10 September 2014
The Central Bank of Cyprus (CBC) has yet to answer a number of key questions following its decision to impose the Resolution Decree against FBME Bank on 21 July. Here is our Top Ten:
10 September 2014
The Central Bank of Cyprus’ Administrator has issued a further statement – click here – reaffirming his decision that some customers of the Cyprus branch of FBME Bank will continue to be able to have access to their money in quantities of up to EUR 10,000 a day. There is nothing new in this but it was good to have it reaffirmed.
9 September 2014
The basic facts leading to the suspension of operations at FBME Card Services are well known: Just before 11 pm on 21 July 2014, the Central Bank of Cyprus citing the FinCEN notices of 17 July, invoked the Resolution Decree against the Cyprus branch of FBME. This resulted in the straightjacket ban on all FBME transactions in Cyprus that lasted until, effectively, 2 September, a measure that completely strangled FBME Card Services.
6 September 2014
The authors of this website from FBME Limited take this chance to apologise for the unavailability of the site during the afternoon and evening of 5 September and on the 6th. We’re told that this was due to the site being the target of an attack from ‘another European country’. It seems that we have touched a nerve somewhere; the truth usually does that.
Social media has been alive with rumours. Who or what was behind this denial of service attack may be the subject of an investigation all of its own – it could result in a criminal case under EU law. Whatever the cause, we are pleased to be back on line and able to comment on matters of concern over the unusual behaviour of senior officials in Cyprus.
It is a good opportunity, too, to thank all those here and abroad who have worked hard in defence of our right to free speech.
4 September 2014
Owners of FBME Limited have welcomed as a positive first step in the unfreezing of accounts at FBME Bank’s Cyprus branch the measures announced by the Special Administrator on 1 September. These allow some depositors access – highly restricted – to their money in amounts of EUR 10,000 per diem.
3 September 2014
FBME Limited has sent messages of thanks to those numerous people and organisations that have come out in support of the Bank in its struggle to have lifted the Resolution measures imposed against its Cyprus branch. There is clearly widespread public sentiment that the actions taken by the Central Bank of Cyprus have been precipitous, unjust and highly damaging. There is international disquiet about the actions of the Cypriot banking authorities against a local branch of a foreign bank, when those actions have been taken without consultation with the Home Banking Regulator in Tanzania.
30 August 2014
FBME has made a significant contribution to the economy of the Republic of Cyprus over the many years that it has had a presence in the country. Just taking the past six years or so, for instance, from the beginning of 2008 to August 2014, the Bank had spent EUR 134 million in the country.
29 August 2014
During the evening of 28 August, the Central Bank of Cyprus issued a statement regarding the crisis over the Cyprus branch of FBME. It was welcomed by the shareholders as a contribution to the debate – or at least a start of a debate.
28 August 2014
Criticisms and complaints are circling the Central Bank of Cyprus on all fronts: banking regulation, foreclosures, past and future actions and, of course, competence. The saga with their actions against FBME Bank’s Cyprus branch, avoidable, unnecessary and unwarranted as they are, have done much to worsen the reputation of the Republic of Cyprus in so many ways.As we are hearing, complaints are increasinly turning into legal action.