DEPOSIT GUARANTEE AND RESOLUTION OF CREDIT AND OTHER INSTITUTIONS SCHEME

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1 Last update: 09/04/2016 DEPOSIT GUARANTEE AND RESOLUTION FREQUENTLY ASKED QUESTIONS REGARDING THE ACTIVATION OF THE DEPOSIT GUARANTEE SCHEME Disclaimer: These Frequently Asked Questions are made available for information purposes only. These Frequently Asked Questions do not constitute an announcement on behalf of the DGS or the Central Bank of Cyprus and are not binding on the DGS or the Central Bank of Cyprus. The DGS functions according to Law 5(I)/2016 ( the Law ) and the Regulations and decisions issued thereunder. 1. Under what circumstances is the Deposit Guarantee Scheme (DGS) activated? The DGS is activated when: (i) the Central Bank of Cyprus (CBC) has established and informed the Management Committee of the DGS that a covered institution appears for the time being unable to repay its deposits for reasons directly related to its financial condition and deems that the said institution will not be able to do so in future, or (ii) an order has been issued by a Court of the Republic of Cyprus for liquidation of the specific covered institution, pursuant to the Business of Credit Institutions Law, as this is amended or replaced, or in the case of a covered institution established in a country other than the Republic of Cyprus, a corresponding court order has been issued by the judicial authority of the country where the said institution is established. 2. Why has the DGS been activated in the case of FBME Bank Ltd Cyprus Branch ( FBME )? The DGS has been activated because the Central Bank of Cyprus has established and has informed the Management Committee of the DGS that FBME Bank Ltd Cyprus Branch appears for the time being unable to repay deposits for reasons directly related to its financial condition and deems that FBME Bank Ltd Cyprus Branch will not be able to do in future. 3. If I m a depositor of FBME, what do I need to do? You need to ensure that your deposit does not fall in the category of deposits which are exempted from coverage of the DGS (please refer to Question 5). If your deposit is covered under the DGS, then you will need to provide particulars for compensation. 1

2 4. Which deposits are covered by the DGS? Deposits covered include all deposits held by natural or legal persons, in euro or in any other currency, including accrued interest up to 8 April 2016 provided they do not fall in the categories of exemptions. In accordance with Article (2) of the Law 5(I)/2016 deposit means credit balance which results from funds left in an account or from temporary situations deriving from normal banking transactions and which a credit institution is required to repay under the legal and contractual conditions applicable, including a fixed-term deposit and a savings deposit, but excluding a credit balance where: (a) its existence can only be proven by a financial instrument as defined in Article 4(17) of Directive 2004/39/EC of the European Parliament and of the Council, unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which exists in a Member State on 2 July 2014; (b) its principal is not repayable at par; (c) its principal is only repayable at par under a particular guarantee or agreement provided by the credit institution or a third party; 5. Which deposits are exempted from coverage by the DGS? The deposits which are exempted from the DGS and thus are not covered are: (a) deposits made by banks and cooperative credit institutions on their behalf and for their own account; (b) own funds; (c) deposits arising out of transactions in connection with which there has been a criminal conviction for money laundering ; (d) deposits by credit institutions; (e) deposits by investment firms; (f) deposits the holder of which has never been identified pursuant to the provisions of the Prevention and Suppression of Money Laundering Activities Law, as this is amended or replaced, when they have become unavailable; (g) deposits by insurance undertakings and by reinsurance undertakings; (h) deposits by collective investment undertakings; (i) deposits by pension and retirement funds; (j) deposits by public authorities; 2

3 (k) debt securities issued by a credit institution and liabilities arising out of own acceptances and promissory notes. Notwithstanding the provisions of (i) above, deposits from individual pension schemes and occupational pension schemes or small-medium enterprises funds, including collective schemes or Occupational Retirement Benefit Funds of which the members are employees of one or/and more small-medium enterprises and which are either registered with the Registrar of Occupational Retirement Benefit Funds according to the provisions of the Establishment, Activities and Supervision of Occupational Retirement Benefit Funds Law or are integrated through an insurance contract with an insurance company in Sector 7 of the Life Insurance, in accordance with the provisions of the Insurance Services and Other Related Issues Law, are covered by the DGS, subject to the provisions of Regulation 8(1) and Regulation 10(2)(e). 6. How and where can I submit my statement of particulars? You will need to submit your statement of particulars in person at the offices of the Central Bank of Cyprus, 80 Kennedy Avenue, 1076 Nicosia, Cyprus, together with the necessary documentation. 7. Where can I obtain a relevant statement of particulars for my claim? The relevant forms are available online on the Central Bank of Cyprus website: Also they are available in hard copies at: (a) the offices of FBME, 90 Archbishop Makarios III Avenue, 1077 Nicosia, Cyprus and (b) the offices of the Central Bank of Cyprus, 80 Kennedy Avenue, 1076 Nicosia, Cyprus. 8. What documents do I need to take with me for my claim to be valid? Natural persons (resident in Cyprus or abroad) 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 submission of a photocopy of each. - Originally signed confirmation by an European Economic Area (EEA) 1 credit institution to which the payment will be made. On this signed 1 See Question 23. 3

4 confirmation, the following should appear: ΙΒΑΝ, BIC and the same name of the beneficiary as the one on the statement of particulars. Minors (the statement of particulars is submitted by the parent/guardian) - 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 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 per the point above referring to the identification of adults as well as provision of a photocopy of his/her identity card and passport. - Provision of an original or certified copy of a court order (in English if Greek is not available) regarding the management of the minor s account. - Originally signed confirmation by an European Economic Area (EEA) 2 credit institution to which the payment will be made. On this signed confirmation, the following should appear: ΙΒΑΝ, BIC and the same name of the beneficiary as the one on the statement of particulars. Note for the identification of natural persons: In cases of slightly different nomenclatures (e.g. one letter) compared to what exists in the Depositors Register, the statement of particulars will be considered valid provided the identification documentation reflects the name on the statement of particulars. Legal persons - Originally signed statement of particulars by the authorised person of the legal person submitting the statement of particulars (proxy) and the special administrator / authorised representative of the special administrator. - 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. - Identity card and passport, together with copies, of the person who is authorised by the legal person to submit the statement 2 See Question 23. 4

5 of particulars with the supporting documents on behalf of the legal person. - Originally signed confirmation by an European Economic Area (EEA) 3 credit institution to which the payment will be made. On this signed confirmation, the following should appear: ΙΒΑΝ, BIC and the same name of the beneficiary as the one on the statement of particulars. - 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. 9. Treatment of special accounts (client accounts, trust accounts, partnerships, etc.) Client accounts: the special administrator of FBME has the responsibility to submit the whole file of the client to the Management Committee of the DGS so that the latter will make a decision on whether to compensate and by how much the specific deposit. Trust accounts: the special administrator of FBME has the responsibility to submit the whole file of the client to the Management Committee of the DGS so that the latter will make a decision on whether to compensate and by how much the specific deposit. Accounts administered by corporate service providers: the authorised persons (proxies) may contact the DGS via at dps@centralbank.gov.cy in order to arrange for an appointment for the submission of the relevant forms of their clients. 10. What happens if I have more than one deposits in FBME? You will need to submit only one form with respect to all of your accounts or shares in accounts. The aggregate amount of your deposits with FBME is taken into account and then set-off as per Question What is the maximum amount of coverage for each depositor? The maximum amount payable as compensation to a depositor, for the aggregate of his/her eligible deposits with FBME is (one hundred thousand euro), including accrued interest. Notwithstanding the above, some accounts serving social purposes or resulting from real estate transactions relating to private residential 3 See Question 23. 5

6 properties are entitled for a further payable amount up to for a period of six months between the deposit being legally transferable and the account being credited, whichever comes first. Please refer to Regulation 2 and Regulation 8(2). 12. What happens if I have a joint deposit account? In case of joint accounts, each of the joint account holders is deemed to have a separate deposit. The total amount of the net deposit is divided equally among the co account holders, unless there are specific contractual terms or evidence which differentiate the above. Each co account holder has to submit his/her particulars separately. 13. What happens if I have a loan or other liability against FBME? The liabilities of a depositor against FBME are taken into account when calculating the compensation amount, according to the provisions of the Bankruptcy Law and the relevant provisions applicable to the bilateral agreement between the institution and the depositor. Therefore the amount of compensation payable to you is determined after setting-off your liabilities against FBME. These could be, for example, loans, overdrafts, credit card balances, hire purchase agreements or other financing. 14. What happens if I have a loan or other liability against FBME and I m also a joint account holder? In case of joint accounts, each of the joint account holders is deemed to have a separate deposit. The total deposit amount of the net deposit is divided equally among the co account holders, unless there are specific contractual terms or evidence which differentiate the above. Outstanding debit balances of a particular depositor will be set-off against that depositor s accounts as well as his/her shares in any joint accounts. 15. Are deposits held by an individual considered to be separate from deposits held in the name of a legal person (company) in which that particular individual has an interest as holder of share capital? Companies are separate legal entities, independent of their shareholders. Legal entities are entitled to separate compensation provided that they do not fall within the categories of deposits excluded from compensation. 16. Are deposits held by individuals within the context of their vocation considered to be separate from other personal deposits? 6

7 Deposits to which two or more persons are entitled as members of a partnership or a deposit which belongs to an association or any union of persons with or without legal personality, shall be treated as a single deposit for the purposes of calculating the amount of compensation. Deposits held by an individual in the context of his profession as selfemployed in a business which does not constitute a separate legal entity, are not considered separate from any other deposits held in the name of the individual. 17. What happens if I have deposits in foreign currency? The DGS covers eligible deposits in all currencies but the compensation amount will be paid out in euro. If you have deposits in foreign currency, 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 How long does it take until I receive my reimbursement? Provided all necessary documentation is submitted together with your particulars as the procedure explained above, compensation should reach you within 7 working days. 19. Is there a time limit after which my right to claim a reimbursement is discarded? A depositor s right to compensation payment shall not be forfeited in case of failure to provide particulars until 9 April How will I be notified that the DPS has paid my compensation? A notification will be sent to the address specified on your statement of particulars after the DGS will have calculated the compensation amount and instructed the credit transfer to your account in another EEA credit institution specified in your statement of particulars. 21. What happens if I disagree with the amount reimbursed to me by the DPS? You have 30 calendar days from the date the notification has been transmitted to you by the DGS regarding your reimbursement to contact the DGS and notify the DGS of your disagreement. 22. Whom can I contact for more information? 7

8 Helpline tel / / from 08:00 to 15:00 CY time. dps@centralbank.gov.cy 23. What happens if I do not have another account or my other account is not in an EEA country? If you do not have another account, you should take all necessary steps to open one in an EEA credit institution. The DGS can only compensate depositors who have accounts in the EEA. For your reference, the countries which belong to the EEA are: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, the UK, Iceland, Liechtenstein and Norway. 24. Who has the responsibility for the administration of the DGS? Responsibility for managing the DGS is assigned to a Management Committee composed of five members, the Chairman of which is ex-officio the Governor of the CBC. The four other members of the Management Committee are appointed by the Governor of the CBC and include two employees of the CBC and two employees of the Ministry of Finance who are recommended by the Minister of Finance. 25. Where can I find more information regarding the legal framework pertaining to the functioning of the DGS? On the Central Bank of Cyprus website (Greek only): 8

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