BULGARIA’S PARLIAMENT PASSED AMENDMENTS TO THE LAW ON CREDIT INSTITUTIONS

On 25th of June, Bulgaria’s Parliament passed at second reading the amendments to the law on credit institutions, which provide for lifting of bank secrecy for banks declared insolvent.

According to the amendments, within six months after the insolvency decision is entered in the Commercial Register, the receivers will have the right to publicly disclose the names of individuals and legal entities and the size of their deposits.

The receiver will also have to disclose the names of individuals and legal entities and the size of their credits and deposits with privileged interest rate, covering the period of two years before the date if insolvency.

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