Deposits Insurance Fund

Turkish authorities seized or appointed an administrator to a total of 879 companies worth 40.3 billion Turkish Liras ($11.3 billion) in assets in the eight months since the failed coup last July, the state fund that runs the firms said on May 24.

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.

Rosen Nikolov, head of Bulgaria's Deposits Insurance Fund (DIF) had resigned, said the government press office.

The motives for the resignation are not given.

A bill to overhaul the 2014 budget will be put forward for discussion in the provisional Budget and Finance Committee of BUlgaria's Parliament.

The draft legislation was submitted to the National Assembly after the government adopted its text on Tuesday.

It envisages an increased budget deficit of BGN 2.992 B (3.7 percent of GDP) and a cap of this year's debt worth BGN 4.5 B.

As many as ten banks will be in charge of reimbursing depositors' money at Corporate Commercial Bank (KTB or Corpbank), which the central bank stripped of license last week, a lawmaker says.

Bulgarian lawmakers are discussing amendments to the 2014 budget and two documents about the situation at Corporate Commercial Bank (KTB) on Friday.

Interim Prime Minister Georgi Bliznashki submitted earlier this week a proposal to the newly-convened Parliament to update the State Budget of the Republic of Bulgaria Act.

European Banking Authority said Monday Bulgaria should allow immediate access of depositors at Corporate Commercial Bank (Corpbank, KTB) to their savings.

Bulgaria's Finance Ministry has warned social and healthcare spending will face significant shortages due to the state budget deficit currently estimated at BGN 3 B.

On Saturday the institution announced the 2014 deficit, under the update proposal being drafted by officials, will be 4-4.2 percent, and fresh state debt of about USD 4.5 B will be needed to tackle outstanding problems.