The Legal 500

Twitter Logo Youtube Circle Icon LinkedIn Icon
12TH DEMOSTHENI SEVERI AVENUE, 6TH FLOOR, 1080 NICOSIA, CYPRUS
Tel:
Work +357 22 46 55 00
Fax:
Fax +357 22 33 85 00
DX:
0548113396
Email:
Web:
www.americanoslaw.com

Show all Press releases

FBME Bank Ltd: Compensation to Depositors, Deadline until 11th April 2018.

April 2018

The Central Bank of Cyprus has on 9/4/2016, activated the procedure for the payment of compensation amount from the Deposit Guarantee Fund for Banks for deposits held in FBME Bank Ltd – Cyprus branch.

Depositors of FBME Bank Ltd – Cyprus Branch whose deposits are covered by the DGS are invited to submit the required information by 11 April 2018.

The Deposit Guarantee and Resolution of Credit and Other Institutions Scheme, which has been established by the Law in 2016 (‘the DGS’), and will pay through the Deposit Guarantee Fund for Banks, compensation amounting up to 100.000 Euro, to all eligible depositors of FBME Bank – Cyprus Branch, which are covered by the DGS.

The DGS covers all deposits at FBME Bank – Cyprus Branch, in Euro or in other currencies, which belong to natural or legal persons with certain exceptions, such as deposits by credit institutions and/or deposits by investment firms e.t.c.

Except from the Application, depositors need to accompany the following documents:

A    Legal Persons

1. Originally signed statement of particulars by the authorized person of the legal person submitting the statement of particulars (proxy) and the special administrator / authorized representative of the special administrator.

2. Originally signed certificate issued by the Registrar of Companies and Official Receiver whereby it appears the registration number of the legal person and its registered mail address.

3. Identity card and passport, together with copies, of the person who is authorized by the legal person to submit the statement of particulars with the supporting documents on behalf of the legal person.

4. Originally signed confirmation by a European Economic Area (EEA) credit institution to which payment will be made. On the signed confirmation, the following should appear: IBAN, BIC and the same name of the beneficiary as the one on the statement of particulars.

5. Regarding companies which are registered outside of the Republic of Cyprus, documentation in English similar to the one mentioned above should be presented and this should be certified by the claimant’s embassy or consulate in the Republic of Cyprus or the special administrator.

B.Natural Persons

1. Adults

- Demonstration of a valid identity card of the Republic of Cyprus or of another country AND of a valid passport with a clear photograph of the actual beneficiary, and a submission of a photocopy of each.

2. Minors

- Demonstration of a valid identity card (if the minor possesses one) of the Republic of Cyprus or of another country AND/OR of a valid passport with a clear photograph of the actual beneficiary, and a submission of a photocopy of each.

- Provision of an original or certified copy of a birth certificate (in English if Greek is not available) provided by the parent / guardian.

- Identity Card and passport for the identification of the parent/guardian as well as a photocopy of his/her identity card and passport

- Provision of an original or certified copy of a court order regarding the management of the minor’s account.

All eligible depositors of FBME Bank Ltd – Cyprus Branch whose deposits are covered by the DGS are invited to submit the required information and documentation the latest by 11 April 2018, in order to ensure that the DGS will proceed and adequately compensate them.

For more information regarding the procedure and documents that need to be submitted, assistance and support to eligible deposit holders, please contact our law firm and in particular Eve Karaviotou at: eve.karaviotou@americanoslaw.com; or info@americanoslaw.com;

Legal Developments in Cyprus

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to