European System of Central Banks

A protest rally in front of the central bank building in Sofia on Friday demanded the reopening of Corporate Commercial Bank (KTB or Corpbank), state radio BNR reported.

Bulgaria’s former Prime Minister Ivan Kostov on Thursday said there are two options to rescue the troubled Corporate Commercial Bank (KTB).

GERB has called for drastic reforms and replacement of the central bank’s governing council should the party win majority in the upcoming snap vote.

One third of the money, withdrawn from Bulgarian banks in June was deposited back in the banks, shows data of the Bulgarian National Bank (BNB).

During the bank panic in June, depositors withdrew BGN 1.043 B, which was somewhat of an anomaly, considering that in the past few years, the households saved in banks between BGN 3 B and 5 B per year.

Bulgaria's National Ombudsman Konstantin Penchev has accused the Bulgarian National Bank (BNB) of inaction in the case of troubled Commercial Corporate Bank (KTB).

KTB and its subsidiary Victoria Commercial Bank have been under special supervision by BNB since June 20, 2014 and June 22, 2014, respectively, due to a massive withdrawal of deposits.

Bulgaria’s central bank said on Friday it has invited the two biggest shareholders in Corporate Commercial Bank to propose rescue options for the troubled lender by end-August.

Letters have been sent to Corpbank’s majority owner Bromak EOOD and the State General Reserve Fund (SGRF) of Oman, the Bulgarian National Bank said in a statement.

Bulgaria’s central bank said on Friday it has invited the two biggest shareholders in Corporate Commercial Bank to propose rescue options for the troubled lender by end-August.

Interim Finance Minister Rumen Porozhanov has voiced concern about the impact of putting Corporate Commercial Bank under special supervision on Bulgaria’s banking system.

Depositors in Corporate Commercial Bank (KTB) will rally in several Bulgarian cities this afternoon to demand immediate access to their accounts.

The protest action, organized through social networks, has been scheduled to start at 5:30pm local time in Sofia, Plovdiv, Varna, Burgas,Veliko Tarnovo, Sliven and Ruse.

Bulgaria's Ombudsman on Thursday urged the central bank to be more flexible in managing its restrictions on KTB bank to alleviate the plight of the bank’s clients.