Bulgaria's central bank

Bromak, the majority holder in the collapsed Corporate Commercial Bank (KTB), has invited foreign ambassadors to the  hearing at the Supreme Administrative Court (SAC) on Monday, the company lawyer Menko Menkov told Novinite.bg.

Commercial Bank Victoria EAD is opening on Friday, December 12, following nearly half a year of conservatorship.

All sums, and not only those of up to BGN 196 000 (as the case was with Corporate Commercial Bank) will be available for withdrawal.

Commercial Bank Victoria EAD is due to renew transactions and services for customers as of December 12, 2014, Bulgaria's central bank has said.

Victoria, formerly Credit Agricole Bulgaria and a subsidiary of Corporate Commercial Bank (Corpbank or KTB) has been under conservatorship since June, just days after a similar move at KTB following a deposits run.

Bulgaria's Finance Minister Vladislav Goranov denied the reports that Ivan Iskrov, Governor of Bulgaria's Central Bank (BNB), will be appointed representative of Bulgaria at the Thessaloniki-based Black Sea Trade and Development Bank (BSTDB).

Bulgaria's central bank on Wednesday said it approved the design of a two-lev coin that will replace banknotes of the same face value next year.

Bulgaria's central bank on Wednesday ordered administrators of Victoria Bank to resume servicing all depositors as of 12 December.

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The Budget and Finance Committee at Bulgaria's Parliament has given the government a mandate to start talks over a fresh foreign borrowing of up to BGN 3 B.

The remaining BGN 1.5 B, out of BGN 4.5 B that the cabinet will additionally need for a planned budget update, are to be raised by issuing government securities on the domestic market.

Bulgaria's Central bank (BNB) revoked the banking license of troubled Corporate Commercial Bank (KTB), said BNB in a press statement.

The BNB managing board established a negative capital of KTB to the amount of BGN - 3.74 B and that the bank does not comply with the legal requirements. Hence, BNB requested that the court starts an insolvency procedure. 

Conservative GERB has renounced its proposal for legislative amendments that could restore troubled Corporate Commercial Bank (KTB) back to health.

The center-right party had submitted a draft bill under which Bulgaria's central bank BNB would have to save banks that have reported negative equity.

GERB is the biggest party in Parliament with 84 out of 240 MPs.

The interim parliamentary budget committee approved amendments to the Credit Institutions Act, obligating Bulgaria's Central bank (BNB) to save banks whose capital becomes a negative quantity, reports the bTV national channel.

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