site.btaFibank Repays Lv 775 Mln of Liquidity Support Money

Fibank Repays Lv 775 Mln of Liquidity Support Money

Sofia, December 12 (BTA) - First Investment Bank (Fibank) has repaid 775 million leva out of a 1.2 billion leva liquidity support package which it received in June 2014, including interest, the Finance Ministry reported on Saturday.

According to a plan approved by the European Commission, the remaining 450 million leva should be repaid by May 2016.

The Bulgarian government provided liquidity support to Fibank in the shape of a deposit of 1.2 billion leva as part of a liquidity scheme approved by the European Commission on June 29, 2014. The interest on the deposit is determined on a market basis. Due to limitations concerning new government debt in 2014, the deposit was made for a short term of only five months, which elapsed on November 28, 2014. Therefore, the Finance Ministry sought, and eventually obtained, permission from the European Commission to provide more state aid that should be recovered by May 28, 2016.