Press Release: Bulgaria must allow bank customers to access their money

The European Commission is opening infringement proceedings against the Republic of Bulgaria for its failure to correctly transpose Articles 1(3) and 10(1) of Directive 94/19/EC (the Deposit Guarantee Scheme Directive) as well as its failure to comply with the principle of free movement of capital under Article 63 TFEU.

By opening these infringement proceedings, the Commission is exercising its responsibility to monitor compliance with EU law by Member States. The Commission expects that depositors will be given immediate access to the amount of bank deposits to which they are entitled.

The Commission is sending a letter of formal notice to Bulgaria, the first formal stage in infringement proceedings. Bulgaria has until 15 October 2014 to respond.

• Primary Source

EurActiv, 25.09.14: Bulgaria feels the heat for failure to respect guaranteed deposits http://www.euractiv.com/sections/euro-finance/bulgaria-feels-heat-failure-respect-guaranteed-deposits-308715

ESO: Background information: Bulgaria asks ECB to oversee its banks http://www.europeansources.info/record/bulgaria-asks-ecb-to-oversee-its-banks/

ESO: Background information: The fall of Bulgaria’s government provides an opportunity to overcome the country’s persistent corruption problem http://www.europeansources.info/record/the-fall-of-bulgarias-government-provides-an-opportunity-to-overcome-the-countrys-persistent-corruption-problem/

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