The BNB Governing Council has identified eight banks as other systemically important institutions (O-SIIs) and has set the level of the O-SII buffers for these banks. The O-SII buffers will be applicable from January 01, 2021. BNB has set the O-SII buffer of 1.00% for DSK Bank EAD, UniCredit Bulbank AD, and First Investment Bank AD; a buffer of 0.75% for United Bulgarian Bank AD, Eurobank Bulgaria AD, and Raiffeisenbank (Bulgaria) EAD; and a buffer of 0.50% for Central Cooperative Bank AD and Bulgarian Development Bank AD. In addition, BNB approved a request of the Association of Banks in Bulgaria to extend the payment moratorium amid the COVID-19 crisis.
BNB has approved an extension of the deadline for submission of requests from clients of banks for deferral of liabilities until March 23, 2021 as well as an extension of the deadline for approval of these requests by banks until March 31, 2021. BNB also extended the deadline for deferral of liabilities of bank customers until December 31, 2021, but not more than 9 months. The BNB Governing Council also decided to require banks to provide operational plans within 10 working days to assess the potential for non-payment by the borrowers who have benefited from the moratorium after its expiry. The requirements for these operational plans are introduced by the amended EBA guidelines on legislative and non‐legislative moratoria on loan repayments in the light of the COVID‐19 crisis.
- Press Release on Identified O-SIIs (in English)
- Press Release on Extension of Moratorium (in Bulgarian)
Keywords: Europe, Bulgaria, Banking, O-SII, Systemic Risk, COVID-19, Credit Risk, Regulatory Capital, Loan Moratorium, EBA, BNB
Previous ArticleAPRA Assesses Implementation of BEAR at Three Large Banks
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy.
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)