Bulgaria Financial Sector Assessment

Bulgaria Financial Sector Assessment

The authorities have actively pursued restoring credibility in the financial system following the collapse of the system’s fourth largest bank in 2014. To restore credibility, the authorities - in addition to requesting a Basel Core Principles (BCP...

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Bibliographic Details
Main Authors: International Monetary Fund, World Bank
Format: Report
Language:English
en_US
Published: World Bank, Washington, DC 2017
Subjects:
MACROFINANCIAL
MACROECONOMIC POLICY
RISK
VULNERABILITY
BANKING OVERSIGHT
MACROPRUDENTIAL OVERSIGHT
CORPORATE GOVERNANCE
INSURANCE
PENSIONS
NONPERFORMING LOANS
CRISIS MANAGEMENT
Online Access:http://documents.worldbank.org/curated/en/357901497968905206/Bulgaria-Financial-Sector-Assessment
http://hdl.handle.net/10986/27555
id okr-10986-27555
recordtype oai_dc
spelling okr-10986-275552021-05-25T09:01:58Z Bulgaria Financial Sector Assessment International Monetary Fund World Bank MACROFINANCIAL MACROECONOMIC POLICY RISK VULNERABILITY BANKING OVERSIGHT MACROPRUDENTIAL OVERSIGHT CORPORATE GOVERNANCE INSURANCE PENSIONS NONPERFORMING LOANS CRISIS MANAGEMENT The authorities have actively pursued restoring credibility in the financial system following the collapse of the system’s fourth largest bank in 2014. To restore credibility, the authorities - in addition to requesting a Basel Core Principles (BCP) assessment in 2015 and this financial sector assessment program (FSAP) - conducted an asset quality review (AQR) for banks and balance sheet review for non-banks, initiated reforms to Bulgarian National Bank (BNB) supervision and introduced a new bank resolution function. It is important that the authorities continue in their efforts to strengthen the banking sector. The FSAP stress test showed more pronounced effects, though broadly in line with that of the authorities, reflecting differences in approaches. While the financial safety net and crisis management arrangements are based on sound foundations, further effort is needed to fully develop the financial safety net’s components. This includes strengthening the early intervention framework, and defining joint BNB - Ministry of Finance (MoF) strategies for liquidity assistance. A more targeted strategy is needed to address high nonperforming loans (NPLs), which can help reinvigorate the economy. A number of reforms are necessary to support the prudent development of the pension and insurance sector. 2017-07-13T16:56:19Z 2017-07-13T16:56:19Z 2017-05 Report http://documents.worldbank.org/curated/en/357901497968905206/Bulgaria-Financial-Sector-Assessment http://hdl.handle.net/10986/27555 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work Europe and Central Asia Bulgaria
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic MACROFINANCIAL
MACROECONOMIC POLICY
RISK
VULNERABILITY
BANKING OVERSIGHT
MACROPRUDENTIAL OVERSIGHT
CORPORATE GOVERNANCE
INSURANCE
PENSIONS
NONPERFORMING LOANS
CRISIS MANAGEMENT
spellingShingle MACROFINANCIAL
MACROECONOMIC POLICY
RISK
VULNERABILITY
BANKING OVERSIGHT
MACROPRUDENTIAL OVERSIGHT
CORPORATE GOVERNANCE
INSURANCE
PENSIONS
NONPERFORMING LOANS
CRISIS MANAGEMENT
International Monetary Fund
World Bank
Bulgaria Financial Sector Assessment
geographic_facet Europe and Central Asia
Bulgaria
description The authorities have actively pursued restoring credibility in the financial system following the collapse of the system’s fourth largest bank in 2014. To restore credibility, the authorities - in addition to requesting a Basel Core Principles (BCP) assessment in 2015 and this financial sector assessment program (FSAP) - conducted an asset quality review (AQR) for banks and balance sheet review for non-banks, initiated reforms to Bulgarian National Bank (BNB) supervision and introduced a new bank resolution function. It is important that the authorities continue in their efforts to strengthen the banking sector. The FSAP stress test showed more pronounced effects, though broadly in line with that of the authorities, reflecting differences in approaches. While the financial safety net and crisis management arrangements are based on sound foundations, further effort is needed to fully develop the financial safety net’s components. This includes strengthening the early intervention framework, and defining joint BNB - Ministry of Finance (MoF) strategies for liquidity assistance. A more targeted strategy is needed to address high nonperforming loans (NPLs), which can help reinvigorate the economy. A number of reforms are necessary to support the prudent development of the pension and insurance sector.
format Report
author International Monetary Fund
World Bank
author_facet International Monetary Fund
World Bank
author_sort International Monetary Fund
title Bulgaria Financial Sector Assessment
title_short Bulgaria Financial Sector Assessment
title_full Bulgaria Financial Sector Assessment
title_fullStr Bulgaria Financial Sector Assessment
title_full_unstemmed Bulgaria Financial Sector Assessment
title_sort bulgaria financial sector assessment
publisher World Bank, Washington, DC
publishDate 2017
url http://documents.worldbank.org/curated/en/357901497968905206/Bulgaria-Financial-Sector-Assessment
http://hdl.handle.net/10986/27555
_version_ 1764465301217345536

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