site.btaCentral Bank Discloses Top Management Salaries, Proposes Legislative Amendments, Refuses Electronic Money Company Licence to Cash Credit

Central Bank Discloses Top Management Salaries, Proposes Legislative Amendments, Refuses Electronic Money Company Licence to Cash Credit

Sofia, January 22 (BTA) - The Bulgarian National Bank (BNB) Friday disclosed the monthly salaries of its staff for 2016: 15,368 leva of BNB Governor Dimiter Radev, 13,173 leva of Deputy Governors Kalin Hristov, Nina Stoyanova and Dimiter Kostov, 4,391 leva of the other members of the Governing Council, an average of 4,342 leva of the management personnel, 1,748 leva of the experts, and 916 leva of the maintenance personnel. The figures were released in compliance with a January 20 judgment of the Supreme Administrative Court (SAC) in an access for public information case filed by Reformist Bloc MPs Martin Dimitrov and Peter Slavov. "With a view to avoiding potential violations by the BNB of the Personal Data Protection Act, additional information in connection with the remunerations at the BNB will be made available after the SAC judgment becomes enforceable," the press release says.

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The BNB Governing Council will send the Minister of Finance proposals for an amendment to the Credit Institutions Act, according to which the central bank will no longer impose fines for the dissemination of untrue information which, in its opinion, is contrary to the basic principles of the exercise of effective banking supervision. Another proposal is to transpose Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features into the Payment Services and Payment Systems Act.

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By another decision, the BNB Governing Council refused to grant an electronic money company business licence to Cash Credit EAD for non-compliance with the relevant requirements of the Payment Services and Payment Systems Act and BNB Ordinance No. 16, and the BNB Deputy Governor in charge of the Banking Department imposed a pecuniary penalty of 40,000 leva (the maximum amount under the Payment Services and Payment Systems Act) on Cash Credit EAD for doing business as an electronic money company without a licence by issuing Cash Card prepaid cards.