Are your funds stuck in the FBME Bank in Cyprus?

Has your Agent been no help?
Do you want to claim up to 100,000 Euros?

 

In the Summer of 2014, the FBME Bank in Cyprus and Tanzania were hit with a FinCen order, and all accounts effectively became frozen – no monies in or out have been allowed, except for the occasional cheque when the Cyprus branch was still open, but even that was limited access for international account holders.

So now, nearly three years later how can you access your funds?

The truth is you cannot – but if your account is at the Cyprus branch you can claim up to 100,000 Euros against your frozen balance by accessing the Deposit Protection Scheme (DPS), also referred to as the Deposit Guarantee Scheme (DGS).

Some of our clients mistakenly think they are actually accessing their own FBME funds, but that is not technically correct. They are claiming from a “pot” of funds held and managed by the regulating bank in Cyprus – Central Bank of Cyprus (CBoC), called the DPS. And, once the FBME funds are unfrozen, any successful claim automatically repays back to the “pot” at CoBC.

Claiming on the DGS only allows up to 100,000 Euros, or equivalent currency, but it does NOT mean that once your FBME account unfreezes you lose any balance over that – it is unaffected.

Example 1:

Frozen account at FBME Cyprus Branch – Balance £170,000 – Currently valued at approx. 200,000 Euros – Exchange rate was fixed in 2016 when the DGS opened.

Client claims on the DGS 100,000 Euros.

FBME account is unlocked – 100,000 Euros is automatically re-paid to DGS, leaving balance of 100,000 Euros for client.

Example 2:

Frozen account at FBME Cyprus Branch – Balance $50,000 – currently valued at approx. 60,000 Euros – Exchange rate was fixed in 2016 when the DGS opened.

Client claims all 60,000 Euros on DGS.

FBME account is unlocked – 60,000 Euros is automatically re-paid to DGS, leaving balance of zero for client.

We have been successfully assisting our clients and others with the DGS claims since the scheme opened in 2016 – all clients have been paid out – most within 10 working days.

We can help you through the tricky process – we will help collate and check all the required paperwork that the CBoC need, we can even provide concierge and airport pick up service.

Please telephone 0870 116 1156 to discuss with our experienced team how we can help you and what the costs are likely to be for your claim.

No obligation and totally confidential.

What can I do if my funds are in FBME Tanzania?

Unfortunately, not very much at time of writing – however if you wish to join in with our Class Action Suit aimed at the correspondent Banks that are currently holding the FBME funds, then please telephone or email for more information.