First Investment Bank
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S&P: Bank Turbulence Will Not Affect Bulgaria's Debt Rating
Developments in Bulgaria's banking sector will not affect sovereign debt rating of the country, agency Standard & Poor's (S&P) says.
The announcement comes after S&P decided to cut the credit rating of Bulgaria by one notch lowering it to BBB- in mid-June, citing lack of progress on reforms which it considered likely to hinder economic growth.
Interior Minister: There Will Be More Arrests For the Bank Panic
There will be more arrests, connected to the bank panic of last week, said Interior Minister Tsvetlin Yovchev in Parliament.
According to him the new arrests will most likely be this week.
EUObserver: Bulgaria Jittery After Bank Run 'Plot'
The article is from EUObserver
Bulgaria, already grappling with a severe political crisis, is now trying to deal with what the government has called an organised attempt to destabilise its financial system.
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MPs 'Support' Imprisonment for Spreading False Bank Information
Bulgarian lawmakers back a proposal envisaging jail for dissemination of false news on banks, Parliament's Finance Committee Chair Yordan Tsonev said.
Bulgaria's bank crisis eases after Europe okays credit line
Bulgaria's banking crisis eased on Monday with fewer depositors queueing to withdraw savings after leading politicians assured them that their cash was safe and the European Commission gave Sofia the green light to provide state aid to its lenders.
First Investment Bank Shares Up on Monday
Shares of Bulgaria's First Investment Bank were up 24% as of Monday, 13:00 EEST (11:00 GMT).
Data from the Sofia Stock Exchange, cited by website Capital.bg, came despite Friday's surge of panic among many Bulgarians following rumors spread via SMS and online that the bank could fail.
The information forced scores of people to withdraw their savings.
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Six Arrested for Bulgaria Bank Rumours
The malicious rumours from last week caused mass panic and, as a result, thousands of people withdrew their savings (a total of more than 400 million euros) from First Investment Bank—the bank under attack.
The arrested are accused of sending texts and emails warning of bankruptcy and of using social media such as Facebook and YouTube to spread the ill-intentioned rumours.
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BNB Demands 10-Year Sentence for Spreading False Bank Information
Bulgarian National Bank (BNB) proposes amendments to the Penal Code envisaging imprisonment for those disseminating misleading information about banks.
The institution has tabled its proposal containing suggested legal changes to Parliament's Budget and Finance Committee headed by liberal lawmaker Yordan Tsonev (DPS), the bank said in a message to the media.
All First Investment Bank Branches to Work with Customers
Bulgaria's First Investment Bank branches will be open during the usual business hours and have sufficient cash to meet the customers' needs, the bank's official statement says.
All the branches of the bank will open specialized counters for making deposits, opening of accounts, payment of salaries, grants, and regular payments, First Investment Bank informs on its Facebook page.
European Commission Approves Liquidity Support Scheme for BG Banks
The European Commission approved a liquidity support scheme for Bulgarian banks to the tune of BGN 3.3 B, said the Commission in a press statement.
On Sunday (June 29), Bulgaria asked the Commission to authorise the provision of a credit line of BGN 3.3 B to the banking system in order to respond to speculative attacks that occurred over the past week.