Bulgaria: Financial Sector Assessment Program - Detailed Assessment of Observance on the Basel Core Principles for Effective Banking Supervision

International Monetary Fund

No 2015/295, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings and recommendations of the Detailed Assessment of Observance on the Basel Core Principles for Effective Banking Supervision on Bulgaria. Within the Banking Supervision Department, the Special Supervision Directorate (SSD) has been assigned multiple activities that go beyond its primary objective of ensuring integrity in the banking sector. The Bulgarian National Bank is not empowered to require a bank to change its internal organization or structure. It is recommended to refocus the activity of the SSD on its core mandate of financial integrity. This recommendation can be achieved by assigning nonsupervisory activities to other Directorates, preferably outside the Banking Supervision Department.

Keywords: ISCR; CR; risk management; board of directors; risk profile; senior management; central bank; business strategy; interest rate; parent company; Bank supervision; Market risk; Credit risk; Credit; Internal controls; Global; Eastern Europe; Southern Europe (search for similar items in EconPapers)
Pages: 244
Date: 2015-10-29
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