site.bta National Bank Adopts Plan for Reform and Development of Banking Supervision

National Bank Adopts Plan for Reform and Development of  Banking Supervision

Sofia, October 6 (BTA) - The Governing Board of the Bulgarian National Bank (BNB) has adopted a Plan for Reform and Development of Banking Supervision. It lays down priorities and a time frame for their implementation in 2015 and 2016.

The purpose of reform and development is to align banking supervision in Bulgaria as fully as possible with the effective international standards - the 2012 Basel Core Principles for Effective Banking Supervision.

The plan took nearly a year to draw up, from internal analysis and assessment of procedures and practices at the Banking Supervision Department to an independent external assessment of the effectiveness of banking supervision in Bulgaria by an IMF/World Bank team.

The analysis and assessments show that compliance with the Basel Core Principles is unsatisfactory. Of the 29 criteria, banking supervision was found compliant with nine, largely compliant with 12, and largely non-compliant with eight.