NEW BOARD OF DIRECTORS APPOINTED TO BANKSERVICE
Upon expiry of the 3-year manadate in the Board of Directors (BoD) of Bankservice Inc, Vladimir Vladimirov, Executive Director of Bulgarian Post Bank, and Kiril Stefanov, Executive Director of BULBANK, were relieved of their duties. The decision was taken at the general meeting of the company, held on June 19. Both of them were asked to remain in the new BoD, but they refused. The shareholders voted for two new representatives in the 9-member BoD: Stanislav Georgiev, memeber of BULBANK's Managing Board, and Yordan Skorchev, Executive Director of First Investment Bank. Their mandate will also last 3 years.
The BGL337,000 profit for 2000 will be allotted to the Reserves Fund. The financial result is not due to increased fees for servicing bank payment, but to their larger volume. The daily number of bank payments reached 255,000, up from 183,000 in 1999. This proves the necessity of the new BISERA 4 system, designed to process up to 1,000,000 transactions daily. The aim is to do this before the introduction of the System for Gross Settlement in Real Time (SGSRT) by the Bulgarian National Bank. This will allow to make the necessary corrections in BISERA 4 within a short term in order to work out the improved BISERA 5 version, which will be in line with the requirements of SGSRT and will be operating concurrently with it.