Since early April 2016, the central bank of Cyprus activated the Deposit Guarantee Scheme (DGS) to payout the balance on the accounts of customers of FBME Bank in Cyprus. The payout is capped to 100.000 Euro per legal entity or individual.
The first two months of the DGS were difficult. FBME employees started a strike because they strongly disagree to the redundancies and treatment by the central bank administrator. At the same time the central bank administrator was not able to verify all needed information on the customer accounts. Quite a strange situation because FBME Bank Cyprus is under resolution of the central bank of Cyprus. In short this means that FBME Bank or any of its subsidiaries is not in charge anymore of the bank and cannot make any one decisions, hence the reason the holding company, FBME Ltd., launched its online information platform.
The 14th of June, the central bank and FBME Bank Cyprus branch came to a new agreement. FBME Bank employees have to verify the documents you present at the central bank. When FBME Bank agrees, a statement is given that the customer takes to the central bank (a minute walk) to file his claim. Uncomplete files cannot be taken into consideration and the customer has to come back to present the missing documents before the claim can be filed at the central bank.