July 14 (SeeNews) - The Bulgarian Deposit Insurance Fund (BDIF) said it has repaid early 30 million levs ($17.5 million/15.3 million euro) of the loan extended by the government in December 2014 to repay depositors in collapsed Corporate Commercial Bank.
The transaction takes the total amount of loan principal repaid early by BDIF to 1.175 billion levs, BDIF said in a statement on Thursday.
The deposit insurance fund has also paid 104.6 million levs in interest during the 2015-2017 period, according to the statement.
BDIF added it plans to repay the outstanding principal of 500 million levs before loan maturity on April 15, 2020.
In December 2014, BDIF signed a contract for a loan from the central government budget in the amount of up to 2.0 billion levs to repay the insured deposits in Corporate Commercial Bank after its licence was revoked. The loan carries a fixed interest rate of 2.95% with interest payments due annually on April 15.
BDIF has absorbed 1.675 billion levs from the loan so far.
In June 2014, Corporate Commercial Bank, Bulgaria's fourth largest lender at the time, was hit by a run on deposits and subsequently collapsed.
(1euro = 1.95583 levs)