The prime minister was duped by fake news, convinced of Mavrodiev

The Prime Minister was seriously misled by the analysis he provided. This was stated to bTV by the Executive Director of the Bulgarian Development Bank, Stoyan Mavrodiev. His statement is on occasion. his resignation from the prime minister due to a BDB loan of over BGN 70 million to a company related to collection activities.

He insisted that The bank did nothing wrong.

Mavrodiev explained that the agreement in question was with the Saint George Group company and that it had worked at least six months before the crisis. He denied claims that the loan in question would be financed by funds earmarked for the economic effects of the coronavirus. According to him, this money comes from BDB resources received from international financial institutions, and they have financed the bank due to trust in the management team.

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“Many colleagues, CEOs of banks have called me for this agreement. They are very surprised and surprised that we criticize such a good agreement because we won it in competition with other commercial banks that competed with us “, explained the BDB director, resigning.

According to him, this money is allocated to the company to buy a portfolio of bad and delinquent accounts receivable from two banks: Postbank and Municipal Bank.

He emphasized that the transaction is secured by more than BGN 500 million of assets and the thesis that this is an unsecured risk is absolutely false. Mavrodiev explained that the guarantee was primarily real estate, adding that the bank would earn some BGN 30 million from this transaction.

According to him The deal could also be seen as direct aid to commercial banks in a crisis.

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So far, the loans are expected to be two years, but are also considered for 5 years with a three-year grace period.

Mavrodiev insisted that The agreement is closed and cannot be broken. It is absolutely legal because it was approved for the first time by the Bank’s Board of Directors, second by the Supervisory Board, appointed by the Minister of Economy and headed by the Vice Minister of Economy, interrupted and explained that any transaction of more than 5 million BGN was approved by the Bank’s Supervisory Board.

In his words In banking, morale is measured by numbers. When our team joined the bank, there were around BGN 2.4 billion in assets, in the last two and a half years it was an additional billion, having grown by almost 35%, Mavrodiev said.

According to him disbursed loans amounted to BGN 700 million, To date, 1.7 billion small and medium-sized companies have been granted loans to BGN.