BULGARIA’S PARLIAMENT APPROVES LIFTING OF BANK SECRECY ON CORPBANK

On 12th of June, Bulgaria’s Parliament voted to approve the lifting of bank secrecy in respect of Corporate Commercial Bank. At first reading, the MPs supported the proposed amendments to the Law on credit institutions.

The amendments provide for the receivers of the insolvent bank to have the right to publicly release information about individuals and legal entities and the size of their deposits, accounts and credits.

They also provide for revealing of agreements with related persons and the so called ‘dummy’companies, which received loans from a certain bank and then turned into creditors.

Once the law is passed, the report of the ad-hoc inquiry parliamentary committee examining the circumstances leading to the collapse of Corporate Commercial Bank will also be revealed.

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