Monthly Archives: October 2015

FBME Takes New Action to Open Access for Depositors to their Funds

31 October 2015

FBME Bank Limited has initiated plans to migrate deposits held at its Cyprus branch to its head office in Tanzania, in this way opening access for depositors to their funds. This follows a situation where depositors have had their access restricted to a paltry EUR 1,000 a week and in some cases have experienced what is effectively a bar on their accounts on the orders of the Central Bank of Cyprus (CBC), which took control of FBME’s Cyprus Branch in July 2014.

Continue reading

Resolution Law Amendment Reveals CBC Actions to be Hopelessly Wrong

8 October 2015

A proposed amendment to the Cyprus Resolution Law tabled to Parliament’s finance committee this week, shows just how hopelessly wrong and illegal was the Central Bank of Cyprus’s (CBC) implementation of this same Law on the Cyprus branch of FBME Bank in July 2014. At the same time, it points up that the authorities wish the implementation of the Resolution Law in the Republic to become highly selective, thereby heaping discrimination upon injustice.

Continue reading