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bulgarian-court-confirms-an-exception-from-ktb-bank-deposits-guarantee-unlawful-for-breach-of-an-eu-directive

Bulgarian court confirms an exception from KTB bank deposits guarantee unlawful for breach of an EU Directive

After a 3-year litigation in three instances, Boyanov & Co. succeeded in obtaining a final enforceable court judgment against the Deposits Guarantee Fund to pay the guaranteed deposit to a client of the law firm. The judgment is landmark because it recognises that the exception to the deposits guarantee referred to in the article below (i.e. on the basis solely that the deposits enjoyed a higher interest rate than the standard one provided by the bank) was in breach of the relevant EU Directive on bank deposits guarantee (now repealed).

 

Reference:

http://boyanov.com/bulgarias-exclusion-of-certain-bank-deposits-from-the-deposits-guarantee-breaches-an-eu-directive/

 

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