Bulgarian C-bank Discussing Reform Agenda with EU Envoys

Reforms in governance and banking supervision at Bulgaria’s central bank have been discussed at a meeting of its governor Dimitar Radev with the heads of missions of EU Member States and the delegation of the European Commission in Sofia on Tuesday.

Other points discussed during the meeting included the newly-adopted bank recovery and resolution framework, the upcoming asset quality review and stress test of the country's lenders, the Bulgarian National Bank (BNB) said in a news release.

The meeting was initiated by Dutch Ambassador Tom van Oorschot. The Netherlands holds the rotating presidency of the Council of the European Union in the first half of 2016.

Last month, the BNB launched an independent asset quality review of the 22 commercial banks operating in Bulgaria in an effort to restore trust in the banking system after the collapse of Corporate Commercial Bank (KTB) in 2014. Following the review, the BNB will conduct stress tests on the lenders to see whether they are able to withstand unexpected blows to their stability and determine whether they would need to increase their capital.

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