Cyprus has reached a new agreement to help bank workers who lost money during the country's 2013 financial crisis. The decision was announced after a high-level meeting at the presidential palace with government officials, bank leaders, and union representatives. This important social and political news comes as the Bank of Cyprus reveals its financial results for the first nine months of 2025.
The problem started in 2017. At that time, the government gave money to most people who lost their savings when the banks were in trouble. However, this help did not include about 700 bank employees. Many people thought this was unfair. The new agreement aims to correct this old injustice.
The plan to pay the workers will cost around one hundred million euros. The government, the Bank of Cyprus, and the Etyk trade union will all share the cost. A government spokesman said the agreement is very important for social and political reasons. The deal is not final yet, but the high-level talks show a strong desire to make it official.
At the same time, the Bank of Cyprus announced its financial performance. Its profit for the first nine months of 2025 was €353 million. This is 12% lower than the same time last year. The bank made less money from interest, which is a common problem for European banks right now.
However, there is also good news. The bank gave out €2.24 billion in new loans, which is 31% more than last year. More people and businesses are also putting their money in the bank, showing they trust it. The bank's boss, Panicos Nicolaou, said he is happy with the bank's growth. The bank is also confident enough to give money back to its shareholders.