Financial Sector Assessment : Bulgaria

This Financial Sector Assessment (FSA) summarizes the Financial Sector Assessment Program (FSAP) findings for Bulgaria, and reports on the actions of the government and the Bulgarian National Bank (BNB) to date in response to the FSAP recommendations. The FSAP mission visited Sofia during the period October 29 to November 14, 2001. The Bulgaria FSAP took place after five years of aggressive financial reforms in response to the deep economic and financial crisis of 1996-97. After the collapse of the banking system and establishment of the Currency Board Arrangement (CBA) in July 1997, the government and the BNB pursued structural and institutional reforms in both the enterprise and banking sectors, including the privatization of about 85 percent of the banking system assets, mainly to foreign financial institutions, and the upgrading of banking supervision capabilities at the BNB. The FSAP mission occurred at a time when the banking system had stabilized, but financial intermediation remained low compared to the more advanced transition economies. In addition to the assessments of compliance with standards and codes, the Bulgaria mission focused on addressing the constraints to lending and advising the BNB on how to ensure that an expansion of bank lending does not jeopardize the gains in financial stabilization. The FSAP findings were major inputs to the medium term program to be supported by the Programmatic Adjustment Loans (PALS).

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2002-12
Subjects:	ACCOUNT HOLDERS, ACCOUNTING, ACCOUNTING PRACTICES, ACCOUNTING STANDARDS, ADJUSTMENT LOANS, AGRICULTURAL CREDIT, ASSET QUALITY, ASSETS RATIO, AUDITING, BANK ACCOUNT, BANK ASSETS, BANK DEPOSITS, BANK INTERMEDIATION, BANK LENDING, BANK LOANS, BANK MARKET, BANK PROFITABILITY, BANK SUPERVISION, BANKING ASSETS, BANKING LAW, BANKING MARKET, BANKING SECTOR, BANKING SECTORS, BANKING SUPERVISION, BANKING SYSTEM, BANKING SYSTEM ASSETS, BANKRUPTCY, BANKRUPTCY LAW, BONDS, BROKER, BROKERS, CAPITAL ADEQUACY, CAPITAL ADEQUACY RATIOS, CAPITAL MARKET, CAPITAL MARKETS, CENTRAL BANK, CENTRAL DEPOSITORY, CIVIL PROCEDURE, CLASSIFIED LOANS, COLLATERAL, COLLATERAL REQUIREMENTS, COMMERCIAL BANKS, COMMERCIAL CODE, COMMERCIAL LAW, COMPANY LAW, CONNECTED LENDING, CONSOLIDATED SUPERVISION, CONSOLIDATION, CORPORATE GOVERNANCE, CORPORATE INSOLVENCY, CORPORATE OWNERSHIP, COURT ACTION, CREDIT ALLOCATION, CREDIT RISK, CREDIT SOURCES, CREDIT UNIONS, CREDITOR, CREDITOR RIGHTS, CREDITORS, CURRENCY, CURRENCY BOARD, CURRENCY BOARD ARRANGEMENT, CURRENT ACCOUNT DEFICIT, DEBT LEVELS, DEFAULTS, DEPOSIT, DEPOSIT GUARANTEE, DEPOSIT INSURANCE, DEPOSIT INSURANCE FUND, DEPOSIT INSURANCE SYSTEM, DEPOSITOR, DEPOSITORS, DEPOSITS, DISSOLUTION, DOMESTIC BANKS, DOMESTIC CURRENCY, ECONOMIC REFORMS, EQUIPMENT, EUROBOND, EXTERNAL DEBT, EXTERNAL FINANCING, FIDUCIARY RESPONSIBILITY, FINANCIAL ACCOUNTS, FINANCIAL CRISIS, FINANCIAL INTERMEDIATION, FINANCIAL LEASING, FINANCIAL POLICIES, FINANCIAL SERVICES, FINANCIAL STRUCTURES, FINANCIAL TRANSACTIONS, FISCAL POLICY, FORECLOSURE, FOREIGN BANKS, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN EXCHANGE, FOREIGN EXCHANGE EXPOSURE, FOREIGN EXCHANGE RESERVES, FOREIGN FINANCIAL INSTITUTIONS, FUND MANAGERS, GENERAL INSOLVENCY LEGISLATION, GENERAL SHAREHOLDER, GOVERNMENT ACCOUNTS, GOVERNMENT BUDGET, GROSS SETTLEMENT, HOLDING, HUMAN RESOURCES, INCOME RECOGNITION, INCOME TAXES, INFLATION, INFORMAL CREDIT, INFORMATION DISCLOSURE, INFORMATION SYSTEMS, INSOLVENT, INSOLVENT BANKS, INSTITUTIONAL CAPACITY, INSTITUTIONAL DEVELOPMENT, INSTITUTIONAL REFORMS, INSURANCE, INSURANCE COMPANIES, INSURANCE COMPANY, INSURANCE CORPORATIONS, INSURANCE INDUSTRY, INSURANCE PENETRATION, INTEREST RATE, INTEREST RATES, INTERNATIONAL ACCOUNTING, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL RESERVES, INTERNATIONAL STANDARDS, INVESTOR CONFIDENCE, JUDICIAL PROCEDURES, JUDICIAL REFORM, LAWS, LEGAL OBLIGATION, LEGISLATION, LIFE INSURANCE, LIFE INSURANCE COMPANIES, LIQUIDITY, LIQUIDITY MANAGEMENT, LIQUIDITY RATIO, LIQUIDITY RATIOS, LIQUIDITY SUPPORT, LOAN, LOAN CLASSIFICATION, MACROECONOMIC POLICIES, MACROECONOMIC STABILITY, MARKET ECONOMY, MARKET SHARE, MARKET TURNOVER, MARKETABLE ASSETS, MINORITY SHAREHOLDER, MINORITY SHAREHOLDER PROTECTION, MINORITY SHAREHOLDER RIGHTS, MINORITY SHAREHOLDERS, NATIONAL BANK, NATIONAL SECURITIES, OIL PRICES, OPERATIONAL RISK, PAYMENT FLOWS, PAYMENT SYSTEM, PAYMENT SYSTEMS, PAYMENTS SYSTEMS, PENSION, PENSION FUND, PENSION FUNDS, PENSION REFORM, PERSONAL INCOME, PERSONAL INCOME TAXES, PLEDGES, PRIVATE BANKS, PRIVATIZATION, PRODUCTIVE INVESTMENT, PRUDENTIAL REGULATIONS, PUBLIC OFFERING, RATE OF RETURN, RATES OF RETURN, REGULATORY FRAMEWORK, RESERVE, RESERVE ACCOUNTS, RESERVE BANK, RESERVE BANK OF INDIA, RESERVE REQUIREMENT, RETURN, RETURNS, RISK EXPOSURES, RISK MANAGEMENT, RISK MANAGEMENT SYSTEMS, SAVINGS, SAVINGS BANK, SECURITIES, SECURITIES REGULATION, SETTLEMENT, SETTLEMENT OF TRANSACTIONS, SETTLEMENT PERIOD, SHAREHOLDERS, SOLVENCY, STATE ENTERPRISES, STOCK EXCHANGE, STOCK MARKET, STOCK MARKET CAPITALIZATION, STOCKS, STRATEGIC INVESTORS, SUBSIDIARIES, SURPLUS LIQUIDITY, TAX, TECHNICAL ASSISTANCE, TERRORISM, TRADING, TRADING SYSTEM, TRANSITION COUNTRIES, TRANSITION ECONOMIES, TRANSPARENCY, TREASURY, TREASURY BILLS, TRUSTEES, VALUATION,
Online Access:	http://documents.worldbank.org/curated/en/2002/12/17861738/bulgaria-financial-sector-assessment https://hdl.handle.net/10986/15947
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