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NEMEA BANK PLC

Credit Institutions

Status:

Authorisation Revoked

ROC Company ID:

C 45026

Identification:

NEM

Registered Address:

93, MILL STREET,

Town:

QORMI

Country:

MALTA

Postcode:

QRM 3102

Phone:

25708000

Fax:

25708111

Email:

info@nemeabank.com; contact@nemeabank.com

Website:

www.nemeabank.com
ROC Registration Date: 02/09/2008

Licence Issue Date:

02/08/2008


Credit Institutions Activities:
  • 01 - Financial Leasing
  • 02 - Payment Services as defined in the Financial Institutions Act
  • 03 - Issuing and administering other means of payment insofar as this activity is not covered by Activity 2
  • 04 - Guarantees and Commitments
  • 05a - Trading for own account or for account of customers in money market instruments
  • 05b - Trading for own account or for account of customers in foreign exchange
  • 05c - Trading for own account or for account of customers in financial futures and options
  • 05d - Trading for own account or for account of customers in exchange and interest-rate instruments
  • 05e - Trading for own account or for account of customers in transferable securities
  • 06 - Participation in securities issues and the provision of services related to such issues
  • 07 - Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings
  • 08 - Money broking
  • 09 - Portfolio management and advice
  • 10 - Safekeeping and administration of securities
  • 11 - Credit reference services
  • 12 - Safe custody services
  • Business of Banking - Business of Banking


Member of the Depositor Compensation Scheme:
Further Information: www.compensationschemes.org.mt
Yes

Penalties / Sanctions Applied

Penalty DateInfringement TypeAmount (€)
23/03/2017 Public Notice concerning Nemea Bank p.l.c.


Reference is made to the Malta Financial Services Authority’s (‘the Authority) Media Release concerning Nemea Bank plc (‘the bank’) dated 20 January 2017 [link].

Further to the above media release, on 23 March 2017 the ECB decided to withdraw the licence of the bank.
This notice will remain valid until such time as the Authority may communicate further information.

Further information may be obtained by accessing the Authority’s webpage www.mfsa.com.mt which includes a number of Frequently Asked Questions.

Any communication in relation to the Bank should be addressed to the Bank on 25708100 or the Authority on contact number Freephone 80074924.

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20/01/2017 Public Notice concerning Nemea Bank plc

On 27 April 2016 the Malta Financial Services Authority (‘the Authority’) issued a Public Notice concerning Nemea Bank plc (‘the Bank’) whereby the Authority informed the public that in order to ensure the proper protection of depositors and the Bank’s other clients, the Authority was appointing PricewaterhouseCoopers Malta (‘PwC’) as a competent person in terms of Article 29 of the Banking Act and Article 15A of the Investment Services Act.
In terms of the same Directive, the Competent Person was instructed to [i] take charge of the assets of the Bank for the purpose of safeguarding the interests of depositors and its other clients; and [ii] to assume control of the Bank’s business and to carry on that business and such other functions as the MFSA may direct.
These precautionary measures were taken in view of regulatory shortcomings that had been identified at the Bank and were to remain in place until such time as the MFSA may otherwise direct.
By a further Notice issued on the same date the Authority advised that the limit for withdrawals from Nemea Bank deposit accounts had been set at €250 per depositor per day.
By means of another Public Notice published on 18 July 2016 the Authority advised that it had decided to ease the deposit withdrawal limit from €250 to €2,500 per depositor per day. This easing was subject to the condition that the present maturities of deposits are maintained and that no term deposits are allowed to be withdrawn before their stated maturity dates.
The Authority also confirmed that discussions were being conducted with the Bank’s shareholders with the aim of ensuring that the necessary action is taken to address the regulatory shortcomings.
Despite repeated requests, to date no tangible progress has been registered to fulfil these regulatory requirements. Given that this situation cannot be sustained indefinitely without undue detriment to depositors, the Authority has now decided to propose to the ECB the withdrawal of the licence granted to the Bank under the Banking Act, Cap 371. This measure has been taken by the Authority in the interests of the depositors of the Bank.
Pending the ECB’s final decision on the license withdrawal, a prohibition of the withdrawal of deposits has been put in place with immediate effect as a precautionary measure to safeguard the assets of the Bank and to ensure the equal treatment of depositors. In addition the Competent Person will remain in place until further notice.
This notice will remain valid until such time as the MFSA may communicate further information.
Further information may be obtained by accessing the Authority’s webpage www.mfsa.com.mt which includes a number of Frequently Asked Questions.
Any communication in relation to the Bank should be addressed to the Bank on 25708100 or the Authority on contact number Freephone 80074924.

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27/04/2016 Public Notice Concerning Nemea Bank plc


This notice is being issued in respect of Nemea Bank p.l.c., (“the Bank”) having registration number C-45026 and operating from Level 17, Portomaso Tower, St Julians, and which holds a credit institution licence in terms of the Banking Act (Chapter 371 of the Laws of Malta), and a Category 2 and Category 3 investment services licence in terms of the Investment Services Act (Chapter 370 of the Laws of Malta).

In order to ensure the proper protection of depositors and the Bank’s other clients, the MFSA has today appointed PricewaterhouseCoopers Malta (‘PwC’) as a competent person in terms of Article 29 of the Banking Act and Article 15A of the Investment Services Act. Furthermore the Bank has been given direction with respect to acceptance of deposits and withdrawals until further notice.

These measures are being taken with specific reference to the Bank following an on-site inspection at the Bank carried out jointly with members of the DGMSIII of the European Central Bank (‘ECB’) and which was finalised in April 2016. As a result of this joint inspection a number of serious regulatory shortcomings have been identified and the Authority has decided to take regulatory action to safeguard the interests of depositors and other creditors of the Bank.

In view of these regulatory concerns, which were also discussed by the Supervisory Board of the ECB, the MFSA considered that as a response to the Bank’s situation, taking also the recommendation of the Supervisory Board of the ECB, it is necessary to appoint a competent person to: [i] take charge of the assets of the Bank for the purpose of safeguarding the interests of depositors and its other clients; and [ii] to assume control of the Bank’s business and to carry on that business and such other functions as the MFSA may direct.

These precautionary measures will remain in place until such time as the MFSA may direct otherwise.

Any communication in relation to the Bank should be addressed to the Bank on the following number 25708100.

Click below to view Questions & Answers in relation to the above Notice:

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Generated on: 24 April, 2018 - 04:25