Monthly Archives: April 2015

Déjà Vu as Cyprus Parliament Spurned Again

22 April 2015

 A failure of key government officials to attend caused for the third time the Cyprus Parliamentary hearings into what has become known as the ‘FBME affair’ to be cancelled. The hearings have been called by MPs who sit on the Parliamentary Merit Committee which oversees the actions of State officials and civil servants, and the stated aim has been to investigate the actions taken against FBME Bank and its Cyprus branch by the Central Bank of Cyprus.

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No Administrator, No Transactions, No Reason!

21 April 2015

The Administrator of the Cyprus Branch of FBME, Dinos Christofides, left the Cyprus branch of FBME Bank at 2pm yesterday, Monday 20 April, saying he will not return until Monday next week, 27 April. In time-honoured fashion, he managed not to warn anyone before he walked out, leaving the Bank’s efforts to meet payments to its depositors to grind, once more, to an undignified halt!

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For the Third Time of Asking

17 April 2015

The third date for the Parliamentary Ethics Committee’s hearing into the action taken against FBME Bank’s Cyprus branch is next Tuesday, 21 April. A brief confirmation of the agenda is on the Parliament’s website at

The website says the Committee will investigate “actions of the Government that could harm the public interest” in relation to FBME.

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Updated Communications from FinCEN

16 April 2015

 On 9 April 2015, FinCEN, the investigative bureau of the US Department of the Treasury, published confirmation of a meeting with Hogan Lovells, the lawyers for FBME Limited in Washington DC.

To see a copy of the announcement and a related comment from FBME click here.

Parliament Hearing Thwarted by No-Shows

2 April 2015

Senior government officials, including the Governor of the Central Bank of Cyprus, failed to attend the scheduled meeting on 31 March of the Cyprus House of Representatives’ Oversight Committee. This meeting was intended to allow Members of Parliament to investigate the causes and consequences of the actions taken by the Central Bank against FBME Bank’s Cyprus branch and the impact of these actions on the public interest in Cyprus. The meeting has been rescheduled for 21 April and once more will be held in camera.

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