BNB

Lawmakers in Bulgaria gave on Wednesday the green light to changes to the Bank Insolvency Act allowing for a temporary assignee to manage the assets of troubled Corporate Commercial Bank (Corpbank or KTB).

Prior to the amendments, such a development contravened the legislation, which had required that a court decides to open insolvency proceedings first.

A regular IMF Article IV mission starts a ten-day visit to Bulgaria on Wednesday to discuss key short-term and medium-term macroeconomic forecasts and assumptions, the Finance Ministry has said.

The mission headed by Mrs. Michele Shannon will also discuss the government's policies for ensuring macroeconomic growth and economic recovery drivers, the ministry said in a statement.

Bulgaria's Supreme Administrative Court has delayed until February 9 hearings on the lawsuit launched by shareholders of collapsed Corporate Commercial Bank against the revocation of the bank's licence.

The majority shareholder in Bulgaria's collapsed Corporate Commercial Bank, or KTB, has appealed the central bank's decision to scrap KTB's banking licence, frognews.bg reported on Wednesday.

Bromak, a company owned by Tsvetan Vasilev, is KTB's majority shareholder. The appeal was filed with the Supreme Administrative Court (SAC).

Conservative GERB has renounced its proposal for legislative amendments that could restore troubled Corporate Commercial Bank (KTB) back to health.

The center-right party had submitted a draft bill under which Bulgaria's central bank BNB would have to save banks that have reported negative equity.

GERB is the biggest party in Parliament with 84 out of 240 MPs.

The present deadlock at Bulgaria's Corporate Commercial Bank is a result of the combination of "weak Bulgarian institutions and frankly unbelievable Bulgarian politics", Forbes magazine wrote Saturday.

European Banking Authority said Monday Bulgaria should allow immediate access of depositors at Corporate Commercial Bank (Corpbank, KTB) to their savings.

Interim Finance Minister Rumen Porozhanov has announced his institution is to meet representatives of Vienna-based fund EPIC in the coming days.

After a cabinet session Porozhanov explained his ministry sought to get familiar with prospective intentions to rescue troubled Corporate Commercial Bank (Corpbank or KTB).

Bank experts, trade-union representatives and employers are set to discuss ways out of the crisis at Corporate Commercial Bank (Corpbank or KTB) and possible bailout scenarios.

A letter from the Sultanate of Oman's State General Reserve Fund (SGRF) is to be discussed during the talks at the Bulgarian Industrial Association (BIA).

The State General Reserve Fund (SGRF) of the Sultanate of Oman is working with the Bulgarian government to handle the situation at Corporate Commercial Bank (Corpbank or KTB).

SGRF President Darwish al-Balushi, also serving as the country's Finance Minister, made the announcement, stopping short of revealing any details, BGNES wire service reports.