Accounts Unfrozen; Good News (at Last!)

6 November 2014

Today, 6 November 2014, all of the remaining accounts held frozen at the Cyprus branch of FBME Bank since the start of September have been unfrozen on the order of the Central Bank of Cyprus. On behalf of all associated with FBME Bank and FBME Limited – and no doubt the account holders too – we would like to express our thanks to the Central Bank and its Administrator for taking this decision.

Holders of the frozen accounts will have to use the same rigmarole as other depositors at the Cyprus branch – present themselves to pick up a cheque payable on other Cyprus banks at EUR 10,000 a day. But at least they can now get access to their money!

At such a moment it seems to be a shame to carp about anything to do with these frozen accounts, but it would be good to know why they were blocked in the first place and then held frozen for two months. Especially, when the Bank’s compliance people themselves found no justifiable cause to keep them frozen, and any one of the five separate on-site examinations by the Central Bank’s own people had probably found no reason either.

But, as we say, that is carping. It is good that we can now bring this excellent news to all depositors at the Cyprus branch.