Fri, May 25 2012

Super-regulator could oversee Bulgaria’s financial system

Sat, Sep 26 2009 09:23 CET

byDnevnik.bg

1892 Views 1 Comment
Super-regulator could oversee Bulgaria’s financial system

Finance Minister Simeon Dyankov.

Photo: Assen Tonev

Bulgarian Finance Minister Simeon Dyankov unpackaged plans to merge the nation’s financial and banking watchdog in a single body, stoking speculations of upcoming management reshuffles at the two institutions.

"This is a good idea – it has been introduced in several European countries and could be a good reform for Bulgaria too," Dyankov told reporters in Parliament on September 25 2009.

The announcement came after seething criticism on September 24 by former prime minister Ivan Kostov on the operations of the Financial Supervision Commission (FSC) coupled with his forecast that Parliament’s rejection of the regulator’s report could provoke a managerial change.

Dyankov did not specify whether the FSC would be included into the Bulgarian National Bank (BNB) or the two watchdogs will be merged into a new structure. The minister rationed the possibility for such an overhaul with separate oversight on banks and the other financial institutions, which is seen as one of the main factors underpinning the global economic downturn.

However, financial industry insiders commented that the change is aimed at reshuffling the management of the two institutions that keep an eye on companies financing the Bulgarian economy almost entirely. BNB and FSC regulate entities with total assets of almost 90 billion leva, or about 138 per cent of the value of all goods and services made in the country.

Source: Dnevnik,bg
 

  • Print
  • Send via email
  • Translate to
  • Share:

Comments

Anonymous Stan Fri, Oct 16 2009 00:39 CET
Report Comment

Bulgaria now has a real chance to prove what a real contriputation this great country has to offer to europe and this new government including Bulgarian Finance Minister Simeon Dyankov has to offer the EU. I honstley believe Bulgaria has finaly laid down the foundations for full intragations to the EU! Welcome Bulgaria!


To post comments, please, Login or Register.


Please read the The Sofia Echo forum comments policy.

Bulgarian banks busy building up even more resources

Eleven lenders have tweaked their short-term deposit offers, with some extending promotions, others launching new products and still others venturing to slightly cut rates.

G20 debate on banking reforms progresses

The banking market has developed in a direction that requires clearer rules, European Union leaders say at the G20 summit in Pittsburgh.

Bank bonuses should be curbed, EU leaders to tell G20 summit

A meeting of European Union leaders held to achieve shared stances on key issues ahead of the G20 summit in Pittsburgh has agreed to press for a worldwide policy that would see bankers’ bonuses curbed if profits fall.

Bulgarian banks reduce corporate loan interest rates

The September 16 2009 announcement by a bank that it is to reduce interest on loans to SMEs is setting the stage for other banks to do the same.

EBRD chief economist: Eastern Europe banks 'not out of the woods'

Eastern European banks were still in danger of a financial crisis, the chief economist of the European Bank for Reconstruction and Development, Erik Berglof, told Bloomberg

Bulgaria moots fixed early loan repayment fee

Bill of amendments sets limits on early repayment of fixed-rate loans and will ban charges on early repayment of floating-rate loans.

More in this category

Saab awarded $2.4M military training equipment contract in Bulgaria

The funding is provided under the foreign military sales programme of the US army's Program Executive Office of Simulation, Training and Instrumentation.

Two Brits fined for hooliganism in Bulgaria’s Veliko Turnovo

The UK nationals were arrested after throwing beer bottles at people after being refused entry to a restaurant that had closed for the night.

Tourism: Bulgaria to spend 300M leva on restoring castles, ancient sites

Restoration and development projects include Madara Horseman, Arbanassi fortress, Magura cave.

Sovereign Order of Malta assists hospital in Bulgaria’s Iskrets

Simeon Saxe-Coburg and his spouse Margarita opened a new heating and insulation system at the Tsar Ferdinand Hospital for Pulmonary Diseases in Iskrets, a project implemented thanks to the Embassy of the Sovereign Order of Malta in Sofia and the Nando Peretti Foundation.

Bulgarian Parliament passes confiscation act

According to the law's provisions, the commission will have the power to investigate individuals without prior notification and would not require a criminal conviction in order to launch an investigation.

© 2000-2012, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.