Банкеръ Weekly



The first general meeting of all owners of mortgage bonds issued by EIBANK was held on May 13. Dessislava Krumova - chief legal consultant of the pension insurance company LUKoil Garant, was chosen to become their representative. My duties as a representative of all bonds' owners are to keep an eye on EIBANK's work, to watch over its results and to present this information to the owners of its mortgage bonds. The main purpose is that they are all the time kept informed about the bank's financial shape, explained Ms. Krumova to the BANKER weekly. She underlined that she'd perform her duties as a natural person and not as a representative of the insurance company, despite the fact that LUKoil Garant is owner of one of the biggest stakes of EIBANK's mortgage bonds. The company owns 15,000 mortgage bonds of total par value BGN150,000 - 5% of the whole issue, worth BGN3MN. The public two-year issue of EIBANK, which will be freely traded at the Bulgarian Stock Exchange (BSE), includes of 300,000 mortgage bonds, each of BGN10 par value. The annual calculated interest is 7.25% and will be paid in equal parts each three months, starting from the date when the subscription is finalized - March 22, 2002. According to the scheme there will be eight payments of interests and the first of them is due on June 22, 2002 (Saturday). Yet it will be actually performed on June 24, i.e. on the first working day after the set date. The principal will start being paid up one year after the end of the issue's subscription. Five equal three-month payments are planned, each of them amounting to BGN600,000. The first one will be paid on March 22, 2003, and the last - on March 22, 2004, which is the issue's date of maturity.By end-March at the latest EIBANK's mortgage bonds will be listed for sale on the BSE. Immediately after that the bank will announce repurchase rates so as to keep its issues's good liquidity.

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