FBME Bank Cyprus takes over Deposit Guarantee Scheme tasks

The 15th of June 2016 was another important moment in the recovery process for FBME Bank customers with an account in Cyprus. After a few weeks of difficulties, the central bank of Cyprus and FBME Bank Cyprus came to an agreement where all possible delays in payment of depositors funds can be excluded. The procedure to claim funds changed drastically. As of the 15th of June customers of FBME Bank Cyprus must visit the main office of FBME bank in Nicosia first before they can file their claim at the central bank of Cyprus, where the further administration of the DGS takes place.

Bank customers need to present original evidence of the existence of the company, their passport and the original signed and stamped bank account allocation letter. When one of the documents is missing, or unacceptable, you can´t file a claim at the DGS. It is therefore critical to have certainty and clarity about the documents to present.

The activation of the DGS is the first step towards a solution for customers with accounts at FBME Bank in Cyprus and Tanzania. Once the DGS start to pay out bank customers, there is no way back.

Since 2014, this is the first major step towards total recovery of customer funds and we are optimistic and confident that our customers receive between 75 and 100% of their funds. Once the complete liquidation of the bank is over, and only by then, a claim of liability can be issued towards those responsible and therefore liable for the current situation.

For more information on our no cure no pay recovery services, please visit the page on our website ´FBME Bank Cyprus´ and leave your contact information to receive a call back. After a personal evaluation of your case we can decide if we like working with each other. No pressure but we only work for legitimate customers who fit in our business model and customer base.

Based on previous bank failures the rough estimate expectation for a total closure of the bank is 3 to 4 years. During this period, customers with funds that exceed the 100.000 Euro level receive the surplus of their account balance in tranches. The reason for periodic payments is that liquidity of the bank is not available immediately but will come once assets are sold or otherwise become available.