BULGARIA’s CENTRAL BANK PUBLISHED CORP BANK AUDIT RESULTS

The results of the report from the audit in Corporate Commercial Bank have been published on the Bulgarian National Bank’s website. The audit was conducted by the companies "Ernst & Young Audit", "Deloitte Bulgaria" and "AFA".

As at 30th of September 2014, the total sum of all assets of Corporate Commercial Bank amounted to 6,662,000,000 BGN. The conclusions of the audit are that the bank needs to write down assets to the value of 4,222,000,000 BGN.

According to the report, two thirds of the banks’ assets are bad loans. Auditors found that the bank used bad business practices, carrying out complex operations in order to conceal the nature of deals and transactions.

The report will be sent to Bulgaria’s Prosecutor’s office.