Bulgaria's C-Bank Head Nominees to Be Heard in Parliament

Business » FINANCE | July 9, 2015, Thursday // 08:32
Bulgaria: Bulgaria's C-Bank Head Nominees to Be Heard in Parliament Ivan Iskrov (pictured), resigned in June a few months before his term had expired. Photo by BGNES

The budget and finance committee with the Bulgarian Parliament is due to hold on Thursday hearings of candidates to take over as Governors of the country's central bank.

This comes a day before lawmakers are due to point a successor to Ivan Iskrov, who stepped down in June a few months before his term had expired.

A majority or MPs are said to be supporting the nomination of Dimitar Radev, a seasoned economist with experience in the International Monetary Fund, but underlined those of other candidates as well. His candidacy was put forward by ruling conservative GERB party of Prime Minister Boyko Borisov.

Alternative for Bulgarian Revival (ABV), a left-wing party which has a minister in the government, has endorsed is Victor Yotzov, who previously worked at the Economic Analyses department at the BNB.

The Patriotic Front, a nationalist coalition that supports the cabinet, nominated Grigorii Vazov, who heads the University of Finance, Business  and Entrepreneurship (VUZF) and who previously served as Deputy Economy Minister.

Biser Manolov, backed by GERB's junior coalition partner the Reformist Bloc, headed the Deposits Insurance Fund in 2003-2011, and is still part of the fund's Governing Council.

Iskrov for his part came under fire from numerous political forces last year for his actions with regard to the bank run on Corporate Commercial Bank (KTB) and its subsequent collapse. KTB's majority owner also believes Iskrov acted as part of a plot to destroy the bank, something the latter consistently denies.

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.

He was then put under strain to resign, but repeatedly refused to do so.

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.

He was then put under strain to resign, but repeatedly refused to do so.

- See more at: http://www.novinite.com/articles/169325/Bulgaria+to+Pick+Next+C-Bank+Governor+on+July+10#sthash.Mvvj2a5e.dpuf

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Tags: Ivan Iskrov, BNB, Bulgarian National Bank, Dimitar Radev, Victor Yotzov, Biser Manolov, Grigoriy Vazov, Corporate Commercial Bank, KTB

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