CBC Reneges on Promises to FBME Employees

4 May 2016

It can hardly be believed how low the Central Bank of Cyprus (CBC) is prepared to stoop in its battle against all affected by its extremely lamentable mishandling of the FBME saga. Its latest degradation is to renege on written promises made to employees of the Bank in Cyprus.

After reaching written and oral agreement on 18 April with senior representatives of the CBC and its Special Administrator, Chris Iacovides, the employees believed they had a deal in respect to their accrued contractual bonuses and end of service benefits, all of which are legal entitlements. However, it wasn’t enough for the CBC’s deceitful Resolution Authority, made up by its vengeful and complicit fat-cat Board of Directors, which has gone back on the promises.

The employees have announced their renewal of strike action; for a copy of the announcement by staff read here.