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Bulgaria Cabinet Proposes Guarantees for Personal Bank Deposits

Friday, Oct 10, 2008

The Bulgarian Cabinet is going to propose a legislative change to guarantee personal bank deposits of EUR 50,000 and less as a similar idea is being discusses in the European Union, according to Bulgarian Prime Minister Sergey Stanishev.

Stanishev held a joint press conference Thursday with the Bulgarian Foreign Minister Ivaylo Kalfin and the Deputy Manager of the Bulgarian National Bank (BNB), Rumen Simeonov.

Stanishev stated at the conference that 99% of the personal deposits in Bulgaria were guaranteed and citizens should not worry, adding that there have not been and are no difficulties with the internal bank system in the country with all banks been monitored by the Treasury Control and BNB on a daily basis.

"The Government is following closely the financial processes in the world for a year now and the Cabinet is fully prepared to undertake all necessary measures to protect our citizens. We can stand behind any financial institution if the need arises in order to avoid the meltdown of the entire bank system because this is what is the most important, not what happens with one single bank. Sometimes little things get blown out of proportion due to media and public hysteria," the PM stated.

Stanishev concluded that the current global financial crisis confirmed his Cabinet's cautious, careful, balanced fiscal policy.

Source: Sofia News Agency