27 July 2015
FBME Limited has studied the final rule of the Financial Crimes Enforcement Network (FinCEN), released on 23 July 2015, and has issued the following statement:
Monthly Archives: July 2015
FBME Limited Rejects FinCEN’s Final Rule
24 July 2015
FBME Limited announces that it rejects the Final Rule made public yesterday, 23 July 2015, by the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury. This Final Rule fails to give appropriate weight to the evidence of forensic investigations and reports, and makes allegations which FBME Limited says are unwarranted.
One Year On – the ‘Fiasco’ that has Harmed Everyone
19 July 2015
Special feature: the dark Anniversary of the CBC’s Resolution decree.
FBME has marked the First Anniversary of the disastrous decisions that launched the Fiasco of Resolution against FBME’s Cyprus branch by taking full-page announcements in newspapers in the Republic. Due to a virtual paralysis of decision-making on the part of the Central Bank of Cyprus (CBC), it has become necessary to set out to the general public what has occurred. The announcement ends on a positive note, however, by pointing the route to a practical way to reduce the harm and reverse past actions. Click here for a copy of the announcement.
Local Media Reports on FBME
July 12, 2015
In an effort to keep our international customers updated we are providing below a translation of an article that appeared today in the well-known local newspaper “Politis”.
CBC Emerges From the Shadows
11 July 2015
Yesterday afternoon the Central Bank of Cyprus (CBC) issued a statement to the media in Cyprus attempting to justify its actions against FBME Bank’s Cyprus branch a year ago, on 21 July, and its subsequent stranglehold which has imperilled the Republic and its taxpayers, financial stability in the banking sector, the livelihoods of customers and employees, and the reputation of the CBC itself.
Response to CBC Statement
10 July 2015
FBME LIMITED (FBME), AS THE HOLDING COMPANY OF FBME BANK LIMITED, RESPONDS TO THE ANNOUNCEMENT BELOW OF THE CENTRAL BANK OF CYPRUS (CBC) AS RESOLUTION AUTHORITY: WE HAVE SET OUT IN SECTIONS A TRANSLATION OF THE CBC STATEMENT RELEASED ON 10 JULY 2015. FBME’S RESPONSE IS GIVEN IN ITALICS AFTER EACH SECTION.
Payouts Move to Weekly Basis
8 July 2015
Customers of FBME Bank’s Cyprus branch are advised that payouts from their accounts have been moved to one a week of EUR 1,000, rather than the daily amounts of EUR 200, which has been the rule since early March. The registration of requests has to be completed by noon Cyprus time on Wednesdays; the Administrator, Andrew Andronikou will review documentation and sign cheques at 4.30 pm on Thursdays, and the cheques themselves will be issued on Friday afternoons. The process has started from the week commencing 6 July.
Scandal-hit CBC Sizzles in the Summer Sun
3 July 2015
As temperatures rise in the Cyprus summer, newspapers in the Republic are using the analogy to say that the heat has been turned up on the Central Bank of Cyprus. Beset on every side by criticism, the CBC is said to be directionless and decision-making, at least as far as FBME’s Cyprus branch is concerned, is now almost totally absent.
