Bulgaria hits back at EBA deposit insurance demands

Bulgarian National Bank

The Bulgarian National Bank (BNB) has hit back at a demand by the European Banking Authority (EBA) that it release depositor funds trapped at two failed banks in the country.

In a letter to the EBA, published yesterday, the BNB said neither it nor the Bulgarian Deposit Insurance Fund could be held responsible for not releasing the funds, as it was Bulgarian law that was to blame, and only the parliament could amend it.

The problem centres around a stipulation in Bulgarian law that depositors'

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