EC Urges Bulgaria to Start Paying Guaranteed Deposits at KTB Bank

The European Commission has warned the Bulgarian National Bank to speed up the repayment of guaranteed deposits of natural and legal persons at the Corporate Commercial Bank (KTB).

In a letter of the EC, signed by Jonathan Faull, Director-General of the Internal Market and Services Directorate-General, BNB and the Bulgarian authorities are notified that they are delaying the provision of the access to the deposits at KTB.

The letter informs that EU law envisages that the repayment of deposits start within 20 days from the moment when the bank stopped functioning and it was clear that there was no possibility of it resuming its activity.

Jonathan Faull also assures Bulgaria that the EC is ready to offer expert assistance if necessary.