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

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dc.contributor.authorInternational Monetary Fund
dc.contributor.authorWorld Bank
dc.date.accessioned2015-11-10T17:25:19Z
dc.date.available2015-11-10T17:25:19Z
dc.date.issued2015-10
dc.description.abstractThis assessment of the current state of the implementation of the Basel core principles (BCP) for effective banking supervision in Bulgaria has been completed as a stand-alone report on the observance of standards and codes undertaken by the international monetary fund (IMF) and the World Bank during March of 2015 at the request of the Bulgarian authorities. It reflects the regulatory and supervisory framework in place as of the date of the completion of the assessment. The Bulgarian National Bank (BNB) has an internal governance structure which, by vesting the majority of the powers of supervision in the Deputy Governor for banking supervision, exposes the supervisory function to risks. Under the BNB’s legal structure, supervision and enforcement is dissociated from the Governing Council, and the Governing Council has no right to compel transparency of decision making or to impose a framework to ensure consistency in the use of the enforcement regime. There are material concerns that the BNB is too resource constrained to deliver effective minimum levels of supervision. Despite a broad range of supervisory powers, there are some gaps in the legal framework that unduly restrict the BNB’s locus. The BNB has a good understanding of risk and many strong practices, and also making good use of international standards and guidelines, but there are some important system wide vulnerabilities. The assessment team reviewed the framework of laws, rules, and guidance and held extensive meetings with officials of the BNB, and additional meetings with the Finance Ministry, auditing firms, professional bodies, and banking sector participants. The authorities provided a comprehensive self-assessment of the CPs, as well as detailed responses to additional questionnaires, and facilitated access to supervisory documents and files on a confidential basis as well as staff and systems.en
dc.identifierhttp://documents.worldbank.org/curated/en/2015/09/25074442/bulgaria-detailed-assessment-observance-basel-core-principles-effective-banking-supervision
dc.identifier.doi10.1596/22933
dc.identifier.urihttps://hdl.handle.net/10986/22933
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectINTERNATIONAL ACCOUNTING STANDARDS
dc.subjectACCOUNTING PRINCIPLES
dc.subjectFINANCIAL SERVICES
dc.subjectOPERATIONAL RISK
dc.subjectLEGAL PROVISION
dc.subjectINTEREST INCOME
dc.subjectFINANCE MINISTRIES
dc.subjectCLASSIFIED LOANS
dc.subjectACCOUNTING
dc.subjectDEPOSITS
dc.subjectPRINCIPAL
dc.subjectAUTONOMY
dc.subjectBANKING INDUSTRY
dc.subjectINTEREST
dc.subjectBANK OFFICERS
dc.subjectFACTORING
dc.subjectLAWS
dc.subjectSUPERVISORY REGIMES
dc.subjectINTERNAL MANAGEMENT INFORMATION
dc.subjectNET REALIZABLE VALUE
dc.subjectINTERNAL AUDITS
dc.subjectBANKING SERVICES
dc.subjectBANKING SYSTEMS
dc.subjectBOARDS OF DIRECTORS
dc.subjectCAPITAL ADEQUACY
dc.subjectREORGANIZATION
dc.subjectCONNECTED LENDING
dc.subjectPRICING
dc.subjectPROBABILITY OF DEFAULT
dc.subjectPROJECTS
dc.subjectINTEREST MARGIN
dc.subjectBANKRUPTCY
dc.subjectPROBLEM LOANS
dc.subjectDIVIDEND POLICY
dc.subjectAUDITS
dc.subjectBUDGETARY PROCESSES
dc.subjectPRESENT VALUE
dc.subjectNET PROFIT
dc.subjectPUBLIC POLICY
dc.subjectTECHNICAL ASSISTANCE
dc.subjectPENALTIES
dc.subjectLEGAL PROVISIONS
dc.subjectSETTLEMENT SYSTEMS
dc.subjectOFFSITE SUPERVISION
dc.subjectCOOPERATIVE BANKS
dc.subjectACCOUNTING POLICIES
dc.subjectCHECKING
dc.subjectTRANSFERS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectDEBT
dc.subjectMARKETS
dc.subjectFINANCIAL CRISES
dc.subjectDEPOSIT INSURANCE
dc.subjectBANK LIQUIDITY
dc.subjectENTERPRISES
dc.subjectENFORCEMENT POWERS
dc.subjectLEGAL FRAMEWORK
dc.subjectSUBSIDIES
dc.subjectASSET CLASSIFICATION
dc.subjectGRANTS
dc.subjectCREDIT ORIGINATION
dc.subjectINFRASTRUCTURE
dc.subjectBANKING SECTOR
dc.subjectBANKS
dc.subjectBANKING RISKS
dc.subjectSUPERVISORY AUTHORITIES
dc.subjectOPERATIONAL RISKS
dc.subjectCAPITAL
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectAUDITORS
dc.subjectFINANCIAL POLICIES
dc.subjectSOVEREIGN RISK
dc.subjectBANK FAILURES
dc.subjectLOAN LOSS PROVISIONS
dc.subjectOFF BALANCE SHEET
dc.subjectBANK
dc.subjectLENDER OF LAST RESORT
dc.subjectMANAGEMENT INFORMATION SYSTEMS
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectBANKING LAWS
dc.subjectCAPITALIZATION
dc.subjectREGULATORY REPORTS
dc.subjectFINANCIAL PERFORMANCE
dc.subjectMARKET DISCIPLINE
dc.subjectSUBORDINATED DEBT
dc.subjectRATING SYSTEMS
dc.subjectASSET MANAGEMENT COMPANIES
dc.subjectMARKET RISK
dc.subjectTIER 1 CAPITAL
dc.subjectSUBSIDIARY
dc.subjectCREDIT RISK
dc.subjectGOVERNANCE
dc.subjectPROFITABILITY
dc.subjectINSURANCE
dc.subjectTAXATION
dc.subjectACCOUNTING STANDARDS
dc.subjectCOMMERCIAL BANKS
dc.subjectMORTGAGE LOANS
dc.subjectTIER 2 CAPITAL
dc.subjectCAPITAL REQUIREMENT
dc.subjectACCOUNTING PROCEDURES
dc.subjectRISK TAKING
dc.subjectPRICING MODELS
dc.subjectON SITE EXAMINATION
dc.subjectLENDING
dc.subjectLIQUIDITY RATIO
dc.subjectBANKING SUPERVISION
dc.subjectPROBLEM BANKS
dc.subjectBANKING LAW
dc.subjectPAYMENT SYSTEMS
dc.subjectLIQUID ASSETS
dc.subjectINTERNATIONAL BANKS
dc.subjectCONSOLIDATION
dc.subjectCONSOLIDATED SUPERVISION
dc.subjectEXTERNAL AUDITORS
dc.subjectASSET TRANSFERS
dc.subjectCAPITAL MARKETS
dc.subjectHOLDING COMPANIES
dc.subjectREGULATORY FRAMEWORK
dc.subjectONSITE EXAMINATION
dc.subjectSMALL BANKS
dc.subjectLIQUIDATION
dc.subjectGUARANTEES
dc.subjectAFFILIATED COMPANIES
dc.subjectINDUSTRY
dc.subjectBANKING SYSTEM
dc.subjectCAPITAL BASE
dc.subjectSTRATEGIES
dc.subjectRESOURCE ALLOCATION
dc.subjectACCOUNTING FRAMEWORK
dc.subjectSERVICES
dc.subjectLOAN COMMITMENTS
dc.subjectHOUSING
dc.subjectCREDIT RISK MANAGEMENT
dc.subjectHUMAN RESOURCE MANAGEMENT
dc.subjectMACROECONOMIC CONDITIONS
dc.subjectASSET MANAGEMENT
dc.subjectCENTRAL BANKS
dc.subjectSAVING
dc.subjectADEQUATE DISCLOSURE
dc.subjectCAPITAL PLANNING
dc.subjectELECTRONIC BANKING
dc.subjectBUDGET
dc.subjectFINANCIAL STRENGTH
dc.subjectINTEREST RATES
dc.subjectMIGRATION
dc.subjectCRITERIA
dc.subjectCAPITAL REQUIREMENTS
dc.subjectLEGISLATION
dc.subjectLOANS
dc.subjectFINANCIAL REPORTING PERIOD
dc.subjectFINANCE
dc.subjectRETURN ON ASSETS
dc.subjectEQUITY
dc.subjectBANK SECURITY
dc.subjectNET INTEREST MARGIN
dc.subjectSYSTEMIC RISK
dc.subjectACCOUNTABILITY
dc.subjectINTERNATIONAL BANKING
dc.subjectFINANCIAL STABILITY
dc.subjectBANQUE DE FRANCE
dc.subjectINTERNATIONAL AUDITING STANDARDS
dc.subjectSUBSIDIARIES
dc.subjectVALUE
dc.subjectPENSIONS
dc.subjectEUROPEAN CENTRAL BANK
dc.subjectCREDIT
dc.subjectBUDGETS
dc.subjectCOLLATERALIZATION
dc.subjectPEER REVIEW
dc.subjectSUPERVISORY FRAMEWORK
dc.subjectINTERNAL CONTROLS
dc.subjectMANDATES
dc.subjectPROPERTY
dc.subjectFOREIGN BANKS
dc.subjectAFFILIATES
dc.subjectBALANCE SHEET
dc.subjectSUPERVISORY SANCTIONS
dc.subjectFOREIGN EXCHANGE
dc.subjectCREDIT POLICIES
dc.subjectCONSOLIDATED FINANCIAL STATEMENTS
dc.subjectRISK FACTORS
dc.subjectVALUE AT RISK MODELS
dc.subjectNEW ENTRANTS
dc.subjectPRUDENTIAL REQUIREMENTS
dc.subjectLEGAL PROTECTION
dc.subjectRISK
dc.subjectCLEARING SYSTEMS
dc.subjectASSOCIATED COMPANIES
dc.subjectFINANCIAL MARKETS
dc.subjectBANKING
dc.subjectRISK MEASUREMENT
dc.subjectRISK MANAGEMENT
dc.subjectENTREPRENEURSHIP
dc.subjectUNIVERSAL BANKING
dc.subjectBANK FAILURE
dc.subjectGOVERNMENTS
dc.subjectCAPITAL STANDARDS
dc.subjectCOST OF CAPITAL
dc.subjectECONOMIC CONDITIONS
dc.subjectAUDITING
dc.subjectCAPITAL ADEQUACY RATIOS
dc.subjectSPECIALIZED BANKS
dc.titleBulgaria Financial Sector Assessment Programen
dc.title.subtitleDetailed Assessment of Observance--Basel Core Principles for Effective Banking Supervisionen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.date.disclosure2015-10-06
okr.date.doiregistration2025-05-07T11:31:43.254284Z
okr.doctypeEconomic & Sector Work::Financial Sector Assessment Program
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2015/09/25074442/bulgaria-detailed-assessment-observance-basel-core-principles-effective-banking-supervision
okr.guid784481467999669826
okr.identifier.externaldocumentum090224b08316e83e_3_0
okr.identifier.internaldocumentum25074442
okr.identifier.report99620
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/10/26/090224b08316e83e/3_0/Rendered/PDF/Bulgaria000Det00banking0supervision.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryBulgaria
okr.sectorFinance
okr.themeInternational financial standards and systems
okr.themeFinancial and private sector development
okr.topicFinancial Intermediation
okr.topicAccess to Finance
okr.topicEmerging Markets
okr.topicDebt Markets
okr.topicPrivate Sector Development
okr.topicFinance and Financial Sector Development
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.unitFM GP GST1- 1 Fin Sec Oversight (GFMFO)
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