FBME administrator allows withdrawals up to
The special administrator of FBME Bank’s Cyprus branch said on Monday that the bank started servicing customers? instructions, up to an initial limit of EUR 10,000 per customer per day. According Dinos Christofides, the administrator appointed by the Central Bank of Cyprus, only cheques drawn in euros are available, with a daily limit of 10,000, noncumulative, per customer.
He said in a statement that the branch is striving for the SWIFT system to operate, which will enable it to recommence its efforts to implement customer transactions without the need for cheques.
On July 21 the Resolution Authority issued a decree, which placed the FBME Bank Cyprus branch under resolution, with the purpose to sell the operations of the branch “with the aim of protecting FBME depositors”, after a US Treasury report implicated the bank in money laundering.
Meanwhile, in a continuing war of words, the Central Bank rejected allegations by the shareholders of Tanzania-based FBME Bank that it is responsible for the demise of the bank’s Cyprus branch, which has been suspended for nearly two months causing havoc to customers who have little or no access to their funds.
The shareholders had suggested that the action was a “hostile takeover” in order to sell the cash-rich operations to third parties and held the Central Bank and individuals personally liable for damage and loss suffered by FBME Bank,