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The European Central Bank has announced the list of banks in Bulgaria that will be subject to its direct supervision from October 1, 2020.
The credit institutions subject to direct supervision are: UniCredit Bulbank AD, DSK Bank AD, United Bulgarian Bank AD, Eurobank Bulgaria AD and Raiffeisenbank (Bulgaria) EAD.
The start date of the close cooperation between the ECB and the BNB is October 1, 2020. From this date, by decision of the BNB Governing Council, Radoslav Milenkov, Deputy Governor in charge of banking supervision, will be the representative of the National Bank of Bulgaria on the Supervisory Board of the ECB. the same rights and obligations as all other members, including the right to vote.
For the purpose of direct supervision of systemic banks, the BNB appoints deputy coordinators and their representatives on the joint supervisory teams of the main institutions.
The ECB will also be responsible for supervising the less important institutions that remain subject to the direct supervision of the BNB and for general procedures for all supervisors. The ECB’s monitoring of the less important banks will include monitoring the application of the common supervisory rules of the Single Supervisory Mechanism.
The ECB will have certain direct powers over less important institutions related to the licensing and approval process, issuing general recommendations, guidelines and instructions, planning and conducting inspections, including direct supervision of a few more important institutions.
For the purposes of supervision of less significant banks, a structure has been established within the Single Supervisory Mechanism of the ECB, in which the National Bank of Bulgaria will participate. In the framework of the structure, the supervision issues of the less important institutions of the countries of the Single Supervisory Mechanism are discussed.
