site.btaErnst & Young to Audit Bulgarian National Bank for 3 Years

Ernst & Young to Audit Bulgarian National Bank for 3 Years

Sofia, October 22 (BTA) - The Governing Council of the Bulgarian National Bank (BNB) has decided, following an open procedure under the Public Procurement Act, that Ernst & Young Audit will carry out international audits of BNB in 2015, 2016 and 2017, the central bank said in a press release Thursday.

From 1997 to 2014, the balances and reports of BNB were checked and verified by the KPMG company. The verification was provided by the London-based KPMG Audit until 2009, and then by KPMG Bulgaria.

Following the scandal involving this audit company in relation to Corporate Commercial Bank (Corpbank), its relations with BNB end in 2015 with the expiration of KPMG's three-year contract with the central bank.

On June 20, 2014, Corpbank (Bulgaria's fourth biggest lender) suspended all operations after a panic run by depositors left it illiquid. The central bank's Governing Council withdrew Corpbank's banking licence on November 5, 2014, and the bank's bankruptcy was petitioned on November 7. The Sofia City Court adjudicated the bank bankrupt on April 22, 2015.