Bulgaria: ECB to monitor 5 Bulgarian banks

Bulgaria: ECB to monitor 5 Bulgarian banks

The Central Bank of Bulgaria has been cooperating with the European Central Bank (ECB) since 1 October.

Joining the single banking union leads to the direct supervision by Frankfurt of 5 Bulgarian banks. Even if it belongs to the European family, in Bulgaria, UniCredit Bank, DSK Bank, UBB, Eurobank and RaiffeisenBank will be monitored. In case of need, the ECB may also supervise the smaller banks, but this is currently the responsibility of the Central Bank of Bulgaria.

The First Investment Bank remains outside the ECB. Prior to the country’s accession to the Eurozone “waiting room” and the ERM II mechanism, the bank increased its share capital thanks to the Bulgarian Development Bank and a single Czech investor. /ibna