site.btaCredit Institutions Act Amended to Regulate Central Bank's Role after Euro Adoption

The National Assembly Wednesday amended conclusively the Credit Institutions Act to align the national legal framework regulating the supervisory powers of the Bulgarian National Bank (BNB) to the EU regulations in view of the central bank's role in the Single Supervisory Mechanism after the euro is adopted as the official currency in Bulgaria.

Under the amended law, the Unlawfully Acquired Assets Forfeiture Commission and the Counter-corruption Commission are authorized to conduct checks in the Central Credit Register and the Register of Bank Accounts and Safe Deposit Boxes. The Interior Ministry's Directorate General Border Police and Directorate Internal Security are granted access to the the information system maintained by the BNB.