site.btaFinance Ministry Proposes Entirely New Law to Guarantee Bank Deposits

Finance Ministry Proposes
Entirely New Law to Guarantee
Bank Deposits

Sofia, November 12 (BTA) - The draft of a new Bill to Guarantee
Bank Deposits and the motives attached were published Wednesday
on the Finance Ministry website after informal consultations
with the European Commission, the ministry said.

Pursuant to Article 11 (1) of the Statutory Instruments Act,
because of the existence of numerous and important changes,
there is a proposal to repeal the acting Bank Deposit Guarantee
Act and pass an entirely new one. The draft bill eradicates the
omissions of the currently valid act and transposes the
revisions to the acquis communautiare in the same field passed
in the middle of this year.

Previously, the government intended revisions to the Bank
Deposit Guarantee Act to limit the cases of circumventing the
law. /PK/BR

/ТК/