Moody’s: Bulgaria’s Banking Sector Is on Slow Path to Recovery After 2014 Crisis
Monday, 09 November 2015
Constantinos Kypreos, Vice President – Senior Credit Officer at Moody’s Investors Service, argued that the Bulgarian banking system is on a slow path to recovery after the crisis experienced with the collapse of Corporate Commercial Bank (KTB) in 2014.
Marco Zaninelli, a lead analyst for Bulgaria and other countries from Central and Eastern Europe (CEE) at Moody’s, added that the reforms initiated by the incumbent Bulgarian government are expected to balance out the negative developments of 2014.
Kypreos and Zaninelli were among the participants at the 6th Credit Risk Management Conference, organized by ICAP Bulgaria in Sofia on Tuesday.
The analyst identified three main pillars for reforming the banking sector and restoring confidence in it: aligning Bulgaria with the EU’s Bank Recovery and Resolution Directive; carrying out the asset quality review and stress tests; and improving the supervision performed by BNB.