One Year On – the ‘Fiasco’ that has Harmed Everyone

19 July 2015

Special feature: the dark Anniversary of the CBC’s Resolution decree.

FBME has marked the First Anniversary of the disastrous decisions that launched the Fiasco of Resolution against FBME’s Cyprus branch by taking full-page announcements in newspapers in the Republic. Due to a virtual paralysis of decision-making on the part of the Central Bank of Cyprus (CBC), it has become necessary to set out to the general public what has occurred. The announcement ends on a positive note, however, by pointing the route to a practical way to reduce the harm and reverse past actions. Click here for a copy of the announcement.

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CBC Emerges From the Shadows

11 July 2015

Yesterday afternoon the Central Bank of Cyprus (CBC) issued a statement to the media in Cyprus attempting to justify its actions against FBME Bank’s Cyprus branch a year ago, on 21 July, and its subsequent stranglehold which has imperilled the Republic and its taxpayers, financial stability in the banking sector, the livelihoods of customers and employees, and the reputation of the CBC itself.

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Response to CBC Statement

10 July 2015

FBME LIMITED (FBME), AS THE HOLDING COMPANY OF FBME BANK LIMITED, RESPONDS TO THE ANNOUNCEMENT BELOW OF THE CENTRAL BANK OF CYPRUS (CBC) AS RESOLUTION AUTHORITY: WE HAVE SET OUT IN SECTIONS A TRANSLATION OF THE CBC STATEMENT RELEASED ON 10 JULY 2015. FBME’S RESPONSE IS GIVEN IN ITALICS AFTER EACH SECTION.

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Payouts Move to Weekly Basis

8 July 2015

Customers of FBME Bank’s Cyprus branch are advised that payouts from their accounts have been moved to one a week of EUR 1,000, rather than the daily amounts of EUR 200, which has been the rule since early March. The registration of requests has to be completed by noon Cyprus time on Wednesdays; the Administrator, Andrew Andronikou will review documentation and sign cheques at 4.30 pm on Thursdays, and the cheques themselves will be issued on Friday afternoons. The process has started from the week commencing 6 July.

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Scandal-hit CBC Sizzles in the Summer Sun

3 July 2015

As temperatures rise in the Cyprus summer, newspapers in the Republic are using the analogy to say that the heat has been turned up on the Central Bank of Cyprus. Beset on every side by criticism, the CBC is said to be directionless and decision-making, at least as far as FBME’s Cyprus branch is concerned, is now almost totally absent.

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The Interesting Last Day of Dinos Christofides

23 June 2015

When Dinos Christofides walked out of the FBME branch on Friday 15 May 2015 he made it clear to those to whom he spoke that he was far from pleased at the way he had been treated by the Central Bank of Cyprus. Immediately prior to his departure – and before the owners, directors or management of the Bank had been informed that he was going – it seems he had three overwhelming priorities.

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Confusion Reigns, Governor Dithers, Knives are Sharpened

17 June 2015

 Clearly, the various investigations into the behaviour of the Governor of the Central Bank of Cyprus and her minions have caused the CBC to appear rudderless (as we noted before) and also de-masted, holed and run aground. This is not, it goes without saying, a good place for such an august and potentially influential governmental institution to be in.

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