The Chairperson of the European Central Bank Supervisory Board Claudia Buch and the Chairperson of the Single Resolution Board Dominique Laboureix Held Meeting-Discussion at the UNWE
By the support of the Bulgarian National Bank /BNB/, the UNWE was visited by Claudia Buch, Chairperson of the Supervisory Board of the European Central Bank /ECB/, who is currently also Deputy President of the Deutsche Bundesbank, and Dominique Labouret, Chairperson of the Single Resolution Board. They took part in a meeting discussion with university lecturers and students. Prof. Dr. Dimitar Dimitrov, Rector of UNWE, welcomed the representatives of the European institutions and awarded them a prototype of the Golden Book of the University.
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The Rector Prof. Dimitar Dimitrov opened the event, introduced the official guests, and outlined that the discussion would provide students and lecturers with an exceptional opportunity to get first-hand information on the state of the European banking system and Bulgaria's upcoming accession to the euro, as well as on the new strategy of the Single Resolution Board with a horizon up to 2028 /SRM Vision 2028/.
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Claudia Buch presented to the attendees the functions performed by the Supervisory Board of the European Central Bank as a body ensuring the observance of the Single Supervisory Mechanism and ensuring the stability of the banking system in Europe through consistent supervision as well as strengthening the financial integration. She underlined the Council's responsible role in providing the consistent implementation of regulations and supervisory policies that contribute to restoring confidence in the European banking sector. It also examined the new decision-making tools and procedures that contribute to build up a banking market that is more transparent, more unified and more secure.
Dominique Labouret presented the work of the Single Resolution Board and examined the mechanisms of the functioning of the EU single market, the euro area and the EU Banking Union as tools to implement the Council's objectives and tasks - to act quickly, adequately and proportionately to recover and resolve the euro area banks. He pointed out that Bulgaria is also a member of the Banking Union and hopes it would join the euro area soon.
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Before the discussion Claudia Buch and Dominique Labouret left their messages in the Golden Book of UNWE in the Rector's office.
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Claudia Buch
"Thank you very much for the opportunity to visit your university and to discuss with students on the occasion of our first country visit to Bulgaria! We look for many exchange opportunities and wish all the students the best of luck with the exams!"
Dominique Labouret
"I am very honored to be invited by this prestigious university and to be given the opportunity to introduce one of the greatest pillars of European financial stability - the Banking Union. I hope that the exchange of information with the students will show how Europe can bring value to all citizens."
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After the meeting representatives of the Human Resources Management Directorate of BNB presented to the students the career programmes provided by the Bank - job opportunities and current vacancies, the internship programme and the scholarship competition.
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European Central Bank /ECB/ exercises direct supervision over the most significant banks under the Single Supervisory Mechanism /SSM/. Currently, 109 banks are under the direct supervision of the ECB. These are banks that are either the largest in their country, hold more than €30 billion in total assets or have significant cross-border operations. These banks hold almost 82% of banking assets in these countries. As a supervisory body, the ECB closely monitors the health and integrity of the European banking system. The ECB has the power to carry out checks on banks' compliance with the EU rules, require banks to set aside additional capital to mitigate risks and even revoke banking licenses.
Single Resolution Board /SRB/ is among the structures that have played a leading role in the existence of the EU Banking Union, of which all euro area countries and Bulgaria are members. Along with the national regulators in each country, they form the Single Resolution Mechanism /SRM/. Along with the ECB's Single Supervisory Mechanism and the European Deposit Insurance Scheme, the SRP constitutes one of the three pillars of the Banking Union as its formation has started in 2014 after the banking turmoil by the financial crisis in 2009. The main idea of restructuring banks is to prevent them from closing and to keep them operational - be it through reorganization, sale to other financial institutions, etc., while not causing the mobilization of public resources. In Bulgaria, the national authority for restructuring credit institutions is the BNB.
