The Bulgarian Deposit Insurance Fund (BDIF) informs the depositors with ‘Corporate Commercial Bank’ AD (KTB) about the terms and procedure for payout of guaranteed deposit amounts following the revocation of license for banking activity of Corporate Commercial Bank (KTB), dated 6 November 2014, by the Bulgarian National Bank (BNB).

Under Art. 23, para 5 of the Law on Bank Deposit Guarantee BDIF commences payout of guaranteed sums to depositors not later than 20 (twenty) business days of license revocation. The 20-day deadline is the necessary span for BDIF to receive data on guaranteed depositors and amounts by the conservators of KTB and to organize a smooth reimbursement of depositors’ sums.

Payout will be carried out by servicing banks, designated by BDIF. Due to the large number of depositors with KTB BDIF will designate several servicing banks with a view to avoiding unnecessary crowding and tension and providing smooth reimbursement.

BDIF repays in full guaranteed deposit amounts of Bulgarian and foreign physical persons and legal entities up to BGN 196,000 (EUR 100,000) for a depositor, regardless of the number of his/her accounts with the bank. The guaranteed sum includes the principal and the interest accrued as of the date of license revocation. Deposits in foreign currency are repaid in Bulgarian levs recalculated as of the initial day of payout.

BDIF will inform depositors with KTB about the servicing banks which will execute the reimbursement and depositors’ distribution across servicing banks not later than 25 November 2014. Information will be announced in media, on BDIF website, and through paid announcements in two major dailies.

As of the initial day of reimbursement, 4 December 2014, guaranteed depositors with KTB will have access to the full amount of their reimbursable sum. For reimbursement depositors shall report in person at their designated servicing bank, where they shall present an ID (for natural persons) and shall dispose of their funds. Depositors may withdraw their money in cash, order a transfer to another bank, or place it in an account with the servicing bank.

There is no statutory requirement, and hence no need for depositors, to submit an application in order to receive their reimbursable amounts.

BDIF Management Board announces that: ‘BDIF is duly preparing and is ready to fulfill its mandate with regard to deposit guarantee. Guaranteed depositors will be repaid within the statutory deadline.’

 

Depositor may receive more information at +359 700 144 03 and www.dif.bg.