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The Bulgarian government passed the amendments in the Bank Deposit Guarantee Act
Last update: 2009-04-22 07:21:50

The Bulgarian government passed the amendments in the Bank Deposit Guarantee Act

The Government passed the amendments in the Bank Deposit Guarantee Act. The changes imported the requirement of the European Directive from 11th of March, in relation with the size and terms of payment of the guaranteed deposits into the Bulgarian legislation. The voted last year full cover of deposited amounts up to 100 000 BGN was preserved. The term limit for payment of the guaranteed deposits in the banks was twice shortened and became 20 working days. The time limit for providing information about the deposits to specially appointed for that person was cut to 3 work days.

The decrease of the time limits is a result of the conception for the quickest possible payment of the guaranteed amounts over the deposits and the purpose was preserving the trust of the depositors.

The range of the information that the banks are obliged to give up in their common conditions on the offered deposits is increased. The banks are obliged to mention the deposits that are not guaranteed. The increase of the customer information provided better transparency in the financial services and better security for the depositors.

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