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Sat, Feb 11 2012
Bulgarian central bank governor says deposits in Greek banks are safe
Bulgarian National Bank governor Ivan Iskrov, left, and Finance Minister Simeon Dyankov.
Photo: Tsvetelina Angelova
Clients of Greek banks operating in Bulgaria have no reason to fear for the safety of their deposits, Ivan Iskrov, governor of the Bulgarian National Bank (BNB), said on March 4 2010.
The statement came in response to concerns expressed by Finance Minister Simeon Dyankov that some Bulgarian banks, majority-owned by Greek groups, may be directing liquidity towards their parents because of the public finance crisis in Bulgaria's southern neighbour.
Dyankov said that he had requested technical assistance from the European Commission in assessing the possibility of liquidity outflows, to which Iskrov countered that the operations of the institutions were not monitored by the BNB in that respect and no report has been prepared on the issue.
The budget woes of a country are separate from the operation of its banking system. The banking system of Greece is one of the most stable, Iskrov added without specifying which other systems he had in mind.
According to Iskrov, the proposition of liquidity pull out towards Greece is irrelevant.
On the contrary, a large amount of Greek savings have been directed to the Bulgarian economy through outflows from Greek banks to their Bulgarian subsidiaries and any implications otherwise are insulting to Greek fellow bankers, Iskrov said.
Source: Dnevnik.bg
The statement came in response to concerns expressed by Finance Minister Simeon Dyankov that some Bulgarian banks, majority-owned by Greek groups, may be directing liquidity towards their parents because of the public finance crisis in Bulgaria's southern neighbour.
Dyankov said that he had requested technical assistance from the European Commission in assessing the possibility of liquidity outflows, to which Iskrov countered that the operations of the institutions were not monitored by the BNB in that respect and no report has been prepared on the issue.
The budget woes of a country are separate from the operation of its banking system. The banking system of Greece is one of the most stable, Iskrov added without specifying which other systems he had in mind.
According to Iskrov, the proposition of liquidity pull out towards Greece is irrelevant.
On the contrary, a large amount of Greek savings have been directed to the Bulgarian economy through outflows from Greek banks to their Bulgarian subsidiaries and any implications otherwise are insulting to Greek fellow bankers, Iskrov said.
Source: Dnevnik.bg
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I believe what Mr.Iskrov says is true.The cricis in Greece would direct funds into Bulgarian Banks easier than somewhere else.The Greeks have more relation with Bulgaria than other europeans.
It is wise. If everyone considering so, we would not have banks at all.
For now i will keep my money in an old sock hidden under my pillow. Sounds safer to me than any bank at the moment, specially Greek banks. Besides that it's also cheaper getting no interest than paying for a bank account and have the bank "play" with your money.