Current Affairs

Regulators maintain a post-hoc position to intervene in financial institutions in distress. A decree to place the bank under special administration and replace bank management is only announced once the process has been concluded. The following announcement of a moratorium on account balances and payment facilities causes chaos and panic among account holders, investors and shareholders. Although the general public interest is protected, bank account holders and other creditors often experience severe stress.

While regulators and bank management try to find a suitable solution for resolution or corporate restructuring, the special administrator may provide limited or restricted access to account balances. Upon determination by the regulator, central bank or court that the bank is failing or likely to fail, the local deposit protection scheme is activated. Eligible creditors can then submit their DGS claim to safeguard repayment of their insured account balance.

For creditors of the following financial institutions we provide, or have provided in the past, account recovery solutions. Depending on the phase of the resolution plan, we may provide our services to eligible account holders on the basis of ‘no cure, no pay’ where we only charge fees after a successful recovery:

  • RCB Bank (Cyprus)
  • Sberbank Europe AG (Austria)
  • Lucayas Bank Ltd (Bahamas)
  • CIBC First Caribbean International Bank (Barbados) Limited (Anguilla)
  • Satabank Plc (Malta)
  • Euro Pacific Bank (St. Vincent/Puerto Rico)
  • Choice Bank (Belize)
  • Meinl Bank (Austria)
  • ARCO Group (Belgium)
  • Doral Bank (Puerto Rico)
  • Banco Popular (Spain)
  • Loyal Bank (St. Vincent & the Grenadines)
  • ABLV Bank (Latvia)
  • Pilatus Bank (Malta)
  • Bankas Snoras AB (Lithuania)
  • Bancrédito International Bank & Trust (Puerto Rico)
  • Corporate Commercial Bank AD (Bulgaria)
  • Optima Bank (Belgium)
  • Nemea Bank (Malta)
  • Banque Privada d’Andorra (Andorra)
  • FBME Bank (Cyprus & Tanzania)
  • Caledonian Bank Ltd (Cayman Islands)