News Room

4 Oct 2014

EU in legal battle with Bulgaria over bank

The EU’s banking watchdog has urged the Bulgarian authorities to give bank customers access to their deposits after access was stopped four months ago to customers of Corporate Commercial Bank.

The action was taken in Bulgaria after a run on deposits Рbut denying access meant that thousands of customers were unable to withdraw their savings. The European Banking Authority is now warning that Bulgaria’s banking authorities have breached European law by keeping the ban on access in place for so long.