Business | November 20, 2001, Tuesday // 00:00

Under the amendments to the Law on Bank Deposit Guarantee, adopted by Parliament at first reading on November 20, bank deposits of up to BGN 10,000 will be guaranteed by the State in case of bank bankruptcy. The amount of guaranteed sums is expected to increase to EUR 20,000 till 2006. According to members of the Committee on Budget and Finance 95% of the bank deposits in levs in Bulgaria are under BGN 10,000. Milety Mladenov, manager of the executive council of the Bank Guarantee Fund expressed the opinion that the increase in bank deposits guaranteed by the State will make people prefer the bank system, not their homes. Bank deposits, accumulated via money laundering, will not be subject to the law in case of an effective sentence of the owner.

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