BANK STATISTICS REMODELED IN EUROPEAN FASHION
The Bulgarian National Bank (BNB) has begun testing the new system for exchange of information for the money statistics. In compliance with the requirements of the European Central Bank (ECB) it will be used as of January 2004. All commercial banks, including the insolvent ones, as well as the Central Depository, will be participants in the process. The main thing in the new system are the detailed reports to be worked out by the credit institutions themselves. The banks will fill in and submit at BNB's Cash and Bank Statistics department registers about their turnover. The new reports will include financial statements by sectors, in which the credits and deposits will be broken up by segments (state-run and private enterprises, financial and non-financial institutions, etc.), by periods (weekly, monthly or quarterly) and by kind of currency. Presently, the banks are required to submit turnover reports only.The way for exchanging the data will be also new - according to an encoded link between the central bank and the participants. In compliance with the EU requirements, the Finance Ministry will be drafting the National Accountancy Plan, the accounting standards, and instructions for their application.