From the beginning of September the EPC started procedure for adherence of banks that are ready to perform SEPA credit transfers (SCT) as of the 28th of January 2008 as the EPC prepares and maintains an updated register of these banks. The majority of Bulgarian banks have already declared their readiness to perform SCT from a certain date in accordance with the time frame announced on the EPC Internet site. The Bulgarian banks that are able to perform SCT can be found in the Register of Participants on the EPC Internet site.
In order to declare their participation in the SCT scheme the banks should fill in the adherence pack that can be downloaded from the EPC Internet site. The adherence pack contains Adherence Agreement, Schedule and Legal Opinion which are sent by the banks in two original copies to the National Adherence Support Organization (NASO) at the ABB.
It is mandatory the Legal Opinion to signed by an internal or external counsel (lawyer) in the bank. The date on the Legal Opinion should coincide with the date on the Adherence Agreement. If the date on the Legal Opinion is earlier than the date on the Adherence Agreement the adherence pack is considered to be invalid.
NASO reviews the adherence pack for the necessary stamps and signatures and sends it to the EPC as the final decision for adherence to the SCT scheme is taken by the Scheme Management Committee at the EPC. After the initial date of 28th of February 2008 when SCT started the EPC announces on its Internet site a timeframe for the banks that are willing to adhere to the scheme.