Is it possible to avoid FBME bankruptcy?
3 April 2015 - It's a rather unique situation with FBME Bank in Cyprus and Tanzania. The bank was placed under resolution already in July 2014. That's almost nine months ago. During these nine months a few things happened. All is explained in the article on the downfall of FBME Bank, where an indepth view of the recent developments is presented.
Early April, there should've been a meeting with representatives of Cyprus to discuss the effects of FBME's closure to the general public. Should have, because some of the people invited didn't show up. It was almost an April Fools joke, but it's reality in Cyprus. The reason government officials didn't show up was understandable, they don't want to make things more complicated than they are and try to avoid liability.
The question if it is possible to avoid FBME Bank bankruptcy is getting downplayed by many. Chances are slim that there will be a positive response to the debacle. The most relevant question therefore is how you are prepared to deal with it when you're a customer.
There are a few ways for legitimate customers to defend themselves against bankruptcy of FBME Bank. Although all are disclosed in this FBME Bank article, the main point is to proof that you are a legitimate bank customer and that you have nothing to do with the accusations of FinCEN that made the Central Banks decide to close the banks doors.
Early April, there should've been a meeting with representatives of Cyprus to discuss the effects of FBME's closure to the general public. Should have, because some of the people invited didn't show up. It was almost an April Fools joke, but it's reality in Cyprus. The reason government officials didn't show up was understandable, they don't want to make things more complicated than they are and try to avoid liability.
The question if it is possible to avoid FBME Bank bankruptcy is getting downplayed by many. Chances are slim that there will be a positive response to the debacle. The most relevant question therefore is how you are prepared to deal with it when you're a customer.
There are a few ways for legitimate customers to defend themselves against bankruptcy of FBME Bank. Although all are disclosed in this FBME Bank article, the main point is to proof that you are a legitimate bank customer and that you have nothing to do with the accusations of FinCEN that made the Central Banks decide to close the banks doors.