/ world today news/ 3 banks hold more government deposits than all the other 25. This is shown by “Sega” calculations based on BNB data for the first quarter of this year. First Investment Bank, Municipal Bank and Unicredit Bulbank store BGN 1,564 billion, or 53% of all BGN 2,950 billion deposits of the “State Government” sector. It includes state and executive agencies, universities, hospitals, municipalities, etc.
At the same time, some state-owned companies stubbornly do not follow the rules and continue to keep more than 25% of their money in one bank. This shows the net exposure to banks of state-owned companies under the Ministry of Economy at the end of March.
The largest share of the money of the “State Government” sector is in the First Investment Bank (PIB) – BGN 815.3 million. This is most likely part of the liquid support of BGN 1.2 billion that the bank received from the state last summer. Subsequently, the amount dropped to BGN 900 million after FIB returned BGN 300 million. Part of the balance must be repaid within 1 year. However, the state did not earn even a minimal amount of interest on its largest deposit for the first 3 months, Central Bank data show. However, according to experts, this does not mean that the deposit is interest-free, and most likely the interest is paid in another period. Months ago, the Acting Minister of Finance Rumen Porozhanov said that the state money was deposited in FIB at an interest rate of 2.2% per annum. State support for PIB was agreed with the EC, and the deadline was extended until May 2016.
In second place among the custodians of state money is Municipal Bank, which holds BGN 414.2 million. However, the state earned BGN 316,000 from it from the beginning of the year to the end of March. Third on the list is Unicredit Bulbank with BGN 334.9 million of state money. From them, for the first 3 months, state and municipal companies earned BGN 285 thousand.
Relatively large amounts were also deposited in Investbank – BGN 277.9 million, DSK Bank – BGN 222.5 million, and Central Bank – BGN 191.2 million. The amount in Investbank also did not bring any interest to the state during the first 3 months of the year. There are no sums deposited by state-owned enterprises in 5 banks in our country. These are “Victoria” Commercial Bank, Ishbank, Te Je Ziraat, Piraeus Bank and ING Bank.
In addition to PIB and Investbank, for the first 3 months no interest was paid on government deposits in 3 more banks – Societe Generale Expressbank, which has BGN 25.7 million, BNP Paribas, which has BGN 411 thousand, and Allianz Bank, which holds BGN 21.5 million.
Among the companies that keep a large part of their money in one bank, “Sofia Tech Park” stands out with 95.9%. However, they could not be dispersed, because they come under the European financing and fall under the “special purpose account” column, reported 3-news. In addition to “Sofia Tech Park” above the limit of 25% is also the state enterprise, which is heading for privatization – “LB Bulgaricum”. Just over 30 percent of the company’s deposits are still blocked at KTB. “LB” has 7 more accounts in different banks. The State Consolidation Company, which by law receives part of the revenues from privatization, is also a violator. Although minimal – with 0.33% over the limit, the company also does not comply with the law due to blocked money in KTB. The ministry’s report does not make it clear exactly how much money is left in the bank.
It is curious that only one of the energy companies – “Bulgartransgaz” – keeps 28% of its money in one bank, according to a report by Sega. In the first quarter, however, the amount decreased from 36% of the total amount of funds, the Ministry of Energy explains.
As of September last year, when energy and tourism fell under the Ministry of Economy’s umbrella, it turned out that 5 of the energy giants kept most of their funds in one bank. Thus, most of the money of BEH, the National Electric Company, “Bulgargaz” and “Bulgartransgaz” ended up in KTB. Only ESO held more than 25% of its funds in banks other than Tsvetan Vassilev’s vault – Central Bank, Unicredit Bulbank and Expressbank. As of September, about 30% of the system operator’s money was in the three banks.
Three months later – in December 2014, the situation changed slightly. However, 4 companies – ESO, “Mini Maritsa-East”, “Bulgartransgaz” and “Bulgargaz” continued to keep more than 25% of their money in one bank. For the last three companies, it is KTB again, and ESO has accounts in 6 banks, but more than a quarter of its money is kept in three of them – CKB, Unicredit Bulbank and Societe Generale Expressbank.
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