Central Bank started deposit guarantee scheme for FBME Bank LTD.

The Central Bank of Cyprus issued an announcement on the 8th of April 2016 initiating the Depositor’s Protection Scheme (DPS) for the depositors of FBME BANK LIMITED (Cyprus Branch). Under the terms of the DPS the limit for compensation is EUR 100,000.

In order to participate in the DPS depositors must submit the following information:

  • Original Certificate of incorporation of the company certified by apostille.
  • Director’s certificate or other akin document indicating the director of the company
  • Signed letter by the director of the company
  • Signed letter by the beneficial owner of the company.
  • Indicate a designated bank account to which the funds will be transferred to. Please note that this account must be in another EU member state.
  • Bank letter confirming the following details for the designated bank account:
    IBAN
    BIC
    Beneficiary Name

The procedure is as follows:

  • With the receipt of scanned copies of the above documents we will prepare the relevant application which will need to be signed either by the Beneficial Owner or the Director of the company
  • On the application we will appoint ourselves as a proxy for handling the whole procedure.
  • Upon filing of the relevant application the CBC will notify the account holder of the amount which has to be paid out, after offsetting any credit the account has with any pending fees, installments and/or other obligations to the bank. This notification will be sent via email to the address provided on the application form.
  • Upon receipt of the notification the deposit holder shall have 30 calendar days to object to the amount as calculated by the CBC.
  • If there is no objection to the amount then the CBC will proceed to make payment to the designated account indicated on the application.

Important points to note:

The DPS covers accounts in any currency however the conversion shall be based on the rates set by CBC on the 09th April 2016.
The deadline for filing the application is the 09th of April 2018.
Customers need to communicate with the receiving bank beforehand and make sure that all supporting documentation are submitted to the bank pending the payment of the funds to avoid any complications.
For customers with deposits of more than EUR 100,000 submitting an application means relinquishing their rights to the fund ONLY to the extent of the compensation received. For any amount exceeding EUR 100,000 Depositors will have to take personal action against the bank and/or Special Administrator.

How can we help you?

Our team will be at your disposal to discuss your interest to file your application. We can assist you to prepare all the paper work and set up your Bank Account if you needed. Our lawyers will assist with you during the meeting with the Central Bank.