2 April 2016
Chris Iacovides, the Special Administrator of the Cyprus branch of FBME Bank Ltd who was appointed by the Central Bank of Cyprus (CBC) in January, delivered on 31 March 2016, signed redundancy notices to 136 of FBME Bank staff members in Cyprus, covering the major part of the remaining employee base of the Bank in Cyprus.
8 November 2015
Thanks to the US judicial process, FinCEN has been blocked from implementing a sanction that threatened to destroy FBME even though FBME has always worked to address any issues identified by regulators or auditors. Without the rulings of Judge Cooper, FinCEN could have wiped the Bank out based on supposed evidence that FinCEN insisted on keeping secret, despite having no valid basis to withhold it.
FBME Bank Limited wants nothing more than the chance to confront at least some of the secret evidence to clear its name, and to protect its employees and customers.
27 February 2015
On behalf of all associated with FBME Bank, this website give thanks to the Central Bank of Cyprus (CBC) and its Administrator for having stopped the levy of penalty charges on FBME for maintaining higher than the required sums in the CBC. In addition to stopping the penalties, the CBC also reversed charges paid in earlier months. So, well done there.
21 February 2015
On 20 February 2015, the Arbitral Tribunal at the ICC in Paris issued its first outcome from its deliberations, known as Procedural Order No. 1. The wording of the Order is as follows:
“The Arbitral Tribunal firmly invites the Respondent to refrain from proceeding to the sale or the resolution of FBME Bank and from transferring its funds to the Central Bank of Cyprus before the Arbitral Tribunal has decided on Claimants’ Request for Interim Measure.”
16 February 2015
The Basel Guidelines are a comprehensive manual of recommendations made for central banks to assist them in dealing with those institutions under their supervision that are facing difficulties. These were codified and published in 2002 by the Basel Committee for Banking Supervision and updated in 2014. This article looks at the value of their application.
20 November 2014
Working in close cooperation with the Bank of Tanzania and FBME Bank’s Statutory Manager in Dar Es Salaam, FBME Limited is putting in place measures to create additional liquidity in the Cyprus branch of FBME Bank. This is being done to ensure depositors can escape the tyranny of the maximum daily transaction levels imposed by the Administrator appointed by the Central Bank of Cyprus.
14 November 2014
It is now nearly four months since FBME’s Cyprus branch was expropriated under Resolution by the Central Bank of Cyprus. It is worthwhile reminding ourselves of what we mean by the health of the Bank and its conservative financial management.
7 November 2014
A glossary of terminology used on this website has been drafted to help readers follow developments in the FBME Bank case:
Resolution Decree: The Cyprus Resolution of Credit and Other Institutions Law of 2013. The purpose of this Decree is to restore the capital adequacy of insolvent banks.
Misuse of this Decree: When you invent a use for this Decree to commandeer some other bank’s branch and behave as if it now belongs to you.
27 October 2014
The shareholders of FBME Bank Limited are sending their thanks for the patience and understanding shown by all clients, suppliers, employees and associates of the Bank. These past three months with the Cyprus branch under the inexplicable Resolution Decree of the Central Bank of Cyprus, have been extremely frustrating, not to say highly and needlessly damaging to all.
23 October 2014
Legal arguments concluded yesterday, 22 October, in the District Court in the hearing of the interim application by the shareholders of FBME Bank Limited to freeze any action by the Central Bank of Cyprus to sell the FBME branch. The Court has reserved its judgment for a future date.