Bulgaria Financial Sector Assessment

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作者：

International Monetary Fund

来源地址：

http://hdl.handle.net/10986/27555

关键词：

MACROFINANCIAL;  MACROECONOMIC POLICY;  RISK;  VULNERABILITY;  BANKING OVERSIGHT;  MACROPRUDENTIAL OVERSIGHT;  CORPORATE GOVERNANCE;  INSURANCE;  PENSIONS;  NONPERFORMING LOANS;  CRISIS MANAGEMENT;  Report; 

年份：

2017

出版地：

Washington,USA

语种：

English

摘要：

The 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.