12 November 2014
The shareholders of FBME Limited have made it clear that they are holding the Central Bank of Cyprus and individuals within the Central Bank personally liable for damage and loss suffered by FBME Bank, its depositors and owners. The persons considered responsible include but are not limited to the Special Administrator appointed by the Central Bank of Cyprus to control the operations of the Cyprus branch of FBME Bank.
12 November 2014
Bad luck for Mr. Christofides to miss out on the exciting journey of launching a new bank in Cyprus now that his former employer, Ancoria Holdings, has been granted a banking license by the Central Bank. It will be recalled that he stepped down from Ancoria on the last day of July 2014 in a resignation letter backdated to 28 July. We presume this was because he recognised the potential for a conflict of interest between his role as Administrator of FBME’s Cyprus branch to which he was appointed on 22 July and his position as ‘project leader’ for Ancoria in its quest for a banking license.
7 November 2014
Credit where credit is due: the Central Bank of Cyprus has granted an extension to the license of FBME Card Services thereby increasing the chances of an eventual resumption of the Company’s business. So, our thanks go to the Central Bank, who responded to Card Services’ application for the extension. The Company remains suspended but while the licenses are still current, there is a chance that once the restrictions are lifted a resumption of business can be made.
It is important that this is done for the good of the market and for the reputation of the authorities.
7 November 2014
A glossary of terminology used on this website has been drafted to help readers follow developments in the FBME Bank case:
Resolution Decree: The Cyprus Resolution of Credit and Other Institutions Law of 2013. The purpose of this Decree is to restore the capital adequacy of insolvent banks.
Misuse of this Decree: When you invent a use for this Decree to commandeer some other bank’s branch and behave as if it now belongs to you.
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.
6 November 2014
It is now slightly more than 15 weeks since the Central Bank of Cyprus invoked the Resolution Decree to commandeer the Cyprus Branch of FBME Bank. At the time, the Central Bank said it was doing this to protect the Bank’s depositors and to sell the Branch.
31 October 2014
The legal fightback in the international arena by the owners of FBME Bank against the hostile and illegal takeover of its Cyprus branch by the Central Bank of Cyprus is underway. The latest act has been the completion of the filing in Paris of the shareholders’ case for arbitration with the International Chamber of Commerce. Now the Central Bank will have to justify its actions in an international forum.
30 October 2014
There is a belief amongst some people that if you ask the same question often enough you will eventually get the answer you want. Children sometimes do this: “Can I? Can I? Can I?” in the hope that the parent will finally give in. But we don’t really expect this from senior government officials do we?
29 October 2014
Arbitration at the International Chamber of Commerce (ICC) in Paris in the case of FBME shareholders and the Republic of Cyprus is now underway, with the submission of FBME’s case being completed on 28 October 2014.
27 October 2014
The shareholders of FBME Bank Limited are sending their thanks for the patience and understanding shown by all clients, suppliers, employees and associates of the Bank. These past three months with the Cyprus branch under the inexplicable Resolution Decree of the Central Bank of Cyprus, have been extremely frustrating, not to say highly and needlessly damaging to all.
