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Bulgaria Parliament Passes New Bank Deposit Law
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Photo by Sofia Photo Agency
Bulgaria's Parliament has voted through the changes to the law on guaranteeing bank deposits.
Currently the national deposit fund has to pay all deposits of up to BGN 100 000 back to the client within a period of 45 days after a bank or its creditors inform the fund of bankruptcy. The new law that was passed by the National Assembly on Thursday envisages this period being reduced to 20 days.
In November 2008 the Bulgarian government officially guaranteed bank deposits of up to BGN 100 000.
European finance ministers agreed in early October 2008 to raise the minimum guarantee of bank deposits to EUR 50 000 across all EU member states as a measure to protect against the global financial crisis.
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