OPEN LETTER TO EMPLOYERS AND TRADE UNIONS ON THE CORPORATE COMMERCIAL BANK (ССВ)
The letter is on the proposal for expert support to resolve problems in Corporate Commercial Bank and the aftermath of the banking sector and addressed to President Rosen Plevneliev, Prime Minister Oresharski, Governor of the BNB and Analysis, the Chairman of the Financial Supervision Commission Stoyan Mavrodiev and manuals of parliamentary political parties.
A month ago, the competent authorities have given word that July 21, 2014 Banking Group Corporate Commercial Bank will resume its operations and its customers, many of whom are members of our organizations will have money. Guarantee to give Bulgarian National Bank supported the government that the Financial Supervision Commission and political leaders convened by the President.
Today we know that they lied to us all together - both placed under conservatorship banks group KTB not opened.
Therefore we are forced pain can state the obvious incompetence of the competent authorities. So insist regardless of conservators appointed to exercise special supervision over the banking group Bulgarian National Bank to immediately establish a supervisory committee (steering commitee), which participate actually competent and experienced in the rehabilitation of banks professionals.
This committee should include both independent authoritative bankers, financiers and lawyers, representatives of all interested in the recovery of the banking group of people - different classes of depositors, borrowers, bondholders existing shareholders and potential investors.
The task of the steering committee is to draw up and present to stakeholders honest and objective information memorandum and offer financially reasonable and complete solution for the rescue and restructuring of the banking group, which takes into account and balances the legitimate interests of all concerned (structure companies, hospitals, schools and state agencies, municipalities, retirees and others.). Failure to use the funds will lead to bankruptcies, unpaid wages and loss of thousands of jobs. Only companies from the military industrial complex would lose more than 25,000 jobs.
The purpose of the committee is based on contractual and voluntary agreement between the parties to achieve the fastest possible restoration of the activities of banks and utmost preservation of the value of the investment banking group of deposits, the claims of creditors and shareholders' rights. This is the usual and well-known international practice. The creation of the Supervisory Committee shall not discharge to the competent persons and institutions.
We demand more immediately start negotiations for accession of Bulgaria to the European Banking Union.
We insist on a market solution to the financial problems of the banking group KTB, which should not be at the expense of the taxpayer and the Bulgarian state budget. At the same time warn that it will not accept the banking group to be torn and plundered with impunity, and money invested in it to our members and all other customers to be appropriated, lost or wasted.
Bulgarian authorities and politicians proved unable to cope with the financial problems we face. Time to enable the professionals themselves affected and interested investors to solve the problem in the only way left to us - the method of affliction.
We demand an immediate meeting with the Board of the Bank in connection with solving the problem.
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