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    ECB to Conduct Comprehensive Assessment of Six Bulgarian Banks

    November 12, 2018

    ECB will undertake a comprehensive assessment of six Bulgarian banks. The exercise, comprising an asset quality review and a stress test, follows Bulgaria’s submission of a request to establish close cooperation with ECB on July 18, 2018. The exercise will start in November 2018 and its aggregate and bank-by-bank results are expected to be published in July 2019. The cut-off date for the exercise will be December 31, 2018.

    The six banks to be assessed are: UniCredit Bulbank AD, DSK Bank EAD, United Bulgarian Bank AD, First Investment Bank AD, Central Cooperative Bank AD, and Investbank AD. The asset quality review and the stress test will be based on the methodologies applied by ECB Banking Supervision in its regular comprehensive assessments of banks that have recently been classified as significant or that may become significant in accordance with Article 6(4) of Regulation (EU) No 1024/2013. 

    The comprehensive assessment is required as part of the process of establishing close cooperation between ECB and the national competent authority of an EU member state whose currency is not the euro. The assessment by ECB of Bulgaria’s request to enter into close cooperation will also include an assessment of the relevant national legislation, taking into account the practical implementation of such legislation. SSM Regulation requires that the national legislation of a member state that seeks to establish close cooperation ensures that its national competent authority will be obliged to adopt any measure in relation to credit institutions requested by ECB. In parallel, ECB Banking Supervision is working closely with the Bulgarian National Bank, in view of its potential future role as the national competent authority, to support its smooth integration into the Single Supervisory Mechanism (SSM).

     

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    Keywords: Europe, EU, Bulgaria, Banking, Asset Quality Review, Stress Testing, SSM, Banking Supervision, ECB

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