As from the date on which the ECB’s decision on the establishment of close cooperation became applicable, the management of the Bank Resolution Fund (BRF) was taken over by the BNB. The funds in the BRF were respectively allocated into a sub-fund for funding the resolution tools and powers in relation to branches of third-country credit institutions and a sub-fund for raising the contributions from the credit institutions located in Bulgaria. The two sub-funds are managed separately. In compliance with the Intergovernmental Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund, ratified by the Republic of Bulgaria in 2018, immediately after the initial date of close cooperation the amount of EUR 81 018 259.53 was transferred from the sub-fund for collecting credit institutions’ contributions to an account of the SRF. This amount is specified in a decision of the SRB of 18 September 2020 and is the first contribution to the SRF, equal to the amount which would have been transferred by the Republic of Bulgaria if it had participated in the SSM and the SRM as of 2016 – the year in which the Agreement became effective. After the first transfer, the money left in the sub-fund for collecting credit institutions’ contributions will be deducted from the banks’ liabilities for future contributions to the SRF, but it may not be used to directly fund the resolution of credit institutions operating in Bulgaria.
This seminar will be a useful platform for constructive dialogues among the financial industry, infrastructure-related business sectors, and AIIB, to exchange views on the latest infrastructural development trends, and how we can harness the opportunities arising from the establishment and projects under AIIB. I shall now hand over the time to President Jin for his most anticipated speech. Thank you. 2/2  BIS central bankers' speeches