5 October 2015
At today’s session the BNB Governing Council adopted a Plan on Reforms and Development of Banking Supervision. The plan describes the activities of high priority and the related time frame from now until the end of next year.
The reform and development of banking supervision aim to ensure that the supervisory practices in Bulgaria are compliant as fully as possible with the current international standard, the 2012 Basel Core Principles for Effective Banking Supervision.
This plan is the result of nearly a year-long process comprising two main phases: an internal analysis and assessment of the procedures and practices of the Banking Supervision Department, and an independent external assessment of the banking supervision effectiveness in Bulgaria, carried out by a team of the IMF and the World Bank.
The plan has been drawn up, adopted and made public in agreement with the commitments made by the BNB Governor with regard to the BNB’s governance, as presented in the National Assembly.
The Plan on Reforms and Development of Banking Supervision and the full original text of the report of the IMF and the World Bank are available in the attachment files.