Holders of Guaranteed Deposits in Bulgaria's KTB Number 255 000

There are 255 000 depositors whose money in Corporate Commercial Bank (KTB) is guaranteed under the law, newly-appointed Deposits Insurance Fund Chairman Radoslav Milenkov has said.

Earlier this week the DIF officially announced the names of all nine banks which are to repay KTB deposits of up to BGN 196 000 within the next five years.

Milenkov told the Bulgarian National Radio that the total sum to be reimbursed to asset holders was roughly BGN 3.6 B.

He voiced his regret that KTB customers will be able to access their money only on workdays due to "technical reasons", despite the initial intention to have the banks open for that purpose on Saturday and Sunday at least during the first few weeks.

Milenkov called on depositors not to line up in huge queues rushing to the banks immediately after repayment starts December 4.

Withdrawal of the deposits will be levied, with BGN 3 paid for sums of up to BGN 3000, with the charge growing for bigger amounts.

First transactions to other financial companies (different from KTB, including the bank where the customer is having access to his/her money) will be free for any sum of up to BGN 10 000 and will cost BGN 12  for a sum going beyond.

The exchange rate used to repay deposits held in a currency other than BGN will be calculated as of December 4, regardless of when the customer chooses to operate with his money.

Depositors who have additional questions can use the DIF's website to find out more information or directly visit the FAQ page.

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