site.btaCentral Bank Under Governor, Head of Banking Supervision Department Kostov Resigns

March 1 (BTA) - National Bank of Bulgaria (BNB, the
central bank) Under Governor and head of the Banking Supervision
Department Dimiter Kostov has decided to resign. Kostov
informed the BNB Governing Board of his intention to submit to
Parliament a letter of resignation from his post, BNB said in a
press release Friday.

The resignation comes midway of Kostov's second term in office
at the post and amidst ongoing Asset Quality Reviews of six
Bulgarian banks in connection with Bulgaria's bid to join the
Single Supervisory Mechanism (SSM) and ERM 2.

In a letter to the BNB Governing Board Kostov writes that "the
intensive work carried out by the Banking Supervision Department
 over the past few years and the implementation of the main part
 of the planned reforms allowed me to request an early
termination of my term at the post back in 2018. Acting on a
request of the BNB Governor and on account of the new volume of
commitments undertaken by the Banking Supervision Department
after the plans announced in June and July 2018 of Bulgaria's
bid to join the SSM, I delayed the realization of my intention.
[...] Today, the presence of very good working communication
established with the European Central Bank and the SSM in the
process and its advanced stage, allows me to withdraw from the
management of the Banking Supervision Department".

On behalf of the BNB Governing Board and on his behalf, BNB
Governor Dimiter Radev has thanked Kostov for his high
responsibility and professionalism, the numerous projects he
worked on, and his overall contribution to the work of the
central bank and the banking system during key points in the
sector since 2005 to date. RY/ZH