Bulgaria: Financial Sector Assessment Program: Technical Note - Financial Safety Net and Crisis Management

International Monetary Fund

No 2017/202, IMF Staff Country Reports from International Monetary Fund

Abstract: 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 introduced a resolution regime for banks and investment firms; designated resolution authorities for said financial institutions; and established mechanisms to fund resolution measures. 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.

Keywords: ISCR; CR; liquidity support; resolution authorities; bank resolution regime; resolution tool; bridge bank tool; last-resort government stabilization tool; resolution authority; bank bankruptcy regime; uniform bank resolution regime; financial support; Bank resolution framework; Bank resolution; Contingency planning; Bridge bank; Crisis management framework; Global (search for similar items in EconPapers)
Pages: 41
Date: 2017-07-11
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