State Cos to Reveal Exposure to Banks Only if Above 25%

State Cos to Reveal Exposure to Banks Only if Above 25%

Under new legislation pending adoption, state controlled companies will have to disclose their exposure to a certain bank only if it exceeds 25%, news portal reported, quoting prime minister Marin Raykov.

The draft amendments require the state-owned companies to provide quarterly information about their bank deposits to the respective ministries. The reports will then be published without, however, naming the banks and the size of the deposits.

The legislation, under which state-controlled companies will not be allowed to deposit more than 25% of their assets in a single bank, is expected to be approved by the Council of Ministers on May 22 at the earliest.

At the end of April, Raykov stated that more than 54% of the deposits of all state-owned firms are concentrated in one bank but refused to name it, citing the banking secrecy act.


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