Bulgaria's Silver Fund got no Budget contributions since May 2010

Bulgaria's Silver Fund, a structure set up as a reserve fund for the public pillar of the pension insurance system to compensate for the extra costs of aging, has received no resources from the state since May 2010, according to a report published by the Finance Ministry on March 10 2011.

The sole injection into the Silver Fund since the last Budget transfer was 2.9 million leva in deposit interests, of which 300 000 leva was paid in February.

The fund has so far accumulated 1.684 billion leva, which are deposited with the Bulgarian National bank (BNB).

The financial scheme was intended to get 25 per cent of the budget surplus and any concession and sell-off proceeds. Because of the financial crisis, however, the Budget no longer has a surplus and sell-off proceeds are declining, which accordingly led to a contraction in Budget inflows.

The Silver fund collected 57.2 million leva in Budget funds for the entire 2010