European System of Central Banks

Bulgarian media reported on Friday that the Bulgarian National Bank, BNB, would revoke the license of the Corporate Commercial Bank, Bulgaria’s fourth largest bank, and nationalize its subsidiary, Credit Agricole Bulgaria.

The Corporate Commercial Bank (KTB) majority shareholder Tsvetan Vasilev responded to the claims of BNB Governor Ivan Iskrov in an open letter, published by the BGNES wire agency. 

“In the past few months I was subjected to a massive, purposeful and extremely manipulative campaign, which spread over everything, connected with my name,” the letter reads. 

Events at Corporate Commercial Bank, which is to be stripped of license by central bank BNB, will not affect citizens' assets, Bulgarian Finance Minister Petar Chobanov stressed.

Between BGN 1.5 and 2 B are to be spent to avert any impact of the bank's insolvency on savings, website Dnevnik.bg quoted him as saying.

Ivan Iskrov, Governor of the Bulgarian National Bank (BNB) has attended an extraordinary session at the Budget and Finance Committee at Bulgaria's Parliament.

The Bulgarian National Bank (BNB) is to suspend the license of troubled Corporate Commercial Bank (KTB) and to nationalize its subsidiary, Credit Agricole Bulgaria.

The Bulgarian National Bank (BNB) has announced it is to present the results of an inspection at troubled Corporate Commercial Bank (KTB) by the end of this week.

KTB, Bulgaria's fourth-largest bank, fell under special supervision by BNB upon its own request in mid-June, after rumors about its failure triggered an exhaustion of liquidity.

Over EUR 1.2 B (BGN 2.4 B) worth of foreign capitals could flow to Bulgaria this year, InvestBulgaria Agency CEO Svetoslav Mladenov announced.

This is far beyond the EUR 106.6 M that have been invested into Bulgaria since January according to the Bulgarian National Bank (BNB).

Last Saturday the Movement for Rights and Freedoms (DPS), GERB and the Central Bank wanted to temporarily suspend the operations of all banks in Bulgaria, said Rumen Gechev. 

By Sotiris Nikas

The disbursement to Greece of 2.1 billion euros from the profits of the Eurosystem from Greek SMP and ANFA bonds has hit a stumbling block due to timetable changes and different interpretations of existing agreements.

Bulgarian telecom VIVACOM's assets in BNB-supervised Corporate Commercial Bank (KTB) are likely to amount to EUR 71 M, the Irish Stock Exchange wrote on its website.

It reminded VIVACOM had previously put its balance at KTB, which the Bulgarian National Bank (BNB) placed under conservatorship in June, at EUR 6.5 M.