Bulgaria : The Bulgarian Deposit Insurance Fund Has Made a Partial Early Repayment of Bgn 30 Million Under the Contract With the State Dated 03.12.2014.
The Bulgarian Deposit Insurance Fund ("BDIF") has made a partial early repayment of BGN 30 million from the loan extended from the central budget under the Contract for granting a loan signed between the Republic of Bulgaria and the BDIF of 03.12.2014 for the purpose of financing the shortage of funds of the BDIF to pay the insured deposits in CCB AD after its licence was revoked. The loan has ensured the smooth process of payment of the insured deposits in the bank. This is the second partial early repayment under the loan wherewith the total amount of the principal repaid early by the BDIF has reached BGN 1.175 billion.
The BDIF intends to repay the outstanding principal of BGN 500 million before maturity, too. The next partial early repayment will be made after the bankruptcy court pronounces a final ruling on the appeals filed against the first partial account for distribution of the cash available among the creditors of CCB AD (in bankruptcy), as approved by the BDIF.
The amount of the loan under the Contract is up to BGN 2 billion, of which the BDIF has utilised BGN 1.675 billion. The interest is fixed at a rate of 2.95% and the interest payments are made once a year, on 15 April. The repayment of the loan is one-off - on 15.04.2020, with the option of early repayment in full or in part. The total amount of interest paid under the loan during 2015 - 2017 is BGN 104,572,246.58.
[c] 2017 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Jul 13, 2017|
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