/ world today news/ Large state-owned companies will be able to keep a maximum of 25% of their money in one bank. The choice of a bank when using financial services will be made on the basis of a minimum of 5 offers received.
The rules for ranking banks will be common and mandatory for all state-owned companies. Data on compliance with the rules on the concentration of funds will be made public every three months. This is provided for by changes in the regulations for the exercise of the rights of the state in commercial companies with state participation, published for public discussion on the website of the Ministry of Economy. If the new texts are adopted, the state will, for the first time, impose general and mandatory rules for all state-owned companies and guarantee public information about their money.
The new requirements for choosing financial institutions will apply to all companies with more than 50% state participation, to companies controlled by them, to state-owned medical institutions. They will be obliged to follow a general methodology for choosing a financial institution when using four types of services – depositing funds, managing current and other accounts, financing through revolving, investment or other credits, when concluding transactions with financial instruments, including currency transactions. Along with the requirement of a minimum of 5 offers, they will have to rank the applicants according to a general formula – 40% weighting for non-quantitative criteria such as experience and 60% weighting for the specific quantitative indicators in the offer.
The concentration restrictions will only apply to companies with a balance sheet value of cash over BGN 3 million. For them, the investments in a given bank, after deducting the outstanding part of given loans, cannot exceed 25% of the total amount with which the respective company has. Compliance with these restrictions will be reported on a monthly basis, and companies will have 1 month after detecting an imbalance to take measures to eliminate it.
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