I have the same problem BUT I changed my radiomodul to BM54 a half year ago, everything worked perfect until now. I could see the list of radiostations with RDS without any problem. Now I can see only ONE radiostation. If I use buttons left/right arrows for manual search I can find another stations and even see RDS information on the top of monitor BUT in the main window of screen is only one station "LOCAL-L". Actualy I didn't fix this problem yet...
My car is E39 530 ECE LHD Automatic 06.2001 with navi (MK4) and TV, BM54.