, thanks to the consistent efficient work of the central bank, including the banking supervision, during the global financial crisis not a single bank went bankrupt in bulgaria. in other countries, even in the eu, problems with banks led to public costs running into hundreds of billions of euros. the bulgarian citizens and taxpayers were saved from all that. the long - standing achievements of the bnb, and bnb ’ s banking supervision in particular, should not be forgotten or erased easily – even if it turns out that some omissions may have been made in the ktb case. it is also a fact that since june to date the bnb, the government and the commercial banks ( under the strong leadership of the bnb ) have successfully confined the negative effects on the rest of the banking sector after placing ktb and cb victoria under special supervision. making huge efforts, we continue to safeguard the financial stability in bulgaria. in an extremely unfavourable situation of unprecedented public pressure, ferocious criticisms and direct attacks against the central bank, the bnb has once again managed to do its best. the good news is that this year the bnb has practically stood a real and very heavy stress test. we have passed an exceptionally serious stress test of our independence. we have proved how our country, business and society have a strong institution they can rely on as a pillar of stability and for protecting the long - term public interest, an institution that does not give in to pressure and opportunistic interests. on a day like this, when we normally weigh up past events, our thoughts could go further back in time, long before the worries of this passing year. some events can often be more wisely judged when looked at from a longer historical perspective. if we take such a look back into the 135 - year history of the bnb, we would see many examples demonstrating the strength of our central bank and its insusceptibility to coteries ’ intrigues and shallow trivial debates ( which only absorb energy from the public creative resource, before vanishing in time ). but our history has witnessed obscurantist episodes too, when the bnb was suppressed to obey political or other temporary interests. the implications of such interventions have always been tragic for the country. here is one brief example. on the famed date of 9 september 1944 the bnb governing council set a “ buying ” rate for the soviet rouble ( 15 levs for 1 rouble ) after being instructed on the

telephone by the then minister of finance. two days later, on 11 september 1944, the government ordered the bnb to stop buying the basel core principles for effective banking supervision of 14 september 2012. bis central bankers ’ speeches roubles, and instead the bnb was obliged to pay out to the soviet armed forces passing through our country “ the amounts they needed at their request ” and those amounts were to be accounted for as a debt of the country. 3 we do hope such times would never again return in bulgaria. bolshevik enthusiasm and decisions made under street pressure are the most dangerous approach when it comes to public policies regarding the monetary regime, banking supervision or financial stability. today, once again we are called to stand up for the professionalism and independence of the central bank – with responsibility and concrete actions. the public interest requires that the reputation of the central bank be respected and its institutional independence and continuity in its work be safeguarded. the strength of institutions in a country is a pre - condition for stability and economic growth, while the weakness of institutions is the first sign of forthcoming economic or financial failure of a country. it is not a coincidence that in the countries which usually serve us as an example of democracy and prosperity, the strong public institutions by rule outlive the individuals and the political parties too. dear colleagues, finally, please allow me to convey the best wishes on behalf of the bnb governing council and me for success of the banks run by you and for professional and personal achievements of all of you in the coming year of 2015. happy banker ’ s day, dear colleagues! thank you for your attention! see “ archives are speaking ”, bulgarian national bank ; a compendium of documents, volume іv, 1930 – 1947, pp. 1018 – 1019. ( these archives are publicly accessible on the bnb ’ s website. ) bis central bankers ’ speeches