Notice to depositors

To our esteemed clients,

Following a recent onsite inspection held jointly by the Malta Financial Services Authority and the European Central Bank in April 2016, a number of serious regulatory shortcomings were identified in the Bank’s operations.

These regulatory findings have been communicated to the Bank, together with a directive that restricts the Bank from opening any new accounts or from accepting new client deposits into accounts. Withdrawals by existing clients are being limited to EUR250 per day for each client until further notice.

The regulator has appointed PricewaterhouseCoopers Malta as 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. This appointment has been effected in terms of Article 29 of the Banking Act and Article 15A of the Investment Services Act.

The regulator has taken these measures to safeguard the interests of depositors and the Bank’s other clients.

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

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.

Nemea Bank is a member of the Maltese Depositor Compensation Scheme, which is based on the EU Directive 94/19 and which protects deposits up to EUR100,000 per client.

The Bank apologizes to its clients for the inconvenience caused through the interruption of normal operations.


Nemea Bank

Term Deposit Account
We could not process your request. Kindly contact client services

Maar wel EU.
CEO van Nemea is voormalig topman van Kaupting Bank ( voormalige IJslandse bank )

MaltaToday understands that political pressure was also brought to bear upon the ECB to finally take action, when Belgian and Dutch depositors were being targeted by the online bank with some of Europe’s highest interest rates.
In 2015, the bank started marketing its 4% term deposits to attract 30,000 clients in the Belgian and Dutch market, so that it can start offering consumer loans by the second half of 2015.

But scepticism was apparent among some financial observers: in one TV interview with Nemea Bank carried out by Dutch broadcaster RTL, the broadcaster described the 4% interest rate for five-year term deposits as a "banking stunt" that was 10 times more attractive than other bank offers. "The story is reminiscent of IceSave. That's right: two men of an Icelandic bank sitting behind the bench. Nemea is not supervised by the Dutch National Bank. Is it safe? You have been warned."

While the Maltese state offers depositor protection of up to €100,000, the Dutch retail market had already been sensitive to the IceSave banking crash, a national trauma for depositors that led Dutch finance minister and Eurogroup president Jeroen Dijseelbloem to publicly declare that Dutch savers should keep their money within the country.

http://www.maltatoday.com.mt/business/business_news/64520/warnings_from_ecb_over_nemea_bank_since_2015#.V1bZW-Rf3cv.

MaltaToday has reported that warnings on the “serious regulatory shortcomings” inside the online-only bank Nemea, which is headquartered in Portomaso, have been pouring in from the European Central Bank for the past 12 months.

MaltaToday understands that political pressure was also brought to bear upon the ECB to finally take action, when Belgian and Dutch depositors were being targeted by the online bank with some of Europe’s highest interest rates.

http://www.maltatoday.com.mt/business/business_news/64780/nemea_bank_releases_annual_figures_were_profitable_and_highly_liquid#.V1ba9uRf3ct

UPDATE: Client withdrawal limit lifted to EUR 2,500 per day

18 July 2016


Following the injection of new capital and various exchanges of correspondence between the shareholders and the Malta Financial Services Authority (MFSA) in relation to the outstanding regulatory issues that the Bank must address, the Authority has taken the decision to ease the daily deposit withdrawal limit imposed on the Bank’s clients, from EUR 250 per day to EUR 2,500 per day. The new daily deposit withdrawal limit shall be effective as of Monday, 18 July 2016.

The MFSA is presently in discussion with the Bank’s shareholders and has outlined a number of pending measures that the Bank is expected to implement for it to be in a position to gradually ease other restrictions that are currently in force within the Bank.

The direction given to the Bank by the MFSA, not to accept further deposits, from current as well as new customers, as well as not to allow term deposits to be withdrawn before their stated maturity dates, shall remain in force for the coming period.

Until further notice, the competent person appointed by the MFSA – PricewaterhouseCoopers Malta – shall continue the mandate granted to it by the MFSA on 26 April 2016, and support the Bank in coming in line with regulatory requirements.

The Bank reiterates its commitment to its clients and to the successful implementation of all regulatory measures with a view to resuming normal operations as quickly as possible.