The Central Bank of Cyprus issued a statement on Friday, announcing that Dinos Christofides, Special Administrator of FBME Bank Ltd (Cyprus Branch) is resigning for personal reasons, as of 16 May 2015.
Andrew Andronicou, who was recently appointed as an additional Special Administrator, will continue to perform his duties in accordance with the provisions of the Resolution of Credit and Other Institutions Laws, according to the statement.
What the consequences will be of this action will soon be revealed. Both US based FinCEN and the International Chamber of Commerce (ICC) in Paris will present their statements end of May and early June. After nine months of downtime, there is finally some light at the end of the tunnel.