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

_IMF Staff Country Reports, July 11, 2017_

## Source details

**Canonical URL:** [Bulgaria: Financial Sector Assessment Program: Technical Note-Stocktaking of Progress Achieved by the Bulgarian National Bank in Strengthening Banking Supervision](https://www.imf.org/en/publications/cr/issues/2017/07/11/bulgaria-financial-sector-assessment-program-technical-note-stocktaking-of-progress-achieved-45057)

## Other formats

- [Markdown version](/en/publications/cr/issues/2017/07/11/bulgaria-financial-sector-assessment-program-technical-note-stocktaking-of-progress-achieved-45057/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/07/11/bulgaria-financial-sector-assessment-program-technical-note-stocktaking-of-progress-achieved-45057/index.json)
- [Bundle manifest](/en/publications/cr/issues/2017/07/11/bulgaria-financial-sector-assessment-program-technical-note-stocktaking-of-progress-achieved-45057/bundle-manifest.json)

## Bibliographic details
- Published: July 11, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484308400.002

---

### Summary of purpose and scope
- 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.

### Major governance and supervisory reforms (initiated October 2015)
- 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.

### Accountability, oversight, and audit arrangements
- 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 relative to international standards
- Progress in responding to the recommendation of the 2015 Basel Core Principles Assessment is under way.

### Thematic coverage (subjects and keywords as presented)
- 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.

---

## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2017/cr17199.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2017/cr17199.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2017/07/11/bulgaria-financial-sector-assessment-program-technical-note-stocktaking-of-progress-achieved-45057_