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Bulgaria Bank System with Best Capitalization in EU

Date: 31.10.2008

The Bulgarian bank system has the best capitalization in the entire European Union (EU), according Ivan Iskrov, Manager of the Bulgarian National Bank (BNB).

Iskrov made the statement on Thursday before members of the Greek Business Council during a discussion about the effects of the global financial crisis in Bulgaria.

According to data from BNB until September of 2008, the credit institutions, operating in the country, have registered profits of BGN 1,1 B, which is 30% more compared to the same period of 2007. It is projected that the profits would reach a total of BGN 1,5 B by the end of the year.

Iskrov further stated that there was no need to recapitalize banks in Bulgaria similarly to the recapitalization taking place in Western Europe, because they were over capitalized. The problems created by the global financial crisis are not affecting the bank system in the country, but the real business, Iskrov explained.

The BNB manager also pointed out that in the conditions of a long-lasting crisis, Bulgaria can expect deflation, increase of unemployment, low rate of salaries' increase, adding that Bulgaria was going to overcome these issues because the country possessed the best instrument - its membership in the International Monetary Fund.

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