Participation of the Bulgarian National Bank in the Single Restructuring Mechanism – a Prerequisite for Successful Management of the Banking System

Abstract

This article examines the participation of the Bulgarian National Bank in the Single Resolution Mechanism. After our central bank established close cooperation with the European Central Bank on October 1, 2020, it began to perform new functions as a supervisory and restructuring authority for credit institutions within the framework of the Single Supervisory Mechanism and the Single Resolution Mechanism. This necessitated changes in the Law on Credit Institutions and the Law on the Recovery and Restructuring of Credit Institutions and Investment Intermediaries, which was followed by a reorganization of the structure of the Bulgarian National Bank, to new practices regarding information services, administrative management and financing of these new activities.