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Bulgaria : BNB raises minimum capital required of FAST LOAN FIRMS

May 19, 2014

The minimum capital required of fast loan companies has been raised by the governing council of Bulgarian National Bank (BNB) from BGN 250,000 to BGN 1 million. This transpires in an Ordinance from 13 May 2014 Amending and Supplementing Ordinance No. 26 of 23 April 2009 on Financial Institutions.

The capital may be raised only with own funds of partners and shareholders. A requirement of disclosure of the beneficial owners is established. The necessities to financial institution managers are enhanced, also taking into consideration their reputation.

The ordinance offers in detail the procedure under which existing financial institutions are to meet their obligation to reregister within the term set forth in the law if they want to continue pursuing their activities.

But still, the new requirements will not affect the biggest players on the Bulgarian market: Easy Asset Management, Credissimo, Cash Credit, CrediHelp and Profi Credit.

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Source: TendersInfo (India)

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