{"id":25412,"date":"2015-01-15T21:32:44","date_gmt":"2015-01-15T21:32:44","guid":{"rendered":"https:\/\/bivol.bg\/?p=25412"},"modified":"2015-01-17T16:49:49","modified_gmt":"2015-01-17T16:49:49","slug":"chief-of-bulgarias-financial-supervision-commission-fsc-declared-credit-cards-with-huge-credit-lines","status":"publish","type":"post","link":"https:\/\/bivol.bg\/en\/chief-of-bulgarias-financial-supervision-commission-fsc-declared-credit-cards-with-huge-credit-lines.html","title":{"rendered":"Chief of Bulgaria\u2019s Financial Supervision Commission (FSC) Declared Credit Cards with Huge Credit Lines"},"content":{"rendered":"

For <\/em>online banking, press 1. For bank cards, press 2…<\/em><\/p>\n

– 2…<\/em><\/p>\n

– Hello, I would like to open an account with you. My salary is 6,000 levs a mont; I have a stable job. I want to apply for a credit card.<\/em><\/p>\n

– Of course, we offer Visa credit cards.<\/em><\/p>\n

– I wish to have one with a higher limit? Is 60,000 euro possible?<\/em><\/p>\n

– Oh, we do not provide such credit lines even to companies; the maximum is 10 000 levs<\/em><\/p>\n

Bivol conducted this experiment with a random bank, after finding out that the Head of the Financial Supervision Commission (<\/strong>FSC) has declared in 2012 two bank credit cards with limits of 60,000 euro (117,350 levs) and 50,000 levs. The employe in charge has also listed depostis in the amount f 40,000 levs. His declaration is published on the National Audit Office website.<\/p>\n

According to the Financial Supervision Commission Act, Article 7 (1), the FSC Chairperson shall receive a basic monthly remuneration of 90 percent of the remuneration of the Speaker of the National Assembly or about 4,500 levs (the information is from 2012).<\/p>\n

The credit lines, declared by Mr. Stoyan Mavrodiev (FSC Chairperson \u2013 editor\u2019s note), apparently are not offered to “mere mortals”, even if they have incomes higher than his. Besides, the limits are disproportionate to his income and lead to suspicions of graft favoritism on the part of supervised entities \u2013 <\/strong>the banks that have issued the respective credit cards.<\/p>\n

Bivol sent a letter of request to Mavrodiev\u2019s employer – the Speaker of the Parliament Tsetska Tsacheva – to obtain information what banks precisely have issued the credit cards and under what criteria.<\/strong><\/p>\n

The issue is particularly sensitive on the backdrop of the collapse of Corporate Commercial Bank (CCB) and information that politicians and magistrates have used privileged terms on deposits and loans in that bank.<\/p>\n

Such is the case with the credit cards of Ahmed Dogan, honorary lifetime Chairman of the party largely representing the Muslim minority in Bulgaria, Movement for Rights and Freedoms (DPS) and former DPS Minister, Emel Etem, as reported by Capital<\/em> daily. However, even they have lower limits than Mavrodiev.<\/p>\n

Bivol reminds<\/strong>:<\/p>\n

The FSC Head was appointed to the post by the now second-term ruling centrist party Citizens for European Development of Bulgaria (GERB). He became known as “Brendo\u2019s Lawyer” after a prosecutor asked for him to be questioned in the courtroom in a trial for money laundering against drug trafficker Evelin Banev, AKA Brendo, who has a 20-year prison sentence in Italy.<\/p>\n

“I insist on the questioning of witness Mavrodiev as his signature is on documents submitted by ” <\/em>Quilin Ventures “and” Fidelity Enterprises”, including documents that empower Desislava Dishlieva and Vladimir Dishliev to represent companies in bank accounts in Euram Bank,”<\/em> the prosecutor in the case said in the courtroom, quoted by Capital<\/em> daily<\/p>\n

Bivol also revealed that on August 4, 2006, Mavrodiev and his wife bought from Rumen Nikolov, AKA The Pasha, known as boss of the alleged top crime group in the past – SIC \u2013 an apartment of 173 square meters with two garages of 20 square meters each in the upscale Sofia district of Lozenets. The family then shelled to the Pasha 200,000 levs for the luxury property. Rumen Nikolov The Pasha is considered very close to second-term Prime Minister and GERB Leader, Boyko Borisov, with whom he ran in 1995 a factory for the contraband manufacture of cigarettes in Kraimorie, near the Black Sea city of Burgas.<\/p>\n

In a letter with the right of reply, sent to our media, Mavrodiev alleges that he does not know The Pasha and bought the apartment through a real estate agency. His explanation, however, does not clarify who concluded the transaction with the notary public.<\/p>\n

Under Mavrodiev\u2019s leadership, FSC entirely \u201cmissed\u201d the CCB collapse, but is particularly active in the crackdown on media that cite problems of another “bad apple” \u2013 First Investment Bank (FIB). It just emerged last Wednesday that the FSC has imposed record fines on the publisher of media Capital<\/em> and Dnevnik<\/em> (150,000 levs), the publisher of the Vratsa-based site Call News<\/em> (100,000 levs) and on a currently unknown journalist (50,000 levs) for publication of information related to the issues around FIB of majority shareholders Tseko Minev and Ivaylo Mutafchiev.\u00a0The state institution, led by Mavrodiev, has quite obviously replaced the object of its activity and from being a financial regulator it has turned into the main media censor to protect the interests of the oligarchic backstage rule. It became clear that for the entire 2014, all other sanctions imposed on impeccable Bulgarian business entities are smaller than the fines for one media identified for destruction.<\/p>\n

There are pending legal proceedings under the same article of the law against the site Mediapool and against our site. “Reporters Without Borders” have already reacted strongly against these attempts of censorship and intimidation.\u00a0The uncompromising opinion of the international organization is that such practices are absolutely incompatible for an EU Member State. However, this opinion not only didn\u2019t startle Mavrodiev and Co, on the contrary – they openly demonstrate that they do not have any intention to comply with democratic criteria. This is a good indication of a country whose credit rating was definitely reduced and this is a consequence of the continued deterioration of democratic society and the monstrous corruption in different sectors of power.<\/p>\n

Regardless of any sanctions, Bivol will continue to publish reliable and documented information on the ongoing drain on banks \u201cbad apples\u201d with the active inaction of regulators and prosecutors. By the way, the latter had been indeed alerted about the problem.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

For online banking, press 1. For bank cards, press 2… – 2… – Hello, I would like to open an account with you. My salary is 6,000 levs a mont;…<\/p>\n","protected":false},"author":1,"featured_media":18131,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","kia_subtitle":"Are there any special conditions for the supervisor of banks who is protecting them by bullying media?","_lmt_disableupdate":"","_lmt_disable":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[5828],"tags":[5302,5259,5469],"class_list":["post-25412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-b-files-bad-apples-en","tag-bulgarian-national-bank","tag-censorship-en","tag-corpbank"],"yoast_head":"\nChief of Bulgaria\u2019s Financial Supervision Commission (FSC) Declared Credit Cards with Huge Credit Lines - Bivol!<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bivol.bg\/en\/chief-of-bulgarias-financial-supervision-commission-fsc-declared-credit-cards-with-huge-credit-lines.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chief of Bulgaria\u2019s Financial Supervision Commission (FSC) Declared Credit Cards with Huge Credit Lines\" \/>\n<meta property=\"og:description\" content=\"For online banking, press 1. 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Host Annie Tsolova: A check of our colleagues from Bivol -\u2026","rel":"","context":"In "Investigations"","block_context":{"text":"Investigations","link":"https:\/\/bivol.bg\/en\/category\/investigations-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/01\/SM-2012-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/01\/SM-2012-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/01\/SM-2012-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/01\/SM-2012-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/01\/SM-2012-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":31333,"url":"https:\/\/bivol.bg\/en\/prosecution-chief-of-bulgarias-financial-supervision-commission-fsc-committed-crime-against-monetary-and-credit-system.html","url_meta":{"origin":25412,"position":1},"title":"Prosecution: Chief of Bulgaria\u2019s Financial Supervision Commission (FSC)\u00a0Committed Crime against Monetary and Credit System","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"12 July 2016","format":false,"excerpt":"A probe of the prosecution into the credit cards with unrealistically high limits, declared by the Head of Bulgaria\u2019s FSC, Stoyan Mavrodiev, ended without pre-trial proceedings because no evidence of abuse of office was established. 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As revealed by The New York Times, last year she traveled to Rome for an event at the\u2026","rel":"","context":"In "Investigations"","block_context":{"text":"Investigations","link":"https:\/\/bivol.bg\/en\/category\/investigations-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":26937,"url":"https:\/\/bivol.bg\/en\/controversial-lawmakers-best-man-with-most-lucrative-ccb-credit-card-interest-rate.html","url_meta":{"origin":25412,"position":4},"title":"Controversial Lawmaker\u2019s Best Man with Most Lucrative CCB Credit Card Interest Rate","author":"\u0411\u0438\u0432\u043e\u043b\u044a","date":"11 May 2015","format":false,"excerpt":"Milcho Kiryakov, who is best man of the Deputy Chairman of the party largely representing the Muslim minority in Bulgaria (Movement for Right and Freedoms, DPS), Yordan Tsonev, (notorious with the nickname Dancho the Fraud) and who is considered his right hand in the business, had a credit card from\u2026","rel":"","context":"In "Investigations"","block_context":{"text":"Investigations","link":"https:\/\/bivol.bg\/en\/category\/investigations-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/05\/conev.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":31802,"url":"https:\/\/bivol.bg\/en\/huge-hole-in-private-lender-fib-forged-exposures-and-fictitious-profits.html","url_meta":{"origin":25412,"position":5},"title":"Huge Hole in Private Lender FIB, Forged Exposures and Fictitious Profits","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"2 September 2016","format":false,"excerpt":"The liquidity and operational risks, the ability to generate profits and the capital adequacy of FIB are discussed in the last part of the classified report of Bulgarian National Bank (central bank, BNB) on FIB from 2012. 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