As many as ten banks will be in charge of reimbursing depositors' money at Corporate Commercial Bank (KTB or Corpbank), which the central bank stripped of license last week, a lawmaker says.

The Bulgarian Parliament's Budget and Finance Committee Chair Menda Stoyanova told public broadcaster BNT on Monday that savings at the bank will be paid back to depositors within the envisaged deadline, referring to an earlier statement of the Deposits Insurance Fund (DIF) that the process will begin December 4.

Stoyanova asserted that municipalities, who have their money protected by state securities, will be able to receive all their savings stored in KTB.

However, she warned some enterprises might lose the bulk of their assets.

DIF protects depositors’ funds in banks of up to BGN 196 000 (EUR 100 000), though some experts and politicians suggested the law should be amended to allow for the repayment of bigger sums.

The most negative impact of developments at Corpbank is not about the money that has to be provided, but about "trust", she explained.

"The Bulgarian National Bank [BNB] is the pillar of the banking system... Unfortunately in the case of KTB it turns out some state institutions did not do their job well," Stoyanova added.

Comments were also made with regard to the prosepctive budget overhaul.

Stoyanova said talks about how to update the 2014 budget were scheduled for Monday in the Finance Ministry.

In her words, the draft bill introduced for that purpose by former caretaker PM Georgi Bliznashki would be used as the basis to amend the fiscal framework, but some "small corrections" might have to be made.

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