Bulgaria's Silver Fund gets 7M leva in deposit interests in January-September 2011
Bulgaria's Silver Fund, a structure set up as a reserve fund for the public pillar of the pension insurance system to compensate for the extra costs of aging, got 7.1 million leva in deposit interests in the first nine months of 2011, a report by the country's Finance Ministry showed on October 11 2011.The volume brings the total volume of resources accumulated by the fund to 1.774 billion leva. The sum is put into deposits with the Bulgarian National bank (BNB).The most recent budget transfer, of 83.5 million leva, took place in the first quarter of the year.The Silver Fund collects proceeds from privatisations and state concessions, as well as a portion of the budget surplus. Designed to guarantee pension system stability, the system will amass resources for at least ten years after its establishment that will used to plug the gap in the state pension system.The pension funds deficit is expected to exceed 1.5 billion leva in 2011, with the figure seen expanding each year.Since its creation, the Silver Fund has amassed 40.4 million leva from interest on deposits. (Source: The Sofia Echo)