On recommendation of the IMF, World Bank and EBA, the  1  James Riddle (“Jimmy”) Hoffa (1913–1975), a famous American labour union leader who in the 1960s was charged with and then convicted of ties with organised crime, corruption and financial fraud. 4  BIS central bankers’ speeches  Banking Supervision Department is now already working to assess the compliance of the supervisory practices in Bulgaria with the “Basel Core Principles”2 for effective banking supervision as a first stage of the FSAP. In addition, the BNB has already drawn up and proposed to the Members of Parliament a draft of amendments to the Law on the BNB and the Law on Credit Institutions, designed to rectify some weaknesses in the legal framework and to allow the BNB Governing Council to have more control over the banking supervision functions. Because all of you here are well aware of the facts, but they were cunningly ignored and avoided by those who were attacking the BNB. Since June 1997 by law the BNB Governing Council has been the body that adopts all banking regulations (i.e. the ordinances defining the norms and requirements for banks’ activities). However, supervision is exclusively entrusted to the deputy governor in charge of the Banking Supervision Department (no matter what his or her name is), who acts separately and independently. The crisis with KTB, and not only that one, clearly demonstrated that such immense concentration of power and responsibility in one official is a mistake of legislation. And we want to change this.
2  BIS central bankers’ speeches