A positive development has taken place regarding the issue of depositors who suffered haircuts at the former Laiki Bank, as the President of the Republic decided to implement a disbursement plan from the National Solidarity Fund for 2026. SYKALA President Adonis Papakonstantinou also addressed the issue while speaking on the “Alpha Summer” program.
As Mr. Papakonstantinou explained, despite initial indications and updates from the Ministry of Finance that there would be no funding allocated for 2026, the Association’s intervention with the President of the Republic led to a reversal. Following an extensive meeting at the Presidential Palace attended by the Minister of Finance, the President contacted the SYKALA executive committee by telephone to announce his positive decision. “The President listened to us carefully, demonstrated a very conciliatory and unifying attitude, and informed us that he has decided to move forward with a disbursement plan in 2026,” he noted.
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Regarding the timelines and parameters of the plan, the SYKALA President struck a reassuring tone, emphasizing that the technical preparations are already in place based on the corresponding process from 2025. “Once the amounts and percentages are decided, it’s a matter of days—if not hours—because we’ve already gone through this process,” he noted, expressing his hope that the new plan will not fall short of the previous one.
At the same time, Mr. Papakonstantinou emphasized that this positive development is in line with the broader trajectory of the Cypriot economy, noting that 2026 is the best fiscal year since 2013, with continuous upgrades and high growth rates. In closing, he expressed his satisfaction, stating, “I would like to thank the President. We are optimistic that our next meeting will satisfy the association’s members and the Cypriot public.”
