FBME deposit protection scheme

Finally after two years of stress there is light at the end of the tunnel. It was clear for a long time that FBME would not survive this crisis. In april 2016 this became reality when the deposit protection scheme for FBME depositors was opened.

Since the early days of the closure of the bank I was in contact with Legal Floris LLC, a small Limassol and USA based financial and legal recovery firm. Since I do not have Euro on my accounts at FBME they were not able to present me with a direct way to get my money in early 2014, we decided to wait.

Together with my wife, we both are the owners of the company that holds the account at FBME we went to Cyprus and met with the local rep of Legal Floris LLC. First step is that they helped us to open a bank account at Hellenic Bank. Although the official opening took a few days we already received the needed account number after this first day. We were impressed things went this fast.

The second day we were in Cyprus, we went with our legal advisor to the central bank in Cyprus were we applied for the deposit protection scheme. We fortunately have less than euro 100,000 on the account but it still is enough to start worrying when we could not recover it. Anyway, we filed the claim, received a confirmation from the central bank of Cyprus and all looks like it is going to end positive.

The central bank wants to inform us about the proceedings within 7 days after we file the claim but that seems to be a bit too fast, especially since the employees of FBME do everything to block the administrator from doing his work.

We are grateful for all guidance we received from Legal Floris and strongly recommend you to read their article FBME Cyprus customers receive up to 100.000 Euro from deposit guarantee scheme in order to understand the processes involved and claim your money. It is worth the shot and it seems that there is light at the end of the horizon, at least for us there is.