Bulgaria's Communications Regulation Commission (CRC) plans to have a second run at awarding a fourth GSM operating licence in the country, with the auction expected in early 2009. The regulator also announced a procedure which will lead to reductions in mobile phone tariffs by 2010. The regulator had tried to tender a fourth licence earlier in 2008, but it was annulled after the sole bidder, Liechtenstein based TelCo, failed to submit its paperwork in time. The minimum bid was set at BGN 38 million and there was a minimum deposit of BGN 1.9 billion required to enter the auction. Local telecoms operator Max Telecom had stated that the price was far too high and the licence period too long for such a fast moving industry. The market itself is saturated with a population penetration level which reaches 137 percent.