Publication:
Bulgaria Policy Note : Financial Sector

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dc.contributor.authorWorld Bank
dc.date.accessioned2014-07-17T22:22:08Z
dc.date.available2014-07-17T22:22:08Z
dc.date.issued2009-07
dc.description.abstractThis report describes developments in the banking sector. The banking sector has remained stable throughout the ongoing financial crisis, although profitability is declining. Indicators suggest that banks are generally sound. It next describes the state of funding of bank operations, including wholesale bank funding. In response to financial stress, The Bulgarian National Bank's (BNB) actions have helped to ensure financial stability in the banking sector. In order to boost confidence, deposit insurance has increased. External funding dynamics are generally good. Foreign currency mismatches are substantial, and the corporate sector has high direct foreign currency exposure, mostly in euros. Short-term external debt (deposits and borrowings) of banks almost doubled within a year in 2008, and account for close to 80 percent of banks' external debt. Regarding recent trends in credit to the enterprise sector, going forward, demand for banking credit, and especially investment finance, will fall, in line with the economic downturn. In equity market developments, Bulgaria's stock market plunged, with adverse consequences for pension funds. Global deleveraging by foreign institutional investors led to a withdrawal of their holdings from the Sofia stock exchange, leading to a collapse of stock market prices. The report concludes with several policy recommendations.en
dc.identifierhttp://documents.worldbank.org/curated/en/2009/07/16797519/bulgaria-policy-note-financial-sector
dc.identifier.doi10.1596/18894
dc.identifier.urihttps://hdl.handle.net/10986/18894
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectBALANCE SHEET
dc.subjectBANK CREDIT
dc.subjectBANK DEPOSITS
dc.subjectBANK OPERATIONS
dc.subjectBANKING SECTOR
dc.subjectBANKING SYSTEM
dc.subjectBANKRUPTCIES
dc.subjectBANKRUPTCY
dc.subjectBANKRUPTCY PROCEDURES
dc.subjectBANKRUPTCY RESOLUTION
dc.subjectBENEFICIARIES
dc.subjectBOND
dc.subjectBOND MARKET
dc.subjectBUSINESS INVESTMENT
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL NEEDS
dc.subjectCAPITAL RATIO
dc.subjectCAPITAL REQUIREMENT
dc.subjectCDS
dc.subjectCENTRAL BANK
dc.subjectCONSUMER LOANS
dc.subjectCONTAGION
dc.subjectCONTINGENCY PLANS
dc.subjectCORPORATE BORROWING
dc.subjectCORPORATE LAW
dc.subjectCORPORATE RESTRUCTURING
dc.subjectCORPORATE SUSTAINABILITY
dc.subjectCOURT SYSTEM
dc.subjectCREDIT AVAILABILITY
dc.subjectCREDIT DEFAULT
dc.subjectCREDIT DEFAULT SWAPS
dc.subjectCREDIT GROWTH
dc.subjectCREDIT LINES
dc.subjectCREDIT QUALITY
dc.subjectCREDIT RISK
dc.subjectCREDIT RISKS
dc.subjectCREDIT SOURCE
dc.subjectCREDITOR
dc.subjectCREDITOR RIGHTS
dc.subjectCREDITORS
dc.subjectCURRENCY BOARD
dc.subjectCURRENCY BOARD ARRANGEMENT
dc.subjectCURRENCY MISMATCHES
dc.subjectCURRENCY RISKS
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectDEBT LEVEL
dc.subjectDEBTS
dc.subjectDEMAND FOR CREDIT
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEPOSITOR
dc.subjectDEPOSITORS
dc.subjectDEVELOPMENT BANK
dc.subjectDOMESTIC BANKING
dc.subjectDOMESTIC INVESTORS
dc.subjectECONOMIC DOWNTURN
dc.subjectEMPLOYMENT
dc.subjectENTERPRISE CREDIT
dc.subjectEQUITY INVESTMENTS
dc.subjectEQUITY MARKET
dc.subjectEQUITY MARKET DEVELOPMENTS
dc.subjectEXISTING DEBTS
dc.subjectEXPOSURES
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL FUNDING
dc.subjectFINANCIAL AUTHORITIES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STRESSES
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL POLICIES
dc.subjectFIXED INVESTMENT
dc.subjectFLOW OF CREDIT
dc.subjectFOREIGN BANK
dc.subjectFOREIGN BANKS
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY EXPOSURE
dc.subjectFOREIGN INSTITUTIONAL INVESTORS
dc.subjectFOREIGN INVESTORS
dc.subjectFORMAL BANKRUPTCY
dc.subjectFORMAL BANKRUPTCY PROCEDURES
dc.subjectGOVERNMENT BUDGETS
dc.subjectGOVERNMENT POLICIES
dc.subjectHOLDINGS
dc.subjectHOME COUNTRY
dc.subjectINSOLVENCY
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSURANCE INDUSTRIES
dc.subjectINTEREST RATES
dc.subjectINVESTMENT FINANCE
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT REGULATIONS
dc.subjectINVESTMENTS IN EQUITY
dc.subjectJUDICIARY
dc.subjectJUDICIARY SYSTEM
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY RISK
dc.subjectLOAN
dc.subjectLOAN ORIGINATIONS
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL GOVERNMENT
dc.subjectMANUFACTURING INDUSTRIES
dc.subjectMARKET BORROWING
dc.subjectMARKET RISK
dc.subjectMARKET RISKS
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMORTGAGES
dc.subjectNATIONAL BANK
dc.subjectNET ASSETS
dc.subjectNON-PERFORMING LOANS
dc.subjectOUTPUT
dc.subjectPENSION
dc.subjectPENSION FUND
dc.subjectPENSION FUNDS
dc.subjectPENSIONS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO QUALITY
dc.subjectPRIVATE PENSION
dc.subjectPRIVATE SECTOR CREDIT
dc.subjectPROFITABILITY
dc.subjectRAPID GROWTH
dc.subjectRATE OF RETURN
dc.subjectREAL ESTATE
dc.subjectREALLOCATION OF RESOURCES
dc.subjectREGULATORY AUTHORITIES
dc.subjectREGULATORY FRAMEWORK
dc.subjectRESERVE
dc.subjectRESERVE REQUIREMENTS
dc.subjectRESERVES
dc.subjectRETIREMENT
dc.subjectRETURN ON ASSETS
dc.subjectRETURNS
dc.subjectRISK MANAGEMENT
dc.subjectSECURITIES
dc.subjectSECURITIES MARKETS
dc.subjectSHAREHOLDERS
dc.subjectSHORT-TERM DEBT
dc.subjectSHORT-TERM EXTERNAL DEBT
dc.subjectSOLVENCY
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET PRICES
dc.subjectSTOCKS
dc.subjectSUBSIDIARIES
dc.subjectTOTAL DEBT
dc.subjectTRANSPARENCY
dc.subjectWHOLESALE BANK
dc.subjectWITHDRAWAL
dc.subjectWORKING CAPITAL
dc.subjectWORKOUTS
dc.titleBulgaria Policy Note : Financial Sectoren
dspace.entity.typePublication
okr.date.disclosure2012-06-10
okr.date.doiregistration2025-05-07T12:15:10.519086Z
okr.doctypeEconomic & Sector Work::Policy Note
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2009/07/16797519/bulgaria-policy-note-financial-sector
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid893621468239101573
okr.identifier.externaldocumentum000425962_20121004130131
okr.identifier.internaldocumentum16797519
okr.identifier.report73056
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/10/04/000425962_20121004130131/Rendered/PDF/730560WP0P108500disclosed060100120.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryBulgaria
okr.sectorNon-compulsory pensions and insurance,General industry and trade sector,Banking
okr.sectorIndustry and trade,Finance
okr.sectorNon-compulsory pensions and insurance
okr.sectorIndustry and trade :: General industry and trade sector
okr.sectorFinance :: Banking
okr.themeFinancial and private sector development :: Regulation and competition policy
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicBanks and Banking Reform
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.unitPrivate/Financial Sectors Devt (ECSPF)
okr.volume1 of 1
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