Bulgaria's KTB Customers Get Paid BGN 1 B in Insured Deposits on First Day of Repayment  

Depositors with Bulgaria’s collapsed Corporate Commercial Bank have been paid  BGN 1.07 B during the first day of repayment of state-guaranteed deposits, Finance Minister Vladislav Goranov has said.

A total of 25,000 depositors with the bank known by its Bulgarian acronym KTB have been granted access to their money at 1,150 branches of the nine banks across the country servicing the repayment of deposits of up to BGN 196,000 by 4:30 pm (1430 UTC) on Thursday.

It was not immediately clear how many KTB customer had withdrawn their money in cash and how many had  transferred their deposits to another bank.

State-guaranteed deposits with KTB total some BGN 3.6 B.

About 255,000 depositors with KTB are entitled to withdrawing their money up to the guaranteed limit in the repayment process run by Bulgaria’s Deposit Insurance Fund.  

Wrong personal identification numbers and allocated sums different from what depositors believed they were entitled to were the two reasons for complaints most often reported by customers and servicing banks on Thursday. In some cases, customers said they weren’t on the list of depositors eligible for being granted access to their money.

The DIF has warned depositors with KTB who had renewed their identification cards since the bank was closed in June to visit a KTB office and inform the central-bank appointed sequestrators about the change. Customers who are not on the lists of eligible depositors but think they had been dropped by mistake should visit a KTB office to sort out the problem. The same applies to customers who think their foreign currency deposits had been incorrectly converted into Bulgarian levs for repayment, or dispute the amount of interest their deposits had earned.

Under Bulgarian law, the state-guaranteed foreign currency deposits in a bank which has its banking licence witdrawn are to be repaid in Bulgarian levs at the exchange rates valid for December 4.

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