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Bulgaria : BULGARIAN NATIONAL BANK raises the minimum capital required of fast loan companies

May 19, 2014

The governing council of Bulgarian National Bank (BNB) declared that it has increased the minimum capital required of fast loan companies from BGN 250,000 to BGN 1 million.

It will effective from 13 May 2014 Amending and Supplementing Ordinance No. 26 of 23 April 2009 on Financial Institutions. The capital may be increased only with own funds of partners and shareholders. A requirement of disclosure of the beneficial owners is developed.

The requirements to financial institution managers are boosted, also taking into consideration their reputation. The ordinance delivers 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.

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Source: TendersInfo (India)

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