Bulgaria

The Bulgarian financial safety net comprises four domestic authorities. The Bulgarian National Bank (BNB) is the monetary authority, and the prudential and resolution authority for banks. The Financial Supervision Commission (FSC) is the prudential and resolution authority for investment firms, and the prudential supervisor for other nonbank financial institutions. The Bulgarian Deposit Insurance Fund (BDIF) provides deposit insurance and manages the deposit insurance fund (DIF) and the bank resolution fund (BRF); it also appoints and oversees bank bankruptcy liquidators. The Ministry of Finance (MoF) is politically responsible for financial sector policies. The Financial Stability Advisory Council (FSAC) complements these authorities and brings together the Minister of Finance (chair), and the heads of the BNB and the FSC.