Bulgaria Financial Sector Assessment Program
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Bulgaria Financial Sector Assessment Program
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-11
Bulgaria Financial Sector Assessment Program written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-11 with Business & Economics categories.
Stress Test (ST) results reveal that the Bulgarian banking system is vulnerable to the extreme realization of internal and external risks coupled with the need to clean the balance sheets from nonperforming loans (NPLs). In the baseline scenario, characterized by a modest economic growth and decline in unemployment, as well as stable and low interest rates, two banks—including a systemic one—exhibit weakness in terms of capital buffers to cope with accumulated losses in the past. These banks experience substantial increase in their NPLs as a result of the asset quality review (AQR) adjustment. As the IMF ST approach excludes interest income from NPLs in both the baseline and adverse scenarios, the increase in NPLs leads to the reduction in the number of assets that generate cash-based interest income. With a significantly smaller base of performing loans, two banks do not generate enough recurring income to cover their interest expense and credit costs in the baseline scenario, which results in negative profits and declining capital levels.
Bulgaria Financial Sector Assessment Program
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-11
Bulgaria Financial Sector Assessment Program written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-11 with Business & Economics categories.
The Bulgarian financial safety net comprises four domestic authorities. The Bulgarian National Bank (BNB) is the monetary authority, and the prudential and resolution authority for banks. The Financial Supervision Commission (FSC) is the prudential and resolution authority for investment firms, and the prudential supervisor for other nonbank financial institutions. The Bulgarian Deposit Insurance Fund (BDIF) provides deposit insurance and manages the deposit insurance fund (DIF) and the bank resolution fund (BRF); it also appoints and oversees bank bankruptcy liquidators. The Ministry of Finance (MoF) is politically responsible for financial sector policies. The Financial Stability Advisory Council (FSAC) complements these authorities and brings together the Minister of Finance (chair), and the heads of the BNB and the FSC.
Bulgaria
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-11
Bulgaria written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-11 with Business & Economics categories.
This Technical Note discusses results of risk assessment and stress tests (ST) of the banking system in Bulgaria. ST results reveal that the Bulgarian banking system is vulnerable to the extreme realization of internal and external risks coupled with the need to clean the balance sheets from nonperforming loans (NPLs). In the baseline scenario, characterized by a modest economic growth and decline in unemployment, as well as stable and low interest rates, two banks—including a systemic one—exhibit weakness in terms of capital buffers to cope with accumulated losses in the past. These banks also experience substantial increase in their NPLs as a result of the asset quality review adjustment.
Bulgaria
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-29
Bulgaria written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-29 with Business & Economics categories.
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.
Bulgaria
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-29
Bulgaria written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-29 with Business & Economics categories.
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.
Bulgaria Financial Sector Assessment Program
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-11
Bulgaria Financial Sector Assessment Program written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-11 with Business & Economics categories.
While the BNB has taken steps to promote reductions in nonperforming loans (NPLs) in the banking system, NPL levels remain high. Based on the BNB’s own methodology, gross NPL levels at end-June 2016 were a high 19.7 percent of total gross loans, with most NPLs over one year past due. Using the EBA’s NPL measure, this, too, shows Bulgaria among those EU countries with higher NPL levels.
Bulgaria Financial Sector Assessment Program
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Author :
language : en
Publisher:
Release Date : 2015
Bulgaria Financial Sector Assessment Program written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Electronic book categories.
Ieo Report On The Evaluation Of The Financial Sector Assessment Program
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Author : International Monetary Fund. Independent Evaluation Office
language : en
Publisher: International Monetary Fund
Release Date : 2006-05-02
Ieo Report On The Evaluation Of The Financial Sector Assessment Program written by International Monetary Fund. Independent Evaluation Office and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-05-02 with Business & Economics categories.
The Financial Sector Assessment Program (FSAP) is a joint IMF–World Bank initiative to provide countries with comprehensive evaluations of their financial systems.The IEO evaluation assessed the effectiveness of the FSAP from the perspective of the IMF. The main findings address the following areas: the nature of priority setting under the FSAP; the efficiency of FSAP processes and quality of the main diagnostic tools; the overall quality of FSAP content; how well the IMF has used FSAP results in its surveillance, technical assistance, and program activities; and evidence on the overall impact of the FSAP on the domestic policy dialogue, changes in policies and institutions, and market participants.
Bulgaria
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-05-24
Bulgaria written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-24 with Business & Economics categories.
Bulgaria’s financial stability was shaken in 2014 by the collapse of the system’s fourth largest bank due to fraud and insider abuse. The failure raised questions about the viability of other banks, which subsequently experienced deposit outflows, and raised concerns about the supervision by the Bulgarian National Bank (BNB). To restore credibility, the authorities—in addition to requesting this Financial Sector Assessment (FSAP)—conducted an asset quality review (AQR) for banks and nonbanks, and initiated reforms to BNB supervision and introduced a new bank resolution function. Following the 2014 bank collapse, the financial system stabilized, reflecting the significant capital and liquidity buffers and the presence of large foreign-owned institutions. Nevertheless, risks remain, including for some banks that showed weakness in the authorities’ AQR and stress test, and for the system because of high nonperforming loans (NPLs). The Currency Board Arrangement (CBA) has contributed to stability, though it constrains the BNB’s ability to provide lender-of-last-resort liquidity in times of financial stress.
Republic Of Serbia
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2010-05-27
Republic Of Serbia written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-05-27 with Business & Economics categories.
This paper discusses key findings of the Financial Sector Assessment Program (FSAP) Update for Serbia. The assessment reveals that the financial system of Serbia has successfully weathered the global financial crisis, but faces the challenge of a possible further deterioration of the economic environment, with attendant effects on asset quality. The banking sector is highly capitalized and liquid, and displays considerable resilience in stress tests. Several important supervisory challenges remain despite an improvement in the supervisory framework since the 2005 FSAP.