KTB Depositors Threaten to Foil Bulgaria's Elections

Society | September 29, 2014, Monday // 21:22
Bulgaria: KTB Depositors Threaten to Foil Bulgaria's Elections Depositors have vowed there will be no elections unless KTB is opened and rescued. Photo by BGNES

Depositors at troubled Corporate Commercial Bank (KTB) have demanded that the bank be open before October 5, the date of early elections for Parliament in Bulgaria.

They have also insisted that Bulgarian National Bank (BNB) Governor Ivan Iskrov step down immediately.

"On [October] 5 we can blockade Regional Electoral Commissions or the Central Electoral Commissions (CEC). The deadline is October 5. If KTB is not opened - [there will be] no elections!," BGNES news agency quoted one of the initiators as saying.

Demostrators have also vowed to set up a protest camp if their calls are not heeded.

On Monday Finance Minister Rumen Porozhanov said the financial evaluation of KTB was to be complete early in October.

Bulgaria’s central bank (BNB) seized control of KTB and Victoria Bank in June following a deposits run, suspending all of their operations and ordering an audit of their books that has to be completed by October 20.

After the special supervision was extended until mid-November, the EU started infringement proceedings against Bulgaria due to the way it handled the crisis.

With depositors at the two banks having had no access to their money for more than three months and with BNB’s decision of 16 September 2014 to extend the period of special supervision over KTB and Victoria Bank to 20 November and 22 November, respectively, “the current situation may undermine public trust in the deposit guarantee scheme in Bulgaria,” the Commission said.

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Tags: Corporate Commercial Bank, KTB, BNB, depositors, elections, CEC

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