A change is needed to the set automatic formulas for salary increases, which are currently tied to each other in the legislation. This advice to the government comes from the Deputy Governor of the BNB Petar Chobanov, who gave a special interview to BNT.
In his words, it is imperative that, in addition to observing fiscal discipline, our country maintains the Maastricht criteria, on the basis of which our country became a member of the eurozone. Petar Chobanov commented on the new decisions of the BNB on the work of the Central Credit Register, the aim of which is to reduce fraud with withdrawn loans. The deadline for entering loans into the register is being reduced to two days, the BNB Governing Council decided, and not five days as before.
Nadya Obretenova, BNT: Following the decision of the BNB Governing Council regarding the Central Credit Register, what changes are expected in order to overcome fraud by businesses and individuals for abuse of loans?
Petar Chobanov, Deputy Governor of the BNB: It is the obligation of financial institutions, regardless of whether they are banks or not, financial institutions, some of which are popular as "quick loans", that they will now have to submit this information to the credit register within two working days after granting a loan or changing or renegotiating a loan. That is, this is how this period of five days is being shortened, which is possibly considered to be used for fraud. This will greatly reduce the maneuverability of those who want to behave unscrupulously and use their contacts in financial institutions to simultaneously obtain several loans that they can later not repay.
Part of the changes for these two days will come into effect from February 1, so that banks do not have to do too many things at once?
The other direction in which we are making the changes, which we also talked about with the ombudsman. This is when we have a court decision that has entered into force regarding a loan. In some cases, this means that the loan is invalid. It has never existed in the legal world, but the institutions that granted it are often distracted and do not submit the changes to the credit register. After January 1, 2026, we will be able to officially note against this loan that there is a court decision that has entered into force, which makes it invalid, i.e. it should not weigh on the person.
If the institution refuses, despite our direct instruction, to correct this information, i.e. to remove it from the credit register in this case, then we have the opportunity to punish the relevant institution by depriving it of access to the credit register.
Deleting data from the Central Credit Register. How will this be done? Is there a change?
What is changing is that we now have a more active role and responsibility of the Bulgarian National Bank in this process. We will have the opportunity, although the rules under which the credit register operates, regulate this, to have accessible information about the people themselves, whether they have an obligation to the relevant institutions. That is, the relationship continues to be between the person to whom the loan is granted and the institution that grants it.
We do not interfere in these obligations, since European rules do not allow this either. However, what we do when the credit is invalid, i.e. it never existed and should not have legal consequences. We note in the credit register that there is a court decision that has entered into force for this credit and it is null and void.
From now on, as I said, the institution's obligation is to promptly correct this information in the credit register so that the person no longer has such a burden. As before, individuals, as I said, can submit an application within the relevant deadlines, which are based on current regulations.
They quickly receive this information and can now do so, with this new order, which they first ask the institution to delete, it refuses or is distracted, then they turn to us. We say that it must do so, which until now was not clearly and categorically written and we note ex officio that this is the case. We expect it to do it, and when it does not, we block its access to the credit register. Until it becomes correct again towards the relevant persons who use its financial services.
As someone who has made a budget, what can you advise the government at this moment?
What I do not advise them to do is to increase taxes. This should not happen. Regarding social security, we have already seen that this will happen. This has its own logic in order to improve the balance in the pension system.