July 26 (SeeNews) - The Bulgarian National Bank (BNB) said that the results of the comprehensive assessment of local banks by the European Central Bank are consistent with the results from the asset quality review and stress test conducted by BNB in 2016, and show the resilience of the country's banking sector overall.
"Follow-up actions related to further strengthening of the capital position will be conducted in strict compliance with the BNB mandate and the relevant regulatory framework," Bulgaria's central bank said in a statement on Thursday.
The European Central Bank (ECB) conducted the check in the context of Bulgaria’s request for establishing close cooperation with the institution, and comprised an asset quality review and a stress test of six Bulgarian banks - UniCredit Bulbank, DSK Bank, United Bulgarian Bank (UBB), First Investment Bank (Fibank) [BUL:5F4], Central Cooperative Bank (CCB) [BUL:4CF] and Investbank.
The BNB's estimate, made on the basis of the asset quality review results and post reference date developments, confirm that each of the six banks meets the prudential requirements of the relevant EU regulation.
The ECB is expected to publish the detailed results from its assessment later on Friday.
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