Parliament on Thursday green-lit the 2025 budget for the National Solidarity Fund, making €100 million available this year to compensate savers and bondholders burned in the 2013 bank bail-in.

With the budget approved, the funds can now start being disbursed for the ‘partial restitution scheme’.

Last week, an online platform went live where people losing their savings in the March 2013 ‘haircut’ 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 will be accessible until September 30 of this year.

Once 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.

For disbursements for this fiscal year, the payout to an individual is capped at €100,000. For savers with Laiki 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, 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.