Category Archives: Uncategorized

Update on ICC arbitration against the Republic of Cyprus

29 January 2019

On the 15th January 2019, by an Award communicated to the parties on the 29th January 2019, the International Court of Arbitration of the International Chamber of Commerce in Paris ruled in favor of Cyprus by two arbitrators with a dissenting opinion by the third member of the Tribunal, in our arbitration proceedings against the Republic.

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Statement from Stavros Zenios

26 March 2015

In announcing his resignation from the Board of Directors of the Central Bank of Cyprus on Friday, 20 March 2015, Stavros Zenios issued a written public statement in Greek, which he also listed on his blog. This statement in Greek was run in full on the news website Stockwatch, and we have been granted permission to provide a link to its site: http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=219817.

We produced an English translation, the link to which is here.

CBC Flies in the Face of Facts

15 March 2015

Information has come to FBME Limited that the Republic of Cyprus at the Arbitral tribunal at the ICC in Paris, are seeking to have the Cyprus branch of FBME Bank closed on the grounds that no buyers for the branch have been found. In other words, because the Resolution measure foisted on the branch by the CBC last July hasn’t worked they want to withdraw the FBME licence. They add that they have to do this now because closure would trigger the deposit protection insurance and that the FBME funds held by the CBC are at a level (EUR 158 million) that will enable them to make these insurance payments.

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Nice Work if You Can Get it!

25 February 2015

Continuing a sequence of magisterial pronouncements, the Administrator of the Central Bank, Dinos Christofides, issued a memo to managers and staff in FBME Bank’s Cyprus branch reminding them of the 8.30 am to 5.00 pm working day at the branch. He also added that any senior staff seeking to go on leave had to put in a request through HR and wait for Mr Christofides to issue his approval.

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First Order Issued by Arbitral Tribunal

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.”

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Liquidity Renewed

20 November 2014

Further to our story this morning, it is good to report that significant sums from FBME Bank accounts have arrived at the Central Bank of Cyprus. So, for now, there is no liquidity issue and transactions should be renewed. It is good to bring welcome news to our customers, staff, correspondents, associates and friends.

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Gratitude Expressed for Forbearance

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.

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