Payment Of Guaranteed Deposits In KTB To Begin In November

Business » FINANCE | October 15, 2014, Wednesday // 15:45
Bulgaria: Payment Of Guaranteed Deposits In KTB To Begin In November Rumen Porozhanov. Photo: BGNES

The payment of the guaranteed deposits in Bulgaria's troubled Corporate Commercial Bank (KTB) and its daughter bank Victoria (formerly Credit Agricole Bulgaria) would start in November, said Bulgaria's caretaker Finance Minister Rumen Porozhanov, quoted by BTA.

The payments on deposits of up to BGN 196 000 (EUR 100 000) will start after the completion of the bank evaluation and the decision on its future.

According to Porozhanov, there is a BGN 1.6 B deficit in the guarantee fund and there are two options to cover it – either by state bonds or direct state liquidity support.

“Either way the government will need parliamentary approval,” Porozhanov said.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: Rumen Porozhanov, KTB, Bank Victoria, Credit Agricole Bulgaria, deposits, guaranteed

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria