{"id":26510,"date":"2015-04-05T10:13:22","date_gmt":"2015-04-05T10:13:22","guid":{"rendered":"https:\/\/bivol.bg\/?p=26510"},"modified":"2016-10-26T08:03:08","modified_gmt":"2016-10-26T08:03:08","slug":"european-commission-identity-of-fib-monitoring-trustee-cannot-be-disclosed","status":"publish","type":"post","link":"https:\/\/bivol.bg\/en\/european-commission-identity-of-fib-monitoring-trustee-cannot-be-disclosed.html","title":{"rendered":"European Commission: Identity of FIB Monitoring Trustee Cannot Be Disclosed"},"content":{"rendered":"<p>The plan, approved by the European Commission (EC), for the restructuring of private lender First Investment Bank (FIB) after the State aid introduced the figure of an independent qualified Monitoring Trustee, who is to report directly to the EC (paragraphs 60 and 128 of <a href=\"http:\/\/ec.europa.eu\/competition\/state_aid\/cases\/255309\/255309_1629861_152_4.pdf\" target=\"_blank\">the document<\/a>) the compliance with the conditions and the correct application of the plan for the restructuring of the Bank. The Trustee must report in writing every three months (paragraph 129 of <a href=\"http:\/\/ec.europa.eu\/competition\/state_aid\/cases\/255309\/255309_1629861_152_4.pdf\" target=\"_blank\">the document<\/a>).<\/p>\n<p>Bivol asked the European Commission whether such a Monitoring Trustee has been selected and approved and received a positive response. This is an internationally recognized consulting company, but its name remains secret.<\/p>\n<p><em>Bulgaria has committed to appoint a Monitoring Trustee, to ensure the correct implementation of the restructuring plan and the commitments contained in it. Based on the proposals of Bulgaria, the Commission has approved an internationally recognized consulting firm as the Monitoring Trustee. Since the Monitoring Trustee has to work independently and the Monitoring Reports are not public, the identity of the Trustee cannot be publicly disclosed.<\/em><\/p>\n<p>According to the application of the plan, which lists the commitments of the Bulgarian government, the figure of the Monitoring Trustee may be an investment bank, a consultant or auditor, whose specialized knowledge, expertise and human resources are necessary to fulfill the mandate. The same paragraph 23 of the Annex states that the Trustee should not be at any time exposed to any conflict of interest.<br \/>\nThe ability to establish a conflict of interest is the only case in which the Monitoring Trustee may be changed at the request of the Commission (paragraph 32 of the <a href=\"European%20Commission: Identity of FIB Monitoring Trustee Cannot Be Disclosed\" target=\"_blank\">Annex<\/a>).<\/p>\n<p>The lack of publicity, however, precludes civil and media control on possible conflict of interest of the Monitoring Trustee. Bivol will renew its request for information on who is the Monitoring Trustee of FIB by citing Regulation 1049\/2001 of the European Parliament and the Council, according to which citizens have access to all documents kept in the European institutions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The plan, approved by the European Commission (EC), for the restructuring of private lender First Investment Bank (FIB) after the State aid introduced the figure of an independent qualified Monitoring&hellip;<\/p>\n","protected":false},"author":1,"featured_media":26041,"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":"","_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,"_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":[5550],"tags":[7337,7322,5234],"class_list":["post-26510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-short-stories","tag-european-commission","tag-fib","tag-fibank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v27.7) - 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The restructuring\u2026","rel":"","context":"In &quot;Analysis&quot;","block_context":{"text":"Analysis","link":"https:\/\/bivol.bg\/en\/category\/analysis-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/05\/eu-investigation-pib.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/05\/eu-investigation-pib.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/05\/eu-investigation-pib.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/05\/eu-investigation-pib.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/05\/eu-investigation-pib.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":116882,"url":"https:\/\/bivol.bg\/en\/tulsi-gabbard-pierre-louvrier.html","url_meta":{"origin":26510,"position":1},"title":"Tulsi Gabbard is questioned in the Senate about Pierre Louvrier&#8217;s Russian connections","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"3 February 2025","format":false,"excerpt":"The Trump-nominated head of the U.S. National Intelligence, Tulsi Gabbard, had a difficult moment during her Senate hearing, where she was asked about an affair involving the well-known Belgian businessman Pierre Louvrier. As revealed by The New York Times, last year she traveled to Rome for an event at the\u2026","rel":"","context":"In &quot;Investigations&quot;","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":25031,"url":"https:\/\/bivol.bg\/en\/bulgarian-central-bank-guards-secrets-of-private-lender-threatens-bivol.html","url_meta":{"origin":26510,"position":2},"title":"Bulgarian Central Bank Guards Secrets of Private Lender, Threatens Bivol","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"11 December 2014","format":false,"excerpt":"On Wednesday, Bivol received on its editorial email a reply to questions sent to BNB regarding large exposures of FIB to offshore companies with unclear ownership and evidence of connected parties and draining of the Bank. The text of our letter to BNB from November 26 reads: \"In the course\u2026","rel":"","context":"In &quot;Analysis&quot;","block_context":{"text":"Analysis","link":"https:\/\/bivol.bg\/en\/category\/analysis-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/12\/bnb-bivol-1-150x150.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/12\/bnb-bivol-1-150x150.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/12\/bnb-bivol-1-150x150.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/12\/bnb-bivol-1-150x150.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":103336,"url":"https:\/\/bivol.bg\/en\/update-hal-billion-social-ministry.html","url_meta":{"origin":26510,"position":3},"title":"UPDATE: OVER 0.5 BLN BGN OF EU FUNDS EMBEZZLED THROUGH SOCIAL MINISTRY","author":"\u041d\u0438\u043a\u043e\u043b\u0430\u0439 \u041c\u0430\u0440\u0447\u0435\u043d\u043a\u043e","date":"30 March 2023","format":false,"excerpt":"Financial abuse valued at a couple hundred million euro have been exposed at the Ministry of Labour and Social Policy. The embezzlement is primarily tied to funds from different European Union programs awarded under the law for public procurement. The procedures, however, were conducted in gross violation of the law.\u2026","rel":"","context":"In &quot;Investigations&quot;","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\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":26413,"url":"https:\/\/bivol.bg\/en\/bulgarian-finance-minister-justified-censorship-regarding-first-investment-bank-with-the-european-commission-the-latter-denied-it.html","url_meta":{"origin":26510,"position":4},"title":"Bulgarian Finance Minister Justified Censorship Regarding First Investment Bank with the European Commission; the Latter Denied It","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"27 March 2015","format":false,"excerpt":"On Friday, in a response to a parliamentary question from independent MP Velizar Enchev regarding the censored part of the plan for the restructuring of First Investment Bank (FIB), Vladislav Goranov transferred the responsibility to the European Commission: \u201cThe European Commission, not the Minister of Finance, is the authority that\u2026","rel":"","context":"In &quot;Analysis&quot;","block_context":{"text":"Analysis","link":"https:\/\/bivol.bg\/en\/category\/analysis-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/03\/pib-censored-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/03\/pib-censored-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/03\/pib-censored-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/03\/pib-censored-3.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":25514,"url":"https:\/\/bivol.bg\/en\/are-private-lenders-bonds-draining-state-aid.html","url_meta":{"origin":26510,"position":5},"title":"Are Private Lender\u2019s Bonds Draining State Aid?","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"22 January 2015","format":false,"excerpt":"According to the government\u2019s and the central bank\u2019s (Bulgarian National Bank, BNB) approved plan for First Investment Bank (FIB), 94 million levs in State aid can go into private pockets before FIB repays the money to the budget. Why is this plan a secret? You can find out from Bivol\u2019s\u2026","rel":"","context":"In &quot;Investigations&quot;","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\/goranov-peevski.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/26510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/comments?post=26510"}],"version-history":[{"count":0,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/26510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media\/26041"}],"wp:attachment":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media?parent=26510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/categories?post=26510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/tags?post=26510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}