EU Bank Watchdog Head Says Bulgaria Has Not Yet Applied to Join

The chairman of the financial supervisory committee of the European Central Bank (ECB) Daniele Nouy speaks during a press conference at the ECB in Frankfurt, Germany, 26 October 2014. Photo by EPA/BGNES

The Single Supervisory Mechanism (SSM) has not received a notice from Bulgaria saying it would like to be part of it, its head Dani?le Nouy told MEPs on Tuesday.

Nouy however stressed the newly-established body was ready to cooperate if asked.

"If any meetings have been held [with Bulgarian officials] so far, I can say they have only been informal," Nouy told when questioned by MEPs and asked by Bulgaria's Eva Paunova (EPP) whether the European Central Bank (ECB) was acquainted with the situation in Bulgaria.

During the session Paunova pointed out that Bulgaria had withstood the financial crisis and had been deemed stable and well-capitalized prior to the developments at Corporate Commercial Bank (KTB).

Nouy also explained a country that wished to apply had to send an official notification at least 5 months before the date when it would like to join.

In mid-July, after the run at KTB which prompted the Bulgarian National Bank (BNB) to place it under special supervision, President Rosen Plevneliev and political leaders agreed Sofia should "take immediate steps" for accession into the SSM.

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