can apply for partial compensation.

It concerns losses to uninsured savings – any amount over €100,000 – as well as losses sustained by bondholders with legacy Laiki (Popular) Bank and Bank of Cyprus.

The platform is now live, open to process applications filed between December 20, 2023 and May 25, 2024.

It will be accessible until September 30 of this year.

People can enter their existing login credentials used for the CY Login (formerly Ariadne) platform.

Once the applications are verified, beneficiaries will receive an email informing them of the compensation amount they’re entitled to. Next they’ll provide their Iban number so the amount can be transferred to their bank account.

The bank account must be in the name of the individual applying, or a joint account.

For those whose applications are not approved, they can file an objection.

The platform can be accessed here.

For disbursements for this fiscal year, the payout to an individual is capped at €100,000. For savers with legacy Laiki (Popular) Bank the maximum amount is €100,000, for Bank of Cyprus savers it is €13,032.

For bondholders with Laiki, the maximum compensation is set at €100,000; and for bondholders with Bank of Cyprus at €99,760.

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

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

Earlier this year, a finance ministry official told MPs that some €2 billion in ‘haircut’ losses had been verified.