Bulgaria's central bank

After keeping the Corporate Commercial Bank (KTB) in a coma for four months, yesterday Bulgaria's Central Bank (BNB) presented to the public an irresponsible lampoon, not a professional audit analysis, said the suspended KTB executive directors in an open letter to the media.

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Bulgaria's central bank is resorting to "absurd" excuses to avoid carrying out its legal duties about Corporate Commercial Bank (Corpbank or KTB), its owner has said.

In a statement on his website, Tsvetan Vasilev also points out the bank is actually serving the interest of a coalition called "PPP", but stops short of revealing what stands for the abbreviation.

Depositors at troubled Corporate Commercial Bank (KTB) have demanded that the bank be open before October 5, the date of early elections for Parliament in Bulgaria.

They have also insisted that Bulgarian National Bank (BNB) Governor Ivan Iskrov step down immediately.

KTBalive Facebook group has accused Bulgaria's central bank governor of attempting to depict protests by frustrated depositors at troubled Corpbank (KTB) as being manipulated.

Bank experts, trade-union representatives and employers are set to discuss ways out of the crisis at Corporate Commercial Bank (Corpbank or KTB) and possible bailout scenarios.

A letter from the Sultanate of Oman's State General Reserve Fund (SGRF) is to be discussed during the talks at the Bulgarian Industrial Association (BIA).

A rally demanding the immediate opening of the problem-stricken Corporate Commercial Bank (KTB) will take place in front of Bulgaria's Central Bank on Monday afternoon. 

The event is organised by the KTBalive Facebook group, set to unite the interests of the “KTB depositors who want to have their money back”. 

CorpBank major shareholder Tsvetan Vasilev has announced that a consortium of investors led by a state fund of the Sultanate of Oman is to present an offer how to help the bank.

Bulgaria's state-owned gas supplier Bulgargaz has some 98.5% of its assets stored in Corporate Commercial Bank (KTB), data from the Economy Ministry shows.

A report cited by daily 24 chasa contains a list of companies holding over BGN 3 M in a single bank.

Only entities for which the sum accounts for more than a quarter of their assets are included.

A plan to save Bulgaria's Corporate Commercial Bank is in preparation at the State General Reserve Fund (SGRF) of Oman, a fund source argues.

It is expected to be ready within three months, the website Gulf Business quoted the source as saying.

The report follows phone talks held Friday between Bulgarian Finance Minister Petar Chobanov and SGRF CEO Abdulsalam Al-Murshidi.

Lawmakers are due to have a first-reading say on changes to the Penal Code envisaging up to 10 years of imprisonment for spreading misleading information on banks. 

Under amendment proposals submitted by Bulgaria's central bank BNB, those disseminating information potentially leading to a surge of panic among citizens could face between two and five years behind bars.