Payment Of Guaranteed Deposits In KTB TO Begin In November

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.