DECLARATION OF THE MEMBERS OF THE EXPERT ADVISORY BOARD ON THE CASE ON "CORPORATE COMMERCIAL BANK (ССВ)"
DECLARATION
Members of the expert ADVISORY BOARD
The national representative trade unions and employers' organizations
CASE ON "CORPORATE COMMERCIAL BANK"
We mentioned independent professionals, experts in the fields of national economy, finance, business, accounting and law gathered at the invitation of the national employers' organizations and trade unions in Bulgaria, we decided to create Expert Advisory Board on issues of economic CCB group aimed at dialogue to develop and propose a balanced rational decision to discuss in dialogue with all stakeholders.
Of the few publicly available facts and data on the state of the two banks in the group of KTB is clear that there is no evidence of a bank failure, but rather show that reasonable measures and temporary financial support CCB can be rehabilitated and continue to work . And according to the audits its subsidiary bank seem to be able to recover its operations immediately, even without external support.
We are concerned about the inaction, silence of the banking supervision authorities, the oversight of public companies and financial markets and public administration, and their unwillingness to dialogue with independent experts, employers and trade unions.
We think today the reorganization and stabilization of the banks in the group of KTB is entirely possible, but if not immediately be developed and implemented an appropriate rehabilitation program, not long after the forced outage of both placed under conservatorship banks will make salvage impossible and their insolvency - inevitable.
We are concerned by the statements of politicians, investigators and prosecutors who present insolvency of the banks concerned as a foregone conclusion on time. In our losses this bankruptcy will significantly exceed the cost of their rescue and stabilization. Of bankruptcy of the CCB will suffer severe tens of thousands of businesses, hundreds of thousands of them employed in the whole national economy. Common sense need to try to avoid this once heavy blow on the Bulgarian economy.
We accept as our civic duty to engage in the discussion, preparation and negotiation of reasonable stabilization program and help with knowledge and experience of each of us to find an appropriate solution to the problems of the CCB group.
Readed: 1972
