The positions of the Association of Bank Securities Holders (SYKATA) and the Association of Laiki Bank Depositors (SYKALA) regarding the formulation of a payout plan for 2026, as part of the compensation provided by the Government, were heard by the President of the Republic, Nikos Christodoulides, during his meeting on Wednesday afternoon with representatives of the two associations at the Presidential Palace.
According to the presidents of the two associations, who spoke to CNA, the meeting covered both the Ministry of Finance’s positions regarding the economy’s prospects and the positions and requests of the affected depositors and securities holders. As they told the news agency, the President of the Republic undertook to review the information presented to him and to return with proposals for the Associations.
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The President of SYKALA, Adonis Papakonstantinou, described the meeting as “constructive,” noting that there was a frank exchange of views among the parties involved, whose positions, he said, did not always align.
As he noted, the discussion focused on creating a disbursement plan for 2026, without a decision being made on a specific amount. He added that the President of the Republic will review the positions presented and will then inform the Associations of his proposals.
“The next step is for the President to inform us of his conclusions after reviewing the positions that have been presented to him,” said Mr. Papakonstantinou, adding that no specific timeline had been set, though the President indicated he would provide an update soon.
For his part, SYKATA President Stavros Gialouridis stated that, although the situation prior to the meeting did not inspire optimism, the discussion raised the expectation that a new disbursement could take place in 2026. He clarified, however, that the amount of any potential new disbursement is not currently known.
Mr. Gialouridis also emphasized the importance of continuing the disbursements, noting that the beneficiaries include elderly individuals, some of whom are over 80 years old. He also mentioned that some beneficiaries have entered into loan agreements with commercial banks, which are linked to a portion of the amounts they are expected to receive as part of the disbursements.
Finally, Mr. Papakonstantinou noted that the President of the Republic has essentially taken on a mediating role, following the presentation of the differing positions of the Associations and the Ministry of Finance, with the aim of reaching a proposal to be presented to the affected parties.
2025 Disbursements
Regarding the 2025 disbursements, the President of SYKALA noted that the projected amount was €100 million, while approximately €72 million was ultimately disbursed.
There were approximately 7,000 applicants, according to Mr. Papakonstantinou, but only about 4,500 received funds. For the rest, he noted, their applications contained incomplete information.
