Bulgarian MPs Approve at First Reading Lifting of Bank Secrecy

Bulgarian MPs approved on Friday almost unanimously the amendments to the Law on Credit Institutions, which provide conditions for the lifting of the bank secrecy.

The proposals were adopted at first reading by 112 MP voting in favour, one voting against and one abstaining, daily Dnevnik reports.

According to the bill, following a written request submitted by the finance minister or the chief of the Deposit Insurance Fund, the assignees appointed at a bank in insolvency would have the right to reveal information on customers with privileged interest rates.

The details of political parties and high-level state officials, who held accounts, deposits and credits in insolvent banks, will be also revealed.

The bill was tabled by all MPs coming from different political groups, who are members of the ad-hoc inquiry parliamentary committee examining the facts and circumstances leading to the collapse of Corporate Commercial Bank (KTB).