intends to repay the outstanding principal of BGN 500 million before maturity, too.
Currently, the BDIF
performing portfolio is comprised of primarily senior secured loans (77.
utilised major part of its reserves to cover billions in assets of deposit holders at insolvent Corporate Commercial Bank (KTB), placed under supervision from the central bank in June 2014.
We are proud to be part of this effort by providing financing to the BDIF
and thereby aiding its further development.
In addition to drawing upon the liquidity facilities, BDIF
increased the aggregate principal amount of the income notes, a first loss tranche, over the course of November 2008-January 2009, increasing it from $224.
In a release, the EBRD stated, "The loan will be conditional on the accomplishment of steps undertaken by BDIF
in light of the new legislation frameworks for deposit insurance and bank recovery and resolution, implemented in mid-2015 to transpose requirements of the respective EU directives.
Chair, as cited by the BGNES news agency, pointed out that the pace of the payment of insured deposits at KTB was decelerating.
on a solid financial footing will have a positive impact on maintaining the confidence of depositors and will make the banking system more resilient to possible shocks, said Tony Thompson, World Bank Country Manager for Bulgaria, the Czech Republic, and Slovakia.
The issue of securing liquidity at the BDIF
topped the agenda of MPs after the developments at KTB, which had been under special supervision for months with depositors failing to have access to their savings.
Project Description : The EBRD is considering providing a EUR 250 million long-term loan to the Bulgarian Deposit Insurance Fund ( BDIF
, the Fund ), guaranteed by the Republic of Bulgaria.
BRF offers daily subscriptions and redemptions and investors also have the opportunity to switch tax-free into the Brompton Dividend & Income Fund ( BDIF
), should investors wish to reduce their exposure to the resource sector.
stated that the Bulgarian National Bank (BNB) is the sole institution responsible for bank supervision and making decisions regarding the situation of KTB and its filial bank Victoria (formerly Credit Agricole Bulgaria).