EBA investigates possible breach of EU law in Bulgaria

Following a stage of preliminary enquiries, the Chairman of the European Banking Authority (EBA) has opened an investigation into an alleged breach of Union law by competent authorities in the Republic of Bulgaria.

This investigation will look into whether measures taken in the conservatorship of Bulgarian bank "Corporate Commercial Bank AD (KTB)" constitute a possible breach of the requirements in the EU Deposit Guarantee Scheme Directive (DGS), according to which depositors should be compensated no later than 25 working days after the unavailability of deposits.

By opening this proceeding, the EBA is exercising its responsibility to investigate alleged breach or non-application of Union law by EU Member States. The Authority may subsequently address a recommendation to the concerned competent authority setting out the action necessary to comply with Union law.