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Bulgaria Financial Sector Report
Emerging Markets Direct, Nov 2010, Pages: 15
The Bulgaria Financial Sector Report offers an extensive summary of the Bulgarian financial market, segmented into banking, insurance, leasing, capital market and investment funds. It includes complete coverage of the latest developments, trends and corporate news, accompanied by thorough statistics and comments. This sector report is ideal to keep you abreast of recent company and industry news. Written by local professionals, it is a unique market and business intelligence analysis, tailored to save time by providing in-depth information, while helping you to make confident and informed business decisions.
A rise in social insurance contributions aimed at improving the fiscal budget balance, was one of the main events during the third quarter of the year. Together with a proposed (but only partially approved) redirection of private pension funds assets to the state social security institute and a series of Treasury bond auctions that increased the government domestic debt by a much larger amount than initially planned, all caused a wave of mistrust in government’s policies.
At the same time, despite the first signs of economic recovery, and record high exports, the banking sector retained a less positive outlook. Bad and restructured loans kept rising, both in nominal terms and as a percentage of total loans. Their rate of growth however is decelerating which had a somewhat stabilizing effect on banks’ earnings the bottom line continued to contract but at a slower rate.
The filing for bankruptcy of a leading public company was one of the most widely discussed topics on the capital market during the period. It was followed by the proposal for a pension reform and both events had a major downside effect on local stock exchange indices.
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