Dimitar Radev: Review of Bulgaria's economy and banking system Banker's Day' speech by Mr Dimitar Radev, Governor of the Bulgarian National Bank, to the Association of Banks in Bulgaria, Sofia, 5 December 2017. * * * Dear Colleagues, Dear Members of Parliament, Dear guests, First of all, I would like to thank you for the invitation – on my behalf and on behalf of my colleagues in the BNB Governing Council. We are delighted to be with you this evening. The passing year 2017 was good both for the economy and for the banking system in Bulgaria. Perhaps, this has been the first year for a long time, in which there is more optimism than pessimism. The economy is developing at better rates than we anticipated early this year. The fiscal position is solid. The banking sector is in a very good state. Capital adequacy and liquidity ratios are above the average levels for the European Union. For a second consecutive year this sector’s profits nearly reach the highest historical levels. Lending continues to increase. We see a long-term downward trend in non-performing loans. We also have positive results from the accomplishment of the BNB’s main priorities. Generally, the measures adopted after the asset quality review and the stress test last year are being implemented successfully. The efficiency of banking supervision is improving and all independent observers of the developments in our banking sector point up this progress.
Timothy F Geithner: Further investments to strengthen the financial system Remarks by Mr Timothy F Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York, before the Economic Club of Washington, Washington, 9 February 2005. *  *  *  Good evening. I am honored to be here. It’s good to be back in Washington and to have a chance to talk with such a distinguished group. Much of our nation’s financial history and the history of our central bank is a story of contest for influence and over ideas between political leaders in Washington and the financial center of New York. I think it is important that ideas shuttle back and forth between our cities, and I am pleased to have a chance to share a few tonight. My overall argument this evening is this. We face a delicate balance between genuinely positive near-term economic conditions, and some fundamental challenges. If we are to increase the likelihood of continued strong growth in living standards, we should use this time of relative prosperity to address the imbalances that hang over our economy. Even with good policy choices, and with considerable luck, these imbalances will take time to unwind. During this time we face some risk of a more volatile and less benign overall financial environment. This makes it important that we continue to invest in making our financial system stronger and more resilient. Markets now reflect a fairly positive view about overall economic prospects.