First Investment Bank

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FIB

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.

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.

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.  

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. 

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