ECB to Do Thorough Assessment of Six Bulgarian Banks
The European Central Bank (ECB) is undertaking a comprehensive assessment of six Bulgarian banks following Bulgaria's request to establish close cooperation with the ECB. ECB said in a statement Monday that the exercise comprises an asset quality review and a stress test.
Bulgaria submitted a request to establish close cooperation with the ECB on 18 July 2018. The comprehensive assessment is required as part of the process of establishing close cooperation between the ECB and the national competent authority of an EU Member State whose currency is not the euro, the ECB said.
The following six banks will be assessed: UniCredit Bulbank, DSK Bank, United Bulgarian Bank, First Investment Bank, Central Cooperative Bank and Investbank.
The exercise will start in November 2018 and its aggregate and bank-by-bank results are expected to be published in July 2019. The cut-off date for the exercise will be 31 December 2018.
The assessment by the ECB of BulgariaТs request to enter into close cooperation will also include an assessment of the relevant national legislation.