Банкеръ Weekly



The Parliamentary group of the National Movement Simeon II (NMSII) started fulfilling its pre-election promises for legislative amendments, aimed to alleviate bank crediting. The Association of Commercial Banks (ACB) demands amendments to ten effective acts. The proposals were discussed on September 17, 2001 at a meeting between the ACB with the National Assembly's Vice Chairperson Kamelia Kassabova, the Chairman of the parliamentary Budget and Finance Commission Ivan Iskrov, and representatives of the parliamentary Economic Commission. The present situation of the local bank sector and the future cooperation between the ACB and the National Assembly were discussed at the meeting.Bankers have been for a long time insisting on a number of legislative amendments for facilitation of crediting. And although back in the end of 2000 former premier Petar Jotev had promised that the 38th National Assembly would discuss their proposals, they never a parliamentary session.ACT's representatives believe the most imperative amendments are those to the Code of Civil Procedure, intended to simplify and speed up the sales of movable and immovable property, pledged by debtors as loan guarantee. The ACT also insists that the requirement for importers to present at the customs offices permanent and irrevocable bank guarnatees should be dropped from the Excise Duty Act.Another ACT proposal is for a revision of the provisions in the Corporate Income Taxation Act, stipulating that the banks should pay taxes on the provisions if the loans classified as loss exceed 10% of the amount of extended credits. Bankers also insists for a revocation of art. 220, para 3 of the Penal Code, under which a person that has extended an unguaranteed credit which is not paid back, is liable to imprisonment of one to ten years. According to bankers if this article is removed, then the credit institutions will find it much easier to launch credits.National Assembly's Vice Chairperson Kamelia Kassabova promised that the last two proposals of the ACB would be discussed in Parliament by the end of 2001.

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