The concrete follow-up measures and timeline for their implementation will be announced on Saturday, 1 PM, as part of the published results. Implementation of the measures will begin on Monday, 15 August 2016. They will be incorporated in the individual bank’s capital management plans, as well as in the supervisory process conducted by the BNB. 3. The results do not necessitate any public support to the banks with state budget funds. The follow-up measures aimed at maintaining or strengthening the capital position of all banks are based entirely on available market solutions and funds from private sources. BIS central bankers’ speeches  1  In closing, I would like to stress out that the asset quality review and the stress test were not an isolated event but an important step in the 18-month reform plan for the institutional development of the Bulgarian National Bank, which I announced upon my election as a Governor in July 2015. Other key aspects of this plan include significant improvement of the BNB’s supervisory process and the development of an institutional framework that is effective in resolving issues in the banking system. The strict execution of the plan to date has strengthened our disciplined approach and contributed to improving financial results in the banking sector. The markedly high half-year results of the banks are a solid platform for implementing the follow-up measures identified as a result of the asset quality review and the stress test.
Dimitar Radev: Assessment of the banking system in Bulgaria Statement by Mr Dimitar Radev, Governor of the Bulgarian National Bank, on the occasion of the completion of the asset quality review and stress test of the banks in Bulgaria, 11 August 2016. *  *  *  Today the Governing Council of the Bulgarian National Bank adopted the results of the asset quality review and stress test of the banks, as summarized by the international professional services company Deloitte. The main objective of the review was to present a thorough and independent assessment of the banks and the banking system as a whole. In its scale the exercise was unprecedented in the Bulgarian banking history and engaged more than 900 experts, including experts from the most reputable international audit firms, which acted under the direction of the BNB. The detailed results for each individual bank and the system as a whole will be announced at 1 PM on Saturday as per the formerly communicated announcement date. Following the announcement, the Bulgarian National Bank will be ready to address any specific questions related to the results. The asset quality review and stress test were mandated to the Bulgarian National Bank by law and they stem from the Government’s National Reform Programme. On that ground, I have presented the report on the outcomes to the Finance Minister and on Monday I will submit it to the National Assembly.