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11 thousand for every 100,000 loss from the haircut suggests Averov

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    The submission of applications for the haircuts ends today – Averof Neophytou's proposal for the possibility of immediate payment of €11,000 per loss of €100,000, for each beneficiary of the Solidarity Fund – “Disagreement with a government that ignores the shareholders”

    Last day today for “Participation in the National Solidarity Fund Replenishment Plan”, i.e. for shorn depositors, subject to which is mentioned in a statement by Averof Neophytou.

    “Today, April 30, 2024 is the last day on which the beneficiaries of the Solidarity Fund have the right to submit the necessary application, so that the relevant register of beneficiaries can be created and the fund can assist in partially compensating the losses suffered naturally and legal entities, due to the application of memorandum measures to the two systemic Banks.

    The beneficiaries of the Fund are the biggest victims of the financial crisis of 2013 and a fair State owes them partial, if not restitution, for the damage they suffered” as he states.

    “From the relevant studies we had conducted, the “trimmed” amount of natural persons who are Cypriot citizens amounts to approximately 1 billion euros. At the same time, the total value of the securities is around 1.1 billion, but if professional investors are removed and if one takes into account the value of shares at the end of 2012, the totality of damages concerning natural persons – Cypriot citizens approach €2 billion.

    Until today, the Solidarity Fund, which was created after our own initiative and accepted by other political forces, has a reserve of around €200m. At the same time, he also has real estate granted to him by the state, worth approximately €75m.

    Based on the available liquidity of the Fund, its beneficiaries will be able to immediately receive €8,000 each, for each €100,000 damage.

    By passing the proposal I have submitted to amend the 2011 Law on the Imposition of a Special Tax on Credit Institution Law, stable resources will be ensured in the Solidarity Fund.

    The legislation, as it stands today, provides that after the accumulation of € 175m in the Recapitalization Fund, the collected amounts remain in the Permanent Fund of the Republic.

    The proposed law submitted to parliament,amends the basic law so that with the accumulation of €175m, instead of the amounts remaining in the Permanent Fund, €60m. of these will be channeled to the National Solidarity Fund. The remaining amount will remain in the Fixed Fund and will be available exclusively to pay the 22.5% replenishment rate of the Provident Funds through the Increased Replenishment Plan, so that the total replenishment amount reaches 75% of the Provident Fund for each member.< /p>

    In practice, this means that in addition to the amount of €8,000 per €100,000 of damage, in the following years each beneficiary will still be able to receive €3,000 per year for every €100,000 of damage, without taking into account the additional state sponsorship.

    With these, of course, social justice is not directly and completely rendered, but it is a good start as a minimal indication that this State recognizes the sacrifices suffered by the depositors due to haircuts , security holders and shareholders. At the same time, we call on the government to reconsider its proposal, which ignores the shareholders” concludes the announcement of Mr. Neophytos.

    Source: cyprustimes.com

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