Publication:
Bulgaria Financial Sector Assessment

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dc.contributor.authorInternational Monetary Fund
dc.contributor.authorWorld Bank
dc.date.accessioned2017-07-13T16:56:19Z
dc.date.available2017-07-13T16:56:19Z
dc.date.issued2017-05
dc.description.abstractThe authorities have actively pursued restoring credibility in the financial system following the collapse of the system’s fourth largest bank in 2014. To restore credibility, the authorities - in addition to requesting a Basel Core Principles (BCP) assessment in 2015 and this financial sector assessment program (FSAP) - conducted an asset quality review (AQR) for banks and balance sheet review for non-banks, initiated reforms to Bulgarian National Bank (BNB) supervision and introduced a new bank resolution function. It is important that the authorities continue in their efforts to strengthen the banking sector. The FSAP stress test showed more pronounced effects, though broadly in line with that of the authorities, reflecting differences in approaches. While the financial safety net and crisis management arrangements are based on sound foundations, further effort is needed to fully develop the financial safety net’s components. This includes strengthening the early intervention framework, and defining joint BNB - Ministry of Finance (MoF) strategies for liquidity assistance. A more targeted strategy is needed to address high nonperforming loans (NPLs), which can help reinvigorate the economy. A number of reforms are necessary to support the prudent development of the pension and insurance sector.en
dc.identifierhttp://documents.worldbank.org/curated/en/357901497968905206/Bulgaria-Financial-Sector-Assessment
dc.identifier.doi10.1596/27555
dc.identifier.urihttps://hdl.handle.net/10986/27555
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectMACROFINANCIAL
dc.subjectMACROECONOMIC POLICY
dc.subjectRISK
dc.subjectVULNERABILITY
dc.subjectBANKING OVERSIGHT
dc.subjectMACROPRUDENTIAL OVERSIGHT
dc.subjectCORPORATE GOVERNANCE
dc.subjectINSURANCE
dc.subjectPENSIONS
dc.subjectNONPERFORMING LOANS
dc.subjectCRISIS MANAGEMENT
dc.titleBulgaria Financial Sector Assessmenten
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleBulgaria Financial Sector Assessment
okr.date.disclosure2017-06-22
okr.doctypeEconomic & Sector Work::Financial Sector Assessment Program
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/357901497968905206/Bulgaria-Financial-Sector-Assessment
okr.guid357901497968905206
okr.identifier.doi10.1596/27555
okr.identifier.externaldocumentum090224b084c7dc7b_1_0
okr.identifier.internaldocumentum27677096
okr.identifier.report116053
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/357901497968905206/pdf/Bulgaria-FSAP-Update-2017-FSA-06092017.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryBulgaria
okr.sectorFinance
okr.themeFinancial and private sector development :: International financial standards and systems
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Finance and Development
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.topicFinance and Financial Sector Development::Financial Structures
okr.topicFinance and Financial Sector Development::Insurance & Risk Mitigation
okr.topicMacroeconomics and Economic Growth::Financial Economics
okr.unitFinance and Markets Global Practice
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