/View.info/ The situation in KTB is an isolated case and does not pose a risk to the banking system in the country. This became clear from a statement by Finance Minister Petar Chobanov to BNT.
He commented on the BNB’s decision to place the treasury under special supervision due to the risk of falling into insolvency. The measure was taken at the request of KTB itself due to exhaustion of liquidity. “There is no risk for our banking system, as timely actions were taken, based entirely on the current legislation and which guarantee from now on the stability and protection of depositors in KTB”, Chobanov declared and added:
“I must firmly state that the state stands behind the actions of the BNB.” He stressed that people in state-owned enterprises will not go without salaries, and that there is currently no company with more than 50% state participation that keeps more than 20% of its money in the same bank. Thanks to diversification, companies will be able to carry out their operations.
In total, the state money in KTB was about BGN 130 million – times less than a year ago, when it was over BGN 700 million, it became clear from his words. KTB was placed under special supervision by the BNB on Friday for a period of three months, and the entire supervisory board, including its head Tsvetan Vassilev, were removed from office. Control over the treasury was taken over by two conservators appointed by the BNB, who will check the finances of KTB and its loan portfolio. Again, for a period of 3 months, the rights of KTB shareholders with over 10% participation were also revoked.
In his interview, Chobanov predicted that the term of the special supervision could be even shorter, pointing out: “You see that talks are starting with the shareholders and they are serious – in the person of VTB and the Oman Fund”. The fund holds 30.35% of KTB, and the Russian bank VTB – 9.9%, while also retaining its vote as a shareholder, writes Monitor. Yesterday it became known that at VTB’s general meeting on Thursday, former finance minister Simeon Dyankov was elected as a member of its supervisory board.
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