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ANNUAL REPORT . 2017 Bulgarian National Bank ANNUAL REPORT . 2017 Bulgarian National Bank ANNUAL REPORT • 2017 Published by the Bulgarian National Bank 1, Knyaz Alexander I Square, 1000 Sofia Tel.: (+359 2) 9145 1351, 9145 1209, 9145 1806 Fax: (+359 2) 980 2425, 980 6493 Printed in the BNB Printing Centre Website: www.bnb.bg © Bulgarian National Bank, 2018 The BNB Annual Report for 2017 employs statistical data published by 22 March 2018. Materials and information in the BNB Annual Report 2017 may be quoted or reproduced without further permission. Due acknowledgement is requested. ISSN 1313-1494 (print) ISSN 2367-492X (online) Honourable Madam National Assembly Chair; Honourable People’s Representatives: I have the pleasure of forwarding to your attention this, the Bank’s 2017 Annual Report, in discharge of the duty bestowed upon me by the Law on the Bulgarian National Bank Article 1 paragraph 2 and also by Articles 50 and 51 therein. The Report comprises an overview of economic developments, detailed infor- mation on the Bank’s functions and the performance of duties bestowed upon the Bank by the Law on the Bulgarian National Bank, and also of other Bank actions during the year. It further contains a report on the Bank budget and consolidated financial statements (audited) by 31 December 2017, accompa- nied by an opinion of the international auditors and information on major BNB Governing Council resolutions under Article 17, paragraph 5 of the Law on the Bulgarian National Bank. In 2017 the Bank continued to seek price stability as its primary duty: a duty discharged by safeguarding national currency stability and by prosecuting a monetary policy as provided for by the Law on the Bulgarian National Bank. The Bank also performed other functions and discharged other duties as man- dated in Law: managing gross international reserves; operating and overseeing payment systems; monitoring banks’ reserves deposited with the BNB; manag- ing currency circulation; maintaining banking system stability and protecting depositor interests; resolving credit institutions; participating in the European System of Central Banks and other EU bodies; acting as fiscal agent and offi- cial depository; and providing statistics. Further Bulgarian National Bank duties included running the Central Credit Register and the Bank Account and Safe Deposit Box Register, conducting research, managing human resources, and internal auditing. Over the course of 2017 the Bank devoted especial attention to the following four areas within its overall purview: • Optimising overall governance. Law on the Bulgarian National Bank amendments assigned to the Governing Council powers, which had previously resided with the Banking and Banking Supervision Deputy Governors, relating to supervision, early intervention, approvals, au- thorisations, and consent. Governance and management decision making functions are now cognisant of this optimisation at the operational level. • Extending banking supervision reform and development. We adopted the Bank Supervisory Process Manual; proposed new statutory moves on lending to internally related parties, most of them enacted in amend- ments to the Law on Credit Institutions; we assessed banks’ ability to implement the new IFRS 9 Financial Instruments standard; we continued harmonising supervision with wider European Union practice by intro- ducing European Banking Authority guidelines. • Development of the activities related to the recovery and resolution of banks: new rules and methods for practical resolutions of credit institu- tions were developed, including methodology for determining individual annual contributions of banks and branches from third countries to the Bank Resolution Fund. • Evolving the statutory framework of payment services, systems, and over- sight. Transposing the Payment Services Directive II, we paid especial attention to the new Law on Payment Services and Payment Systems, in force from 6 March 2018; we also continued harmonising payment super- vision with wider European Union practice by implementing European Banking Authority guidelines. In conclusion, I take this opportunity of advising you of the banking sector’s favourable state this last year. Capital adequacy and liquidity ratios exceeded EU averages, lending continued growing, non-performing loans declined, profits approached historic highs, and equity consolidation continued. Dimitar Radev Governor of the Bulgarian National Bank BNB Governing Council Dimitar Radev Governor Kalin Hristov Deputy Governor Issue Department Nina Stoyanova Deputy Governor Banking Department Dimitar Kostov Deputy Governor Banking Supervision Department Boryana Pencheva Lena Roussenova Elitsa Nikolova BNB Governing Council Sitting from left to right: Boryana Pencheva, Nina Stoyanova, Lena Roussenova, Elitsa Nikolova. Standing from left to right: Dimitar Kostov, Dimitar Radev, Kalin Hristov. Organisational Structure of the BNB (as of March 2018) GOVERNING COUNCIL GOVERNOR Dimitar Radev DEPUTY GOVERNOR DEPUTY GOVERNOR DEPUTY GOVERNOR Kalin Hristov Nina Stoyanova Dimitar Kostov Issue Banking Banking Supervision SECRETARY GENERAL GENERAL AUDITOR Department Department Department Snezhanka Deyanova Fiscal Services Payment Systems and Public Treasury Department On-site Inspections Internal Audit Legal Minimum Required Procurement Directorate Directorate of the BNB Directorate Reserves Directorate Directorate Government International Risk Analysis and Government Information Payment Supervision Guaranteed Debts Off-site Supervision Relations and Control Directorate Directorate Systems Directorate Directorate Depository Directorate Directorate Methodology and Projections and Macroprudential Human Resources Issue and Cash Management of State Supervision and Administrative Management Financial Markets Directorate Directorate Budget Cash Flows Financial Stability Directorate Directorate Directorate Directorate Issuing Policy Specific Supervisory Capital Investment, Registers Public Relations and Control Activities Maintenance and Directorate Directorate Directorate Directorate Transport Directorate Banking Security and Economic Research Protection of Classified and Forecasting Statistics Supervisory Policy Information Directorate Directorate Directorate Directorate Resolution of Credit General Accounting Legal Supervisory Institutions Directorate Directorate Directorate 8 Abbreviations ABSPP ECB Asset-backed Securities Purchase Programme APP ECB Asset Purchase Programme AQR Asset Quality Review AS ROAD Automated System for Registration and Servicing of External Debt ATM Automated Teller Machine BIS Bank for International Settlements BISERA Bank Integrated System for Electronic Payments BNB Bulgarian National Bank BOP balance of payments BORICA Bank Organisation for Payments Initiated by Cards BRF Bank Resolution Fund CBPP3 ECB’s Third Covered Bond Purchase Programme CCR Central Credit Register EBA European Banking Authority EC European Commission ECB European Central Bank Ecofin Economic and Financial Affairs Council of the European Union Bulgarian National Bank. Annual Report • 2017 • Report Annual Bank. National Bulgarian EDIS European Deposit Insurance Scheme EONIA Euro OverNight Index Average (registered trademark of the European Money Market Institute, EMMI) ESA 2010 European System of National and Regional Accounts ESCB European System of Central Banks ESRB European Systemic Risk Board ESROT Electronic System for Registering and Servicing Government Securities Trading EU European Union EUR euro EURIBOR Euro InterBank Offered Rate (EURIBOR, registered trademark of the European Money Market Institute, EMMI) GDP Gross Domestic Product GSAS System for Government Securities Sale and Repurchase Auctions HICP Harmonized Index of Consumer Prices IAS International Accounting Standards IASB International Accounting Standards Board IFRS International Financial Reporting Standards IMF International Monetary Fund IOBFR System for Budget and Fiscal Reserve Information Servicing LBDG Law on Bank Deposit Guarantee LBNB Law on the Bulgarian National Bank LCI Law on Credit Institutions LEONIA an interest rate on real transactions in unsecured overnight deposits in BGN offered at the interbank market LPSPS Law on Payment Services and Payment Systems LRRCIIF Law on the Recovery and Resolution of Credit Institutions and Investment Firms LTROs Longer-term refinancing operations MF Ministry of Finance MFI Monetary Financial Institutions NPISH Non-profit institutions serving households NSI National Statistical Institute OPEC Organization of Petroleum Exporting Countries POS Point of sale/point of service: a retail trade terminal for credit and debit card transactions PSPP Public Sector Purchase Programme RINGS Real-time gross settlement system ROA Return on Assets ROE Return on Equity SDR Special Drawing Rights SEPA Single Euro Payments Area SITC Standard International Trade Classification SOFIBID (Sofia Interbank Bid Rate) is an index calculated as the average of the bid quotes for unsecured BGN deposits SOFIBOR (Sofia Interbank Offered Rate) is a fixing of the quotes for unsecured BGN deposits offered in the Bulgarian interbank market TARGET2 Trans-European Automated Real-time Gross Settlement Express Transfer System for the Euro TARGET2-BNB Bulgarian system component of TARGET 2 VaR Value-at-Risk VAT value added tax WB World Bank XAU troy ounce gold ZUNK Law on Settlement of Non-performing Credits Negotiated prior to 31 December 1990 9 Bulgarian National Bank. Annual Report • 2017 • Report Annual Bank. National Bulgarian Contents Summary
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