Bulgarian Finance Minister Says FSC Deputy Chair Should Resign

Sofia. The government's position is that Financial Supervision Commission (FSC) Deputy Chair Ralitsa Agayn should resign, Minister of Finance Vladislav Goranov said at a briefing after a meeting with Prime Minister Boyko Borissov with regard to bankrupt Cyprus insurance company Olympic, Focus News Agency reports.
"Already in May it was clear that the licence of the Cypriot company was withdrawn, and FSC's contribution was limited to issuing a ban on the contracting of new policies. There has been no information to the Ministry of Finance, the Government and the FSC about the consequences of the licence termination in Cyprus. Legal proceedings have been underway for several months. It turns out that on the day the Cypriot finance ministry announced an insolvency claim against the company, Bulgaria's FSC knew neither the rules and procedures nor the way in which the affected Bulgarian citizens should react. We see serious shortcomings [on the part of] the head of the Insurance Supervision Division, Ms. Ralitsa Agayn," Goranov said. He added that the law did not allow the government to request her resignation, but someone had to take responsibility.