The Central Bank of Cyprus has activated the Deposit Guarantee Scheme (DGS) as it considered that FBME Bank LTD- Cyprus Branch appears for the time being unable to repay deposits,  and seems that will not do so in future due to its financial condition. Deposits include all deposits held by natural or legal persons in Euro and in other currencies.

According to the DGS the maximum amount payable as compensation to a depositor, for the aggregate of eligible deposits with FBME is EURO 100.000, including accrued interest.

The DSG covers eligible deposits in all currencies but the compensation will be paid in Euro and the compensation amount will be calculated based on the exchange rate against the Euro published on the European Central Bank’s website on 8 April 2016.

The statement of particulars and application form should be submitted in person by the depositor or legal representative, to the Central Bank of Cyprus together with signed confirmation of an EU credit institution to which payment of amount will be made. On this signed confirmation, the following should appear: IBAN, BIC and the same of the beneficiary as the one on the statement of particulars.

a. For the claim to be valid for natural persons – demonstration of valid passport with a clear photograph of the actual beneficiary and submission of photocopy is necessary.

b. For Cyprus companies – an original certificate issued by the Registrar of Companies is needed.

c. For companies registered outside Cyprus – original certificate should be certified by the claimant’s embassy or consulate in Cyprus or the special appointed administrator.

Provided all documentation is submitted together with the necessary particulars compensation should be paid in the bank account of the beneficiary or in the Clients Account of the Service Provider within 7 working days.