Банкеръ Weekly

Briefs

TREASURY

Banks in Bulgaria reported about BGN57MN in profit for the first three months of 2002, down BGN100MN from end-March 2001, when the amount exceeded BGN157MN. The financial result of local banks was really huge in the beginning of last year, but it was mostly due to BULBANK, which released BGN130MN in provisions and transferred the sum to its revenues. If that operation was not effected, the net profit of the bank system for the first quarter of 2001 would had been around BGN60MN, up BGN3MN from the same period of 2002. Bank assets totaled BGN12.7BN in end-March 2002, up BGN1.9BN from the first three months of last year. Credits, extended by the local banks till end-March 2002, amounted to BGN4.4BN, up BGN1.2BN from a year ago.On May 9 a proposal will be moved to the the World Bank Board of Governors to extend financing of USD450MN to Bulgaria. The money is a part of the amount to be received by our country under the 3-year programme for development - from 2002 till the end of 2004. The announcement about the future financing was made on April 25 personally by World Bank President James Wolfensohn during his meeting with Premier Simeon Saxe-Coburg-Gotha. On the same day the Bulgarian Government approved two agreements with the World Bank under which the financial institution grants our country USD700MN to finance programmes for struggling poverty.Special Issue 42 of Official Gazette published the decision of the Sofia City Court as of January 18, 2002, registering the new members of the Supervisory Board of DEMIRBANK (Bulgaria): Ismail Hassan Akchayaluoglu, Imre Barmanbek, Mevlyut Tuffan Darbaz, and the Chairman Halit Djanguluoglu. They replaced Ibrahim Aidjaluoglu, Mehmet Uktem Kallaydjuoglu and Ogus Aktan.The National Assembly approved the agreement between tha National Electricity Company (NEC) and the European Bank for Reconstrcution and Development (EBRD) under which the credit institution allocates to the NEC EUR41MN for reconstruction and modernization of the electricity transmitting network.

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