30 June 2014
In line with the plan of all necessary measures to be pursued to guarantee bank stability in the country, submitted by the BNB and the Government at the consultations with the Head of State yesterday, the Governing Council of the Bulgarian National Bank adopted amendments to BNB Ordinance No. 6 on Extending Collateralized Lev Loans to Banks under the conditions of Art. 33 of the Law on the BNB.
According to the decision, the required percentage of the collateral under Art. 6 of Ordinance No. 6 is set at 110 percent of the original amount of the resources provided in case of need.
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The Governing Council of the Bulgarian National Bank made a decision to reduce, as from 01.07.2014, the interest rates on the deposits held with Corporate Commercial Bank AD down to the average market rate for the banking system by type, maturity and currency, calculated according to the BNB interest rate statistics for the interest rates on deposits as of May 2014.
The decision was made pursuant to Art. 115, para. 1, and para. 2, items 2 and 3, and Art. 116, para. 2, item 1, in relation to Art. 103, para. 2, item 24 of the Law on Credit Institutions, and Art. 16, item 16 of the Law on the BNB.
The implementation of this decision is assigned to the conservators of Corporate Commercial Bank AD appointed under Resolution No. 77 of 25.06.2014 of the BNB Governing Council.
The same measure is also enforced against its subsidiary Credit Agricole Bulgaria EAD.
The decision is subject to immediate implementation pursuant to Art. 151, para. 2 of the Law on Credit Institutions.