Interim PM Points Budget Overhaul as Only Way to Pay Back KTB Deposits

Politics » DOMESTIC | October 29, 2014, Wednesday // 15:43
Bulgaria: Interim PM Points Budget Overhaul as Only Way to Pay Back KTB Deposits Interim Prime Minister Georgi Bliznashki. Photo by BGNES

Caretaker Prime Minister Georgi Bliznashki said Wednesday the update of 2014's budget would secure funding to allow depositors access to their savings at Corporate Commercial Bank (KTB).

After what might have been one of the interim cabinet's last ministerial meetings, Bliznashki added amending the budget was the only available solution to comply with EU calls on Sofia to provide access to KTB customers' savings.

On Tuesday Bliznashki introduced the draft to Parliament in person, just a day after the 43rd National Assembly held its inaugural session.

KTB is still under the special supervision of the Bulgarian National Bank (BNB) which began after a bank run in mid-June.

On Monday the BNB submitted to the newly-convened Parliament a document containing an account of events at KTB, insisting lawmakers should be involved in decision-making.

In September the EU Commission said it was launching infringement proceedings against Bulgaria over authorities' failure to unblock deposits up to EUR 100 000.

Last week the European Banking Authority (EBA) also urged Bulgaria to ensure access to deposits in line with EU rules.

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Tags: Georgi Bliznashki, KTB, BNB, parliament, Corporate Commercial Bank, EU Commission, infringement proceedings, EBA

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