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

International Monetary Fund

No 2017/199, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; risk assessment; BNB's GC; advisory council; governance model; BNB plan; risk management; EU bank Recovery; risk tolerance; BSD understanding; policy awareness; B. bank Governance; BNB's supervision function; BNB supervisor; Bank supervision; Basel Core Principles; Asset quality review; Operational risk; Anti-money laundering and combating the financing of terrorism (AML/CFT) (search for similar items in EconPapers)
Pages: 47
Date: 2017-07-11
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