Bulgarian Parliament Approves Lifting of Bank Secrecy at Second Reading

The head office of the insolvent Corporate Commercial Bank (KTB). File photo

The Bulgarian Parliament approved on Thursday the lifting of the bank secrecy for banks declared insolvent.

The MPs approved the amendments to the Law on Credit Institutions at a second reading without holding a debate, daily Dnevnik reports.

According to the adopted amendments, an assignee will have to announce the names of natural and juridical persons and the size of their deposits within a period of six months after the insolvency of a bank.

The assignee at an insolvent bank will also have to announce the names of those holding credits and deposits with privileged interest rates.

The amendments were devised by the ad hoc inquiry committee on examining the facts and circumstances related to the collapse of the Corporate Commercial Bank (KTB).

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