EU approves Bulgarian emergency credit line

GMT 02:03 2014 Tuesday ,01 July

Arab Today, arab today EU approves Bulgarian emergency credit line

Corporate Commercial Bank
Brussels - SPA

The European Union approved a request by Bulgarian authorities to extend an emergency credit line of 3.3-billion-lev (2.36-billion-dollar) to the country's banks, the bloc's executive said Monday, days after an online media attack triggered a bank run, dpa reported.
"Last week, it transpired that certain individuals have been targeting Corporate Commercial Bank and First Investment Bank, urging customers to withdraw their deposits," the European Commission said in a statement.
This led to concerns over the liquidity of the banks, as well as a spillover risk for other lenders, the commission wrote, adding that there was no reason for concern.
"The Bulgarian banking system is well capitalized and has high levels of liquidity compared to its peers in other [EU] member states," the EU's executive said.

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