BNB Starts Procedure for European Banking Supervision

Business » FINANCE | July 15, 2014, Tuesday // 14:27| Views: | Comments: 1
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Bulgaria: BNB Starts Procedure for European Banking Supervision Photo: BGNES

The Bulgarian National Bank (BNB) launched the procedure for starting a peer review of Bulgaria's banking supervision, said the bank in a statement. 

BNB has commenced talks with the European Banking Authority’s Chairperson, Andrea Enria, about initiating a review of the quality, capacity, practices and procedures of the BNB Banking Supervision Department. Once the outcomes of the review are known, they will be made public,” BNB said.

BNB has also gotten in contact with the European Central Bank (ECB) on the setting up of a meeting of Bulgaria's President Rosen Plevneliev with ECB president Mario Draghi. They are to discuss the procedure for Bulgaria's joining of the European Single Supervisory Mechanism. 

The steps were taken in accordance with Monday's agreement among Bulgaria's political leaders, Rosen Plevneliev and other officials that Bulgaria should take immediate steps to join Europe's Single Supervisory Mechanism.

Bulgaria would be the first country outside the 18-nation euro zone to join the Single Supervisory Mechanism, set up in response to the global financial and euro zone debt crises.

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» To the forumComments (1)
Mat - 15 Jul 2014 // 17:02:48

ie, our own central bank is so incompetent and/or corrupt that we need the ECB to step in and do it for us.

The best thing that could have come out of this debacle. Good job to the President

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