FBME news

The lack of FBME news is making life of the thousands of customers of the bank hard. The Central Banks in Cyprus and Tanzania have (understandable) different rules to set but that leaves the willing service line operators in the middle. Miscommunication and accidental misinformation was never this big in a financial disaster similar to this one. 

In Europe, there is a history of banks that collapse. Barings bank, icesave, Laiki Bank don't exist anymore and during the times of great recession between 2007 en 2010, many world class banks were on government support. But not only financial institutions are facing difficult times. Governments and countries like Greece, Portugal, Ireland and Spain are in turmoil as well. 

One of the latest disasters in the European financial arena is Cyprus based FBME bank. This financial institution, active since 1952 got into heavy weather after FinCEN, part of the US Treasury, published a scathing report claiming that FBME bank opened their doors for customers no bank should welcome. 

The Cyprus government, paniced. They placed FBME bank under resolution of the Central Bank. Since then, it happened in July 2014, there is not much FBME bank news. It looks like nobody knows what will happen next. But you don't have to related to Einstein to see that this situation has to come to an end shortly. 

The bank is not able to run a profitable business and their expenses are still at peak level. It is uncertain where this will go. What everyone does know is that the longer this takes, the faster things get out of control. FBME as we used to know the bank, will never be the same again. There are some scenarios but it's premature to describe them all. A word to the wise however is to find a solution when you still have assets with FBME.