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.

This is broken down as:

• Spending on assets including equipment, vehicles, premises, including the cost of construction of FBME’s new premises …. EUR 15,639,047
• Total expenses including spending on goods and services in the local market …. EUR 28,451,189
• Staff costs including salaries and other benefits …. EUR 51,632,538
• Tax and social insurance …. EUR 38,327,279

Total …. EUR 134,050,053

There are other ways in which the Bank has helped the Republic including its EUR 240 million spent on acquiring short term exposure to commercial paper and treasury bills of the Government of Cyprus. Watch for more updates.