Govt May Restructure State-owned Companies’ Deposits in Private Banks

Govt May Restructure State-owned Companies’ Deposits in Private Banks

Caretaker prime minister Marin Raykov has ordered that a working group be established to set down rules ensuring transparency in the selection of the banks where the ministries and state-owned companies' deposit their funds, the government said.

The group will be headed by the prime minister himself and will include all ministers whose institutions manage state companies.

Responding to media queries, in 2010 the finance ministry said 48% of the funds of the state-owned enterprises and 95% of the deposits of the Bulgarian Energy Holding, which add up to more than 76 million levs, are kept in a single bank, Corporate Commercial Bank (Corpbank).

In November 2011 former prime minister Boiko Borisov said that if the state-owned companies withdraw their deposits, Corpbank would go bust, taking down all the others with it.

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