Regulatory Alerts2022-07-28
Ordinance No 43 of the BNB on the Terms and Procedure for Determining and Paying a Maximum Daily Amount upon Suspension of Obligations for Eligible Deposits
The Bulgarian National Bank issued this ordinance to establish the terms and procedures for determining and paying a maximum daily withdrawal amount to depositors when the central bank suspends obligations on eligible deposits during credit institution recovery or resolution. The daily limit is calculated based on average household cash expenditure for natural persons or a fixed percentage of the deposit guarantee limit for legal entities, with adjustments permitted based on the institution's liquidity and suspension duration. Credit institutions must automatically provide daily access to these funds through all standard banking channels, accumulate unclaimed amounts for subsequent days, and establish the necessary technical infrastructure within one year of the ordinance's entry into force.