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Cyprus Government Launches Online Compensation Portal For Bank Bail-In Victims

The government has officially unveiled an online platform designed to facilitate partial compensation for losses incurred during the 2013 bank bail-in. The initiative targets uninsured savings beyond €100,000 and addresses losses suffered by bondholders of legacy Laiki (Popular) Bank and Bank of Cyprus.

Digital Platform Live For Submission

The platform is now operational, accepting applications from December 20, 2023, through May 25, 2024, and will remain accessible until September 30 this year. Users can log in using their existing credentials from the CY Login (formerly Ariadne) system to begin the application process.

Structured Verification And Disbursement Process

Upon submission, each application will undergo a thorough verification process. Successful applicants will receive an email detailing the compensation amount they are eligible for and will then be required to provide their IBAN for direct bank transfer. It is imperative that the bank account provided is either individually owned or a joint account.

Compensation Caps And Policy Framework

For fiscal year disbursements, compensation is capped at €100,000 per individual. Specific compensation limits are set based on the institution: legacy Laiki (Popular) Bank savers and male bondholders from Laiki can receive up to €100,000, whereas Bank of Cyprus savers and bondholders have caps of €13,032 and €99,760 respectively. These measures emerge from a 2013 bailout initiative where depositors contributed to the recapitalization of financially strained banks amid Greece’s economic crisis.

Pathway For Further Objections

Applicants who do not receive approval for their initial submissions have the opportunity to file an objection, ensuring that all claims receive further scrutiny. With verified losses estimated at approximately €2 billion, this platform is a critical step towards restoring confidence and providing financial redress for affected depositors and investors.

€50 Million Luxury Resort Planned For Ayia Napa

Ayia Napa could strengthen its position in the premium tourism market with a proposed €50 million mixed-use resort combining a hotel, serviced apartments, luxury bungalows and a beach club.

Aesara Investments Ltd has submitted an information form to the Department of Environment for a development to operate under the name Atlantica Wavemaster Hospitality. The project is planned for the Limnara area of Ayia Napa, along the coast south of Kryou Nerou Avenue, between the town centre and Cape Greco.

Hotel, Apartments And Luxury Bungalows

The proposed resort will include a 324-room hotel with capacity for 648 guests, alongside a condo-hotel building containing 20 one- and two-bedroom apartments. Facilities are planned to include restaurants, bars, cafés, a spa with an indoor pool, a gym, shops, a multipurpose hall, a children’s club and a cinema.

A further 33 three-level luxury bungalows, each designed for two guests and featuring a private swimming pool, are planned for the southern part of the site. A beach club with a restaurant and an outdoor pool complex covering more than 6,300 square metres will also form part of the development.

The project includes 321 parking spaces, including 12 for people with disabilities, and 14,196 square metres of landscaped green space featuring local plant species.

Seasonal Hotel Operations And Year-Round Residences

The hotel is expected to operate from March to November, with peak occupancy during the summer season. The condo-hotel apartments, meanwhile, will be available for sale or long-term rental and intended for year-round residence. Owners and tenants will also have access to the resort’s facilities, including its pools, restaurants and fitness areas.

Construction is expected to take 24 months once the required permits are secured. At the busiest stage, the project could employ around 100 workers per day.

Environmental Restrictions Near Cape Greco

The site’s proximity to protected Natura 2000 areas has prompted strict environmental requirements. The Cape Greco Special Protection Area borders the site to the south, while a Special Area of Conservation lies approximately 50 metres away.

Conditions imposed by the Department of Environment include a maximum building height of five floors, or 18.5 metres, and restrictions on permanent structures near the coastline. The project must also use spider-web type glazing and low-intensity lighting to minimise disturbance to local birdlife.

According to the project’s consultants, the design has been prepared to comply with the environmental conditions and the final report on cumulative impacts for the Cape Greco Special Protection Area. The hotel and apartment building are positioned in the central and northern parts of the plot, away from the shoreline.

Within the designated no-build zone, located 40 metres from the boundary of the beach protection zone, only swimming pools are planned. The consultants state that these are not expected to affect protected species in the area.

eCredo
The Future Forbes Realty Global Properties
Aretilaw firm
Uol

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