The Zaev Government announced that it is instructing the Finance Ministry to urgently prepare a new law on bank deposits, after the Constitutional Court struck down a key provision in the existing law.
Depositors in the now failed Eurostandard Bank challenged the provision that guaranteed only the first 30,000 EUR of a deposit. These funds were paid back to the depositors from the bank’s assets, and with the help of a solidarity fund supported by the state and other banks. But those with deposits over 30,000 are stuck – except for the privileged ones like then Finance Ministe Nina Angelovska famously withdrew her 250,000 EUR she kept in the bank. The bank was saddled with loans given to shell companies, some of whom were reportedly linked to the ruling Zaev family and his cronies.
The nullification of this article creates a legal vacuum. It is important that we adopt a new law which will define the public interest, the Government said in a press release.
The Finance Ministry will now prepare a law within 15 days, in line with the position of the Constitutional Court, and submit it to Parliament. If it is favorable to the depositors of the Eurostandard Bank, they could demand reimbursement from the state.