site.btaCentral Bank Governor Denies GERB Party's Accusations Regarding Corpbank

Central Bank Governor Denies GERB Party's Accusations Regarding Corpbank


Sofia, September 13 (BTA) - Bulgaria's central bank chief Ivan
Iskrov issued a statement on Saturday reacting to Friday's
letter in which the GERB party questioned the way Iskrov's
institution exercises special supervision over the ailing
Corporate Commercial Bank (Corpbank).

Iskrov denied GERB's accusation that he has made "premature and
contradictory statements" about Corpbank. He said that in his
statements he has clearly explained the steps which have been
planned or taken, including the actions of the administrators
appointed by the central bank, the Bulgarian National Bank
(BNB), to run Corpbank, and the steps of the auditors assigned
to work on the case.

Corpbank has been inoperable since June 21 due to a lack of
liquid assets and has been placed under special supervision by
BNB to allow a thorough audit and possible restructuring.
Majority owner Tsvetan Vassilev and other senior Corpbank
executives have been charged with embezzlement. Vassilev is on
Interpol's wanted persons list and his whereabouts are unknown.

Iskrov said in his statement that some political entities have
behaved inconsistently, making it impossible for Corpbank to
reopen on July 21, as BNB had planned.

He recalled that he told the Parliament leader he was ready to
resign as BNB Governor. "The bank's operation is strictly
regulated by the law. Therefore, personalizing the matter does
not help to understand the situation correctly or to give the
public an objective perspective on the problems," Iskrov argued.

"Sadly, there is indeed a sense of unpredictability, which is
due to the repeated changes in the views held by a number of
public figures," the BNB chief said. SN/VE

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