{
  "title": "Bulgaria: Financial Sector Assessment Program: Technical Note-Stocktaking of Progress Achieved by the Bulgarian National Bank in Strengthening Banking Supervision",
  "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-stocktaking-of-progress-achieved-45057",
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  "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.",
  "publishDate": "2017-07-11",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary of purpose and scope",
      "content": "- Evaluates progress achieved by the Bulgarian National Bank (BNB) in strengthening banking supervision in Bulgaria.\n- Assesses progress in responding to the recommendations of the 2015 Basel Core Principles Assessment.\n- Publication date: July 11, 2017."
    },
    {
      "heading": "Major governance and supervisory reforms (initiated October 2015)",
      "content": "- A new governance model was put in place to enhance the effectiveness of supervision.\n- The activities of the Banking Supervision Department (BSD) will now be governed by new formal policies adopted by the Governing Council (GC).\n- A new quarterly report provides the GC with improved information on banking risks and progress in addressing them."
    },
    {
      "heading": "Accountability, oversight, and audit arrangements",
      "content": "- The BSD is subject to annual internal audit.\n- The new reporting and policy framework aim to strengthen GC oversight of the BSD’s supervisory activities."
    },
    {
      "heading": "Progress relative to international standards",
      "content": "- Progress in responding to the recommendation of the 2015 Basel Core Principles Assessment is under way."
    },
    {
      "heading": "Thematic coverage (subjects and keywords as presented)",
      "content": "- Subjects: 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.\n- 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.\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-stocktaking-of-progress-achieved-45057"
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    "Published: July 11, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484308400.002",
    "Evaluates progress achieved by the Bulgarian National Bank (BNB) in strengthening banking supervision in Bulgaria.",
    "Assesses progress in responding to the recommendations of the 2015 Basel Core Principles Assessment.",
    "Publication date: July 11, 2017.",
    "A new governance model was put in place 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).",
    "A new quarterly report provides the GC with improved information on banking risks and progress in addressing them.",
    "The BSD is subject to annual internal audit.",
    "The new reporting and policy framework aim to strengthen GC oversight of the BSD’s supervisory activities.",
    "Progress in responding to the recommendation of the 2015 Basel Core Principles Assessment is under way.",
    "Subjects: 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.",
    "**Country Report**"
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