Bulgaria C-Bank Governor 'Promised He Will Resign This Week'

Business » FINANCE | June 22, 2015, Monday // 14:30
Bulgaria: Bulgaria C-Bank Governor 'Promised He Will Resign This Week' Bulgarian central bank Governor Ivan Iskrov. Photo by BGNES

Bulgarian National Bank (BNB) Governor Ivan Iskrov has voiced his commitment to resigning as early as this week, Finance Minister Vladislav Goranov has said.

Speaking to reporters, Goranov has explained that "whether it will be today [Monday] or tomorrow, this is of course a personal decision of the acting Governor of the BNB."

"I think that quitting with a minimum of damage on his reputation... requires his swift retirement," Focus News Agency quotes Goranov as saying.

Iskrov's term is to expire in October. A Parliament committee is scheduled to elect his successor on July 10, with 4 candidates running.

On Friday, many local media outlets reported that he is widely expected to step down in a matter of hours.

The central bank's governor drew much criticism last year, when the crisis with collapsed Corporate Commercial Bank (KTB), once Bulgaria's fourth-largest lender, began in mid-June.

A year ago he moved to place KTB under special supervision which lasted for months following a run on deposits at the bank. He acted differently with regard to First Investment Bank, which was also exposed to a run just days later, and his response prompted some to accuse him of applying double standards.

A year ago he moved to place KTB under special supervision which lasted for months following a run on deposits at the bank. He acted differently with regard to First Investment Bank, which was also exposed to a run just days later, and his response prompted some to accuse him of applying double standards. - See more at: http://www.novinite.com/articles/169325/Bulgaria+to+Pick+Next+C-Bank+Governor+on+July+10#sthash.YODQ3Pgr.dpuf

Many, including KTB's owner, maintain that when handling the situation he acted upon orders and was instructed to destroy the bank, something Iskrov consistently denies.

 

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Tags: Ivan Iskrov, BNB, Bulgarian National Bank, Corporate Commercial Bank, KTB
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