Regulatory Alerts2021-02-25
Ordinance No 41 of the BNB on Determining Individual Annual Contributions by Branches of Third-country Credit Institutions to the Banks Resolution Fund
The Bulgarian National Bank issues this Ordinance to establish the terms and procedure for calculating individual annual contributions to the Banks Resolution Fund from branches of third-country credit institutions licensed in Bulgaria. Contributions are determined as fixed lump sums based on covered deposits and available sub-fund resources, with the total amount calculated by reducing one percent of total covered deposits by existing financial reserves. The regulation mandates specific notification timelines, payment deadlines, and interest penalties for late payments, while allowing for contribution reductions if sub-fund resources drop significantly or if payments threaten branch liquidity.
Share