{
  "title": "Bulgaria: Financial Sector Assessment Program: Technical Note - Financial Safety Net and Crisis Management",
  "publication": "IMF Staff Country Reports, July 11, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/07/11/bulgaria-financial-sector-assessment-program-technical-note-financial-safety-net-and-crisis-45060",
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  "summary": "This Technical Note evaluates the financial safety net and crisis management for Bulgaria. Since the 2008 IMF Financial Sector Assessment Program Update, Bulgaria’s financial safety net and crisis management arrangements, including bank resolution and contingency planning, have improved.",
  "publishDate": "2017-07-11",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Overview",
      "content": "- This Technical Note evaluates the financial safety net and crisis management for Bulgaria.\n- Since the 2008 IMF Financial Sector Assessment Program Update, Bulgaria’s financial safety net and crisis management arrangements, including bank resolution and contingency planning, have improved.\n- In 2015, to implement pertinent European Union rules, Bulgaria:\n  - introduced a resolution regime for banks and investment firms;\n  - designated resolution authorities for said financial institutions; and\n  - established mechanisms to fund resolution measures.\n- Despite the improvements, the financial safety net and crisis management arrangements face crucial challenges because none of their components is fully developed.\n- To ensure operational capacity to rapidly deploy recovery and resolution tools, further actions are needed to strengthen the safety net and crisis management arrangements."
    },
    {
      "heading": "Key findings",
      "content": "- Improvement since 2008 in financial safety net and crisis management arrangements, notably in bank resolution and contingency planning.\n- Legal and institutional changes in 2015 implemented EU rules by creating a resolution regime for banks and investment firms and designating resolution authorities.\n- Funding mechanisms for resolution measures have been established.\n- Critical gaps remain: none of the components of the safety net and crisis management framework is fully developed, limiting operational readiness to deploy recovery and resolution tools rapidly."
    },
    {
      "heading": "Policy implications and recommended actions",
      "content": "- Strengthen operational capacity to ensure rapid deployment of recovery and resolution tools.\n- Further develop each component of the financial safety net and crisis management arrangements to address the current crucial challenges and gaps.\n- Continue aligning national frameworks with pertinent European Union rules and ensure designated authorities and funding mechanisms are fully operational."
    },
    {
      "heading": "Scope, subjects, and keywords",
      "content": "- Subject: Bank resolution, Bank resolution framework, Banking, Bridge bank, Contingency planning, Crisis management framework, Financial crises\n- Keywords: bank bankruptcy regime, Bank resolution, Bank resolution framework, bank resolution regime, Bridge bank, bridge bank tool, Contingency planning, CR, Crisis management framework, financial support, Global, ISCR, last-resort government stabilization tool, liquidity support, resolution authorities, resolution authority, resolution tool, uniform bank resolution regime\n\nInternational Monetary Fund. \"Bulgaria: Financial Sector Assessment Program: Technical Note - Financial Safety Net and Crisis Management\", July 11, 2017.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/07/11/bulgaria-financial-sector-assessment-program-technical-note-financial-safety-net-and-crisis-45060"
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    "Published: July 11, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484308493.002",
    "This Technical Note evaluates the financial safety net and crisis management for Bulgaria.",
    "Since the 2008 IMF Financial Sector Assessment Program Update, Bulgaria’s financial safety net and crisis management arrangements, including bank resolution and contingency planning, have improved.",
    "In 2015, to implement pertinent European Union rules, Bulgaria:",
    "Despite the improvements, the financial safety net and crisis management arrangements face crucial challenges because none of their components is fully developed.",
    "To ensure operational capacity to rapidly deploy recovery and resolution tools, further actions are needed to strengthen the safety net and crisis management arrangements.",
    "Improvement since 2008 in financial safety net and crisis management arrangements, notably in bank resolution and contingency planning.",
    "Legal and institutional changes in 2015 implemented EU rules by creating a resolution regime for banks and investment firms and designating resolution authorities.",
    "Funding mechanisms for resolution measures have been established.",
    "Critical gaps remain: none of the components of the safety net and crisis management framework is fully developed, limiting operational readiness to deploy recovery and resolution tools rapidly.",
    "Strengthen operational capacity to ensure rapid deployment of recovery and resolution tools.",
    "Further develop each component of the financial safety net and crisis management arrangements to address the current crucial challenges and gaps.",
    "Continue aligning national frameworks with pertinent European Union rules and ensure designated authorities and funding mechanisms are fully operational.",
    "Subject: Bank resolution, Bank resolution framework, Banking, Bridge bank, Contingency planning, Crisis management framework, Financial crises",
    "Keywords: bank bankruptcy regime, Bank resolution, Bank resolution framework, bank resolution regime, Bridge bank, bridge bank tool, Contingency planning, CR, Crisis management framework, financial support, Global, ISCR, last-resort government stabilization tool, liquidity support, resolution authorities, resolution authority, resolution tool, uniform bank resolution regime",
    "**Country Report**"
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