site.btaFive Bulgarian Banks Go Under Direct ECB Supervision as of October 2020
NW 17:28:31 12-09-2020
DS1726NW.107
107 ECONOMY - BANKING SUPERVISION - ECB - BULGARIA
Five Bulgarian Banks Go Under Direct
ECB Supervision as of
October 2020
Sofia, September 12 (BTA) - Five Bulgarian banks are going under direct European Central Bank (ECB) supervision as of October 2020. The five banks were announced by the ECB late on Friday, along with eight banks in Croatia and one new Austrian banking group. The announcement says they were picked after significance assessment following the establishment of close cooperation.
The ECB says in this way it fulfils the regulatory requirements that it must directly supervise at an individual level all banks belonging to significant groups, and at least the three most significant banks in each country.
The five Bulgarian banks include UniCredit Bulbank AD, which is part of UniCredit S.p.A. and is the largest bank in Bulgaria; DSK Bank AD, which is the second largest bank in Bulgaria; United Bulgarian Bank AD of KBC Group NV, which is the third largest bank in Bulgaria; Eurobank Bulgaria AD, which is part of Eurobank Ergasias Services and Holdings S.A.; and Raiffeisenbank (Bulgaria) EAD, which is part of Raiffeisen Bank International AG.
The Bulgarian National Bank (BNB) said that also as of October 1, BNB Deputy Governor in charge of the Banking Supervision department Radoslav Milenkov will be Bulgaria's representative to the ECB Supervisory Board. He will have the same rights and obligations as all the other members, including the right to vote.
In view of the direct supervision of the significant banks, the BNB determines sub-coordinators as well as representatives of the central bank to the joint supervisory teams for the significant institutions.
The ECB will also monitor the less significant institutions, which remain under the direct supervision of the Bulgarian Central Bank, and will be responsible for the joint procedures for all supervised persons. The ECB will have certain direct powers when it comes to the less significant institutions related to the process of issuing licenses and approvals, inspection planning and implementation, including the placement of less significant institutions under direct supervision.
LN/DS
/ДЛ/
DS1726NW.107
107 ECONOMY - BANKING SUPERVISION - ECB - BULGARIA
Five Bulgarian Banks Go Under Direct
ECB Supervision as of
October 2020
Sofia, September 12 (BTA) - Five Bulgarian banks are going under direct European Central Bank (ECB) supervision as of October 2020. The five banks were announced by the ECB late on Friday, along with eight banks in Croatia and one new Austrian banking group. The announcement says they were picked after significance assessment following the establishment of close cooperation.
The ECB says in this way it fulfils the regulatory requirements that it must directly supervise at an individual level all banks belonging to significant groups, and at least the three most significant banks in each country.
The five Bulgarian banks include UniCredit Bulbank AD, which is part of UniCredit S.p.A. and is the largest bank in Bulgaria; DSK Bank AD, which is the second largest bank in Bulgaria; United Bulgarian Bank AD of KBC Group NV, which is the third largest bank in Bulgaria; Eurobank Bulgaria AD, which is part of Eurobank Ergasias Services and Holdings S.A.; and Raiffeisenbank (Bulgaria) EAD, which is part of Raiffeisen Bank International AG.
The Bulgarian National Bank (BNB) said that also as of October 1, BNB Deputy Governor in charge of the Banking Supervision department Radoslav Milenkov will be Bulgaria's representative to the ECB Supervisory Board. He will have the same rights and obligations as all the other members, including the right to vote.
In view of the direct supervision of the significant banks, the BNB determines sub-coordinators as well as representatives of the central bank to the joint supervisory teams for the significant institutions.
The ECB will also monitor the less significant institutions, which remain under the direct supervision of the Bulgarian Central Bank, and will be responsible for the joint procedures for all supervised persons. The ECB will have certain direct powers when it comes to the less significant institutions related to the process of issuing licenses and approvals, inspection planning and implementation, including the placement of less significant institutions under direct supervision.
LN/DS
/ДЛ/
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