site.btaFinance Minister Meets with Members of FSAP Preliminary Mission

Finance Minister Meets with Members of FSAP Preliminary Mission

Sofia, July 6 (BTA) - A preliminary mission for an update of Bulgaria's Financial Sector Assessment Programme (FSAP) due in 2017 started on Tuesday, the Finance Ministry said in a press release.

The mission continues until July 8 and includes representatives of the International Monetary Fund (IMF), the World Bank, the Finance Ministry, the Financial Supervision Commission, the Bulgarian National Bank, the Bulgarian Deposit Insurance Fund, auditors conducting the quality assessment of banks assets and of the assets in the non-banking sector. The preliminary mission will determine the exact scope of the assessment. The assessment itself will be performed during a two-week mission due at the end of 2016 and the beginning of 2017.

Finance Minister Vladislav Goranov Tuesday conferred with the heads of the mission from IMF and from the World Bank, Michael Moore and Ilias Skamnelos. Goranov said that FSAP will strengthen the ongoing assets quality review (AQR) in the banking system. He noted that the outcomes of the FSAP and AQR would be a good prerequisite for future talks on Bulgaria's further integration in the common European processes.

Established in 1999, the Financial Sector Assessment Program is a comprehensive and in-depth assessment of a country's financial sector. FSAPs analyze the resilience of the financial sector, the quality of the regulatory and supervisory framework, and the capacity to manage and resolve financial crises. Based on its findings, FSAPs produce recommendations of a micro- and macro-prudential nature, tailored to country-specific circumstances.