site.btaDeposit Insurance Fund Effects Lv 30 Mln Partial Early Repayment on Lv 2,000 Mln Loan from Central-Government Budget

Sofia, July 11 (BTA) - The Bulgarian Deposit Insurance Fund (BDIF) has effected a partial early repayment amounting to 30 million leva on the loan extended by the central-government budget to repay the guaranteed deposits with the failed Corporate Commercial Bank (Corpbank), the Fund said in a press release.

This is the second partial early repyament on the loan, which brings the total amount of principal repaid ahead of maturity to 1,175 million leva.

The BDIF is planning to repay the balance of principal, amounting to 500 million leva, before the loan matures. The next partial early repayment will be effected after the bankruptcy court renders final judgment on the appeals lodged against the first partial distribution of available sums among the bank's creditors, approved by the BDIF.

Under the loan agreement, the Fund could borrow up to 2,000 million leva, of which it has absorbed 1,675 million leva. The interest rate is fixed at 2.95 per cent, and interest payments fall due once a year, on April 15. The loan must be repaid by April 15, 2020, with an option for lump-sum or partial early repayment. A total of 104,572,246.58 leva were paid in interest between 2015 and 2017, the press release says.