Revisions to Bank Bankruptcy Act Relevant to Guaranteed Deposits Passed at First Reading


Sofia, February 27 (BTA) - One of the two members of the Board
governing the Bank Deposit Guarantee Fund is to be elected by
the National Assembly, according to revisions to the Bank
Bankruptcy Act passed at first reading Friday. The amendments
were tabled by MPs of the Reformist Bloc.

Part of the authority vested in the Chairman of the Fund is to
be delegated for execution by the Board. The Board will also
approve the budget concerning the costs for the bankruptcy
procedure and the programme for liquidation of the bank's
property, the serving of motions to nullify and the granting of
permission to the trustee in bankruptcy to make overhead
expenses.

More accountability and publicity for a number of the Fund's
control functions has also been provided in the revisions.