11.08.2016

I am satisfied with the results and with the excellent organisation of conducting the banking asset quality review and the stress tests. As a minister of finance, it is of utmost importance for me that the results have shown that no public resources are needed to support the stability, liquidity and trust in any of the banks. The fiscal buffer set aside by the Government, which served as a potential insurance for the stability of the banking system, will be used to pay maturing debts, which makes the need for refinancing them by new debt unnecessary.

I highly appreciate the professional attitude of my colleagues from the Bulgarian National Bank who provided for the uneventful and adequate conducting of this extremely complex procedure in accordance with the EU practice established. The Bulgarian state has thus strictly observed the recommendations of the European Commission. I am convinced that besides fulfilling our partner commitment, with this procedure that has just been accomplished we make yet another sound step towards strengthening the banking supervision in Bulgaria, ensuring transparency, maintaining the stability of the banking system and protecting the depositors' interests.

I believe that the joint efforts of the responsible political parties within the Bulgarian Parliament, of the government institutions and of the entire banking community underlie the stabilisation of the public and international trust in the Bulgarian financial system after the inauspicious events that took place in 2014. All the parliamentary represented parties supported the amendments to the Bank Insolvency Law and to the Bank Deposit Guarantee Law, also passed the Law on Recovery and Resolution of Credit Institutions and Investment Intermediaries, whereby weeding out the imperfections in the legislation and providing for a more effective banking supervision and better protection of the people's savings. The same reasonable approach was also applied to the election of the new management of the BNB.

I expect and am confident that the same high level of professionalism will be put in place in the assessment of the quality of the assets of pension and insurance companies. This is the path to be followed in order to maintain the overall stability of the Bulgarian financial system.