dimitar radev : review of bulgaria's economy and banking system banker's day'speech by mr dimitar radev, governor of the bulgarian national bank, to the association of banks in bulgaria, sofia, 5 december 2017. * * * dear colleagues, dear members of parliament, dear guests, first of all, i would like to thank you for the invitation – on my behalf and on behalf of my colleagues in the bnb governing council. we are delighted to be with you this evening. the passing year 2017 was good both for the economy and for the banking system in bulgaria. perhaps, this has been the first year for a long time, in which there is more optimism than pessimism. the economy is developing at better rates than we anticipated early this year. the fiscal position is solid. the banking sector is in a very good state. capital adequacy and liquidity ratios are above the average levels for the european union. for a second consecutive year this sector ’ s profits nearly reach the highest historical levels. lending continues to increase. we see a long - term downward trend in non - performing loans. we also have positive results from the accomplishment of the bnb ’ s main priorities. generally, the measures adopted after the asset quality review and the stress test last year are being implemented successfully. the efficiency of banking supervision is improving and all independent observers of the developments in our banking sector point up this progress. now we have in place a framework for the recovery and resolution of banks, something that we did not have two years ago. serious steps forward have been made on all technical issues that are of key importance for the integration into the european financial infrastructure. i wish to point out something in the bnb ’ s work, something that may be difficult to see – it is the huge amount of experts ’ work and the intensive technical consultations that we are having about our joining the exchange rate mechanism ii and the euro area. i ’ ve already had a suitable occasion to thank my colleagues in the central bank. now it is a pleasure to thank you, too, for the very good results achieved in this sector. all the items on our agenda are not yet completed and we still have a lot to do. i will not go into details or numbers, but let me mention some of our today ’ s priorities. i will begin with the amendments to the law on credit institutions which take effect from today. they create an appropriate legal framework for further consolidation

ivan iskrov : central banks and the overhaul of banking regulation welcome address by mr ivan iskrov, governor of the bulgarian national bank, at the international conference “ central banks and the overhaul of banking regulation ”, on the occasion of the 135th anniversary of the bulgarian national bank, sofia, 6 june 2014. * * * dear guests of the conference, ladies and gentlemen, it is my privilege and honour to open today this international conference, dedicated to the commemoration of the 135th anniversary of the bnb. the central bank of bulgaria is one of the oldest in the world, 13th by order of establishment. first of all, i would like to extend a very warm welcome to all of you, and especially to our international guests, some of whom visit our country for the first time. you will meet here not only experts with whom you could exchange ideas and know - how, but also friends. we are a very hospitable nation and i am sure that during your stay here you will have a valuable professional experience with plenty of knowledge - sharing, brainstorming and networking opportunities. you will also have a chance to catch a glimpse of the great history, culture, customs and natural beauty of our country. the topic of today ’ s conference – “ central banks and the overhaul of banking regulation ” – is of significant importance to our central banking community. the recent deep reforms in banking regulation around the world have brought new responsibilities and new challenges for our institutions. the mandates of central banks are changing, as they are strengthening their macro - prudential powers and embracing more explicitly the objective of financial stability. some major central banks have for the first time assumed the direct supervision of credit institutions. thus, this period of changes is going to be a landmark in the history of central banking. the current overhaul of banking regulations globally is also fundamental by nature. the scale of reforms in the regulatory framework for the banking industry, after the collapse of lehman brothers and the outbreak of the euro area sovereign debt crisis, could be compared only with the major reforms undertaken in the aftermath of the great depression in the 1930s. the sheer magnitude of this changeover, however, does not guarantee the elimination, once and for all, of the regulatory gaps and loopholes for the risk taking activities of banks. moreover, while the wide - ranging changes in banking regulation certainly improve banks ’ capital, liquidity, operations and governance, they are sometimes feared to have a discouraging effect on banks ’ lending and