Bulgaria's Central Bank Urges Parliament to Set Up KTB Committee

Business » FINANCE | October 27, 2014, Monday // 18:30
Bulgaria: Bulgaria's Central Bank Urges Parliament to Set Up KTB Committee Photo by BGNES

The Bulgarian National Bank has called on the newly-convened Parliament to create a temporary committee on the crisis at Corporate Commercial Bank (Corpbank or KTB).

In a statement issued minutes after the new Bulgarian Parliament appointed its speaker on Monday, the financial institution argued the committee should be composed of representatives of all parties in Parliament.

KTB has been under conservatorship by the BNB since mid-June. The central bank made public last week what it describes as a summary of an audit report prepared by AFA, Deloitte Audit and Ernst & Young to establish the current situation of Bulgaria's fourth-largest lender.

A separate report [BG] authored by the Bulgarian National Bank (BNB) has been submitted to the new legislature to outline "events and action taken with regard to Corporate Commercial Bank AD and [its daughter] Victoria Commercial Bank EAD", the statement reads further.

The document's subtitle suggests it has evidently been written to inform "MPs from the 43rd National Assembly of the Republic of Bulgaria" about developments at the bank.

It also has to provide details about communication with main shareholders also with the European Commission, European Banking Authority (EBA) and the International Monetary Fund.

The EBA criticized BNB last week for failing to allow depositors access to their assets blocked at Corpbank within 25 days since conservatorship started.

The national regulator then retorted it is not obliged to follow the European directive on that matter under Bulgarian law.

 

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Tags: Corporate Commercial Bank, KTB, Corpbank, parliament, conservatorship, EBA, Victoria commercial bank
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