Bulgaria: Financial Sector Assessment Program: Technical Note-Stocktaking of Progress Achieved by the Bulgarian National Bank in Strengthening Banking Supervision

July 11, 2017

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Bulgaria: Financial Sector Assessment Program: Technical Note-Stocktaking of Progress Achieved by the Bulgarian National Bank in Strengthening Banking Supervision, (USA: International Monetary Fund, 2017) accessed July 17, 2025

Summary

This Technical Note evaluates the progress achieved by the Bulgarian National Bank (BNB) in strengthening banking supervision in Bulgaria. Progress in responding to the recommendation of the 2015 Basel Core Principles Assessment is under way. As part of the reforms initiated in October 2015, the BNB has put in place a new governance model to enhance the effectiveness of supervision. The activities of the Banking Supervision Department (BSD) will now be governed by new formal policies adopted by the Governing Council (GC). Through a new quarterly report, the GC is now better informed on banking risks and progress in addressing them. The BSD is also subject to annual internal audit.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Asset quality review, Bank supervision, Banking, Basel Core Principles, Crime, Financial regulation and supervision, Financial sector policy and analysis, Operational risk

Keywords: Advisory council, Anti-money laundering and combating the financing of terrorism (AML/CFT), Asset quality review, B. bank Governance, Bank supervision, Basel Core Principles, BNB plan, BNB supervisor, BNB's GC, BNB's supervision function, BSD understanding, CR, EU bank Recovery, Governance model, ISCR, Operational risk, Policy awareness, Risk assessment, Risk management, Risk tolerance

Publication Details

Pages:

47
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/199
Stock No:

1BGREA2017002
ISBN:

9781484308400
ISSN:

1934-7685

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