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Kalfin, Ivaylo

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Sega - Bulgaria | 14/07/2014

Bulgaria's bank watchdog needs to be watched

Bulgaria's central bank withdrew the licence of the country's fourth-largest bank, the Corporate Commercial Bank (CCB), on Friday amid claims that the bank's major stakeholder Tzvetan Vassilev has embezzled more than 100 million euros and stolen documents on loans. Why did the country's bank supervision authority fail to pick up on this, the daily Sega asks, and calls on the ECB to help: "The developments in recent days have shown that Bulgaria's bank supervision system doesn't work. ... Now a committee of experts should take over the risk management, investigate the CCB and the supervisory authorities and propose the appropriate measures. But this committee must not be made up of officials from the institutions in question, who would only try to help out their bosses. It must be a commission of experts, set up at Bulgaria's request and led by the European Banking Authority and the ECB."

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