Bulgarian PM Puts New Public Funds Rules on Fast Track

Finance | June 18, 2013, Tuesday // 09:08|  views

Bulgarian Prime Minister Plamen Oresharski, photo by BGNES

Bulgaria's Prime Minister, Plamen Oresharski, says he had ordered to speed up the enforcement of the new rules designed to de-concentrate investment of public funds into private financial institutions.

Oresharski confirmed his Cabinet has inherited from the caretaker government the ordinance establishing a new concentration ceiling for public funds invested by agencies, companies, hospitals and the like that have more than 50% State participation.

Such entities can now invest only up to 25% of their assets in one single private financial institution, with entities obliged to check whether they have surpassed that limit every month.

Oresharski points out his government was already reinforcing the ordinance without changing it. He, however, explained that it provides for a 6-month grace period to allow companies to adjust their banking service.

According to him, the 6-month grace period was too long and the process must be sped up.

"At the last Council of Ministries sitting I asked the members of the Cabinet to request from the directors of public companies an account of what they have done so far to comply with the ordinance," he said.

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Tags: Prime Minister, Plamen Oresharski, Corporate Commercial Bank, banks, public funds, Tsvetan Vasilev, elections, Plamen Oresharski, Marin Raykov, Movement for Rights and Freedoms, Delyan Peevski, Irena Krasteva, New Bulgarian Media Group


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