– an ill - advised concept which has turned out to suit politicians with populist leanings in europe. for over two years the bnb has been defending with firmness and argumentation the position that this tax would be detrimental to both the eu economy and the bulgarian economy. luckily, just a few days ago ( at the informal ecofin meeting in copenhagen on 30 and 31 march ) some of the biggest eu countries, like germany, which had most ardently insisted on introducing a financial transaction tax, practically gave up on that idea because reaching an agreement in the entire eu proved impossible. this is an example of how bulgaria can and should stand up for its own national economic interests, opposing ( and even forming situational “ coalitions ” ), if necessary, the large countries in the eu which as a rule pass their own interests as interests of the entire eu. the bnb is also a constructive opponent of the bulgarian institutions when it sees that rash proposals are being put forward that may have an adverse effect on the stability and economic growth in the country. i dislike the phrase “ financial services consumer ” because it brings to my mind associations with expending, eating or consuming ( in the negative sense ) without any efforts made and one - off, and this phrase does not consider the interest of the counterparty who is implicitly unethical. whereas “ client ” implies reciprocity, discretion and a long - term relationship. bis central bankers ’ speeches thus, what has been achieved so far gives us confidence in ourselves and optimism about the future of the banking sector in bulgaria. despite all the difficulties, the banks in bulgaria bear responsibility not only for going forward as sustainable and successful business enterprises, but also for taking their clients and the whole economy through the times of crises. we do hope that in the coming years the banking community ’ s voice of common sense will be heard by the state institutions, businesses and society at large. because we have learnt from experience that a well - functioning banking system is a necessary pre - condition for the economic prosperity of our home country. dear colleagues, happy anniversary! bis central bankers ’ speeches

ivan iskrov : association of banks in bulgaria – 20 years congratulatory address by mr ivan iskrov, governor of the bulgarian national bank, to the association of banks in bulgaria on the occasion of the 20th anniversary of the association ’ s foundation, sofia, 3 april 2012. * * * mr. president, ladies and gentlemen, dear colleagues and friends, it is a great honour and a pleasure for me to be here today commemorating with you the 20th anniversary of the guild of the banking profession – the association of banks in bulgaria. this is a perfect opportunity to congratulate the association for the long way it successfully traversed, and along which it established itself as one of the most reputed trade associations in the republic of bulgaria. all these years the association consistently assisted its members in pursuing their banking business and protecting their interests, all the while standing as a stable and constructive partner of the central bank, as the banking regulatory authority, of other government authorities, and of the representatives of the business. therefore, we the members of the bnb governing council are all pleased to attend this occasion as a proof of the respect cherished by the central bank ’ s management for your work and professional achievements! behind the abb ’ s history stands the individual road of achievements, but also of challenges, of each one of the association ’ s members. as an anniversary usually brings up both a tally of what was done in the past, and wishes for the future, i will try to have some measure of both in my congratulatory address to you. practicing our profession involves our capability to serve society and help the bulgarian economy. because, as we are all very well aware, banks have high responsibilities in a market economy – the ongoing technological innovation, developing and offering new products and services, as well as the predictability and stability of banks are a mandatory prerequisite for economic prosperity. from my first day as a bnb governor to this very day, i have never stopped reiterating and instilling the idea that this responsibility requires the individual efforts of each one of us to be governed by a long - term goal – let ’ s call it a sense of mission – which goes beyond the specific financial or market considerations of the current day. it is exactly a jubilee like today ’ s that reminds us of the historic horizons behind the daily statistics, balance sheets or income statements, which ultimately mark the road of new and democratic bulgaria. speaking of history, exactly the current crisis stir