In view of the press release issued today by the European Commission regarding the infringement proceedings against Bulgaria related to depositors’ access to their funds with Corporate Commercial Bank (KTB) and Commercial Bank ‘Victoria’, we would like to communicate herein:

The Bulgarian Deposit Insurance Fund pays out depositors’ funds with banks up to the guaranteed limit of BGN 196,000 (EUR 100,000) in case of license revocation by the Bulgarian National Bank.

BDIF respects the role of the Bulgarian National Bank as the single institution responsible for the implementation of banking supervision and authorised to take a decision so as to solve the problems with the KTB and CB ‘Victoria’. BDIF, on its part, is technically prepared to fulfill its mandate to pay out guaranteed deposits within the statutory deadline.

As of the date of placement of KTB and CB ‘Victoria’ under special supervision BDIF, in close cooperation with the Ministry of Finance and the banking industry, is working for market solutions to make up for the shortfall of resources shall payout of guaranteed deposits with both banks be triggered.

BDIF would like to express its concern and understanding to the affected depositors.

More information on the infringement proceedings is available at the website of the Ministry of Finance .