Bulgaria To Seek To Join EU's Single Supervisory Mechanism

Bulgaria To Seek To Join EU's Single Supervisory Mechanism

The main political parties in Bulgaria agreed on Monday that the country should join the European Union's Single Supervisory Mechanism, the first step towards acceding to the bloc's banking union, Bulgarian president Rosen Plevneliev said.
Following consultations with the parties which are represented in parliament and the executive on the financial state of the country, full consensus was reached to immediately launch a procedure for Bulgaria's accession to the the EU's Single Supervisory Mechanism, Plevneliev said in a statement.
The participants in the consultations also agreed that Bulgaria's central bank would ask the European Banking Authority to review the efficiency of banking supervision in the country.
The participants in Monday's consultations with the president agreed that an international audit should be conducted at Corpbank in order to track down the assets that have been purchased with the money syphoned off from the lender and take steps to recover dues to the budget and the Bulgarian Deposit Insurance Fund, the statement issued by the president said.
The president also stressed bank deposits of up to 100,000 euro are guarantied by law, and the Bulgarian Deposit Insurance Fund and the government have sufficient resources to meet their commitments to Corpbank's depositors.

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