31 December 2014
Daily payment levels have been now set at EUR 1,000 a day, according to the latest diktat issued by the Administrator of the Central Bank of Cyprus, Dinos Christofides. Why he has cut the level – earlier set at EUR10,000, then EUR 5,000 and mostly recently at EUR 2,000 – he has not deigned to share with us. There are tens of millions of euros still held in the Central Bank of Cyprus (on which FBME continues to pay a penalty) and there is no danger of the bank becoming illiquid. So what is he up to? Continue reading
31 December 2014
Owners of FBME Limited send best wishes for 2015 to all employees, depositors, associates and their families, to all supporters, friends, commentators and others who have backed FBME Bank in its struggle against injustice, incompetence, dishonesty and other questionable actions.
We hope for better tidings in the New Year!
19 December 2014
The Central Bank of Cyprus yesterday, 18 December 2014, issued a statement containing arbitrary and inaccurate statements regarding a District Court decision made on 17 December.
Though the Nicosia District Court rejected the interim application filed by the shareholders of FBME Bank to prevent the sale of the Bank’s Cyprus branch, it makes no difference as the arbitration hearing at the International Chamber of Commerce in Paris will proceed as expected. Additionally, FBME shareholders will on Monday, 22 December file an appeal against the District Court decision to the Supreme Court and will continue to pursue other legal avenues.
16 December 2014
At this season of good will, the shareholders of FBME Bank send their greatest respects and sincerest thanks to all customers, employees, associates, their families, partners and all well-wishers for Christmas and the New Year.
15 December 2014
The Central Bank of Cyprus’ Administrator, responsible for running FBME Bank’s Cyprus branch, has returned today after his latest unexplained absence. As is known, he left at 1 pm on Tuesday, thereby blocking any transactions from being made for the rest of the week. This outcome is due to the draconian measures he has put in place which means he has to approve every transaction and his refusal to appoint a deputy to act in his stead.
Still, he is now back and transactions up to EUR 2,000 a day by cheque – another draconian diktat – have re-started.
13 December 2014
The Republic of Cyprus was due to have responded by 5 December to the ICC’s Arbitral Tribunal in reply to the filing for arbitration by the owners of FBME Bank. The Republic has requested additional time to reply, which has been granted, and the new date is 7 January.
12 December 2014
Is there no end to the irresponsibility and arrogance of the Central Bank of Cyprus’ Administrator? He has repeated his trick of a couple of months back, and has departed for an unscheduled, unheralded and apparently unapproved holiday. Once more, he has left no one in his place to sign off payments or approve other branch matters, and he gave no date for a return. This has effectively caused the Cyprus branch of FBME Bank to close down leading to big problems for customers and staff. Continue reading
12 December 2014
As we mentioned in a post on this website on 20 November, Liquidity Renewed, an interesting anomaly has arisen whereby a fine is levied on FBME Bank for deposits required by the Central Bank of Cyprus to pay depositors because of the actions of the Central Bank itself. In other words, the Central Bank forces FBME to do something, then levies a penalty on the Bank for having done it! Continue reading
4 December 2014
The collapse of the Cyprus banking system in 2012-13 was one of the most serious economic tsunamis faced by any country in the modern age. The principal fault lay with the three large local systemic banks, of course, but the supervisory authorities have not escaped censure.*
3 December 2014
The FBME Limited shareholders have retained a highly experienced legal counsel at the arbitral tribunal of the International Chamber of Commerce (ICC) in Paris, it has been announced today.