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On 20 January 2017, the local regulator – the Malta Financial Services Authority (MFSA) – announced its decision to propose to the European Central Bank the withdrawal of Nemea Bank’s license granted under the Banking Act, Cap. 371.
This decision was taken following the identification of a number of serious regulatory shortcomings in the Bank’s operations on 27 April 2016, and is motivated by what is considered to be the lack of tangible progress by the Bank’s shareholders in fulfilling the regulatory requirements made to it by the MFSA.
Pending the ECB’s final decision on the withdrawal of Nemea Bank’s license, the Bank has been instructed to prohibit any further withdrawals of deposits with immediate effect. This decision has been taken as a precautionary measure to safeguard the assets of the Bank and to ensure equal treatment of depositors.
In the eventuality that the ECB determines that the Bank’s license should be withdrawn, the Depositor Compensation Scheme in Malta will cover deposits up to a maximum of EUR 100,000 per eligible depositor. In the case of joint account holders, each holder shall be covered up to a maximum of EUR 100,000 per depositor, subject always to the EUR 100,000 limit applicable to all accounts held by a person. In the meantime, all interest due and any other terms and conditions relating to clients’ accounts shall remain unchanged.
The Competent Person appointed to take charge of the assets of the Bank and assume control of the Bank’s business – PricewaterhouseCoopers Malta (PwC) – will remain in place until further notice.
The MFSA has compiled a set of Frequently Asked Questions on its website, which can be accessed here: http://www.mfsa.com.mt/pages/announcement.aspx?id=8150
The Bank requests all its clients to contact +356 2570 8100 to discuss any questions or concerns they may have in relation to their accounts. The MFSA has also set up a freephone line to address public and client concerns at +356 8007 4924.
On that note, I'd like to mention that there's also number26 (a similar service) but they have a very obscure identification procedure. Residents of most EU countries are required to show passport ID, something that happens in a livechat video session. Provided that passports cost at least 50€ in most of Europe it doesn't really feel worth it unless one really needs their services. This decision was taken following the identification of a number of serious regulatory shortcomings in the Bank’s operations on 27 April 2016, and is motivated by what is considered to be the lack of tangible progress by the Bank’s shareholders in fulfilling the regulatory requirements made to it by the MFSA.
Pending the ECB’s final decision on the withdrawal of Nemea Bank’s license, the Bank has been instructed to prohibit any further withdrawals of deposits with immediate effect. This decision has been taken as a precautionary measure to safeguard the assets of the Bank and to ensure equal treatment of depositors.
In the eventuality that the ECB determines that the Bank’s license should be withdrawn, the Depositor Compensation Scheme in Malta will cover deposits up to a maximum of EUR 100,000 per eligible depositor. In the case of joint account holders, each holder shall be covered up to a maximum of EUR 100,000 per depositor, subject always to the EUR 100,000 limit applicable to all accounts held by a person. In the meantime, all interest due and any other terms and conditions relating to clients’ accounts shall remain unchanged.
The Competent Person appointed to take charge of the assets of the Bank and assume control of the Bank’s business – PricewaterhouseCoopers Malta (PwC) – will remain in place until further notice.
The MFSA has compiled a set of Frequently Asked Questions on its website, which can be accessed here: http://www.mfsa.com.mt/pages/announcement.aspx?id=8150
The Bank requests all its clients to contact +356 2570 8100 to discuss any questions or concerns they may have in relation to their accounts. The MFSA has also set up a freephone line to address public and client concerns at +356 8007 4924.
I've always wanted an EUR account in Europe...
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