Deposit Insurance Strengthening Project

Abstract*

The development objective of the Deposit Insurance Strengthening Project for Bulgaria is to strengthen the financial and institutional capacity of the Bulgarian deposit insurance fund (BDIF) so as to enable it to meet its deposit insurance and bank resolution obligations. The project will have a single component, DIF. Such expenditure meets the productive use requirements as financing of a deposit insurance scheme helps increase confidence in the... Show More

Development Objective

<p>The Project Development Objective is to strengthen the financial and institutional capacity of the Bulgarian Deposit Insurance Fund(BDIF) so as to enable it to meet its deposit insurance and bank resolution obligations.</p>

Key Details

Project Details

Project ID
P154219
Status
Closed
Team Leader
Alexander Pankov , Raquel Letelier
Borrower 2
Bulgarian Deposit Insurance Fund

Country
Bulgaria
Disclosure Date
December 28, 2016
Approval Date
(as of board presentation)
March 18, 2016
Effective Date
June 28, 2016

Total Project Cost 1
US$ 327.46 million
Implementing Agency
Bulgarian Deposit Insurance Fund
Region
Europe and Central Asia
Fiscal Year 3
2016

Commitment Amount
US$ 327.46 million
Environmental Category
C
Last Update Date
June 29, 2020
Closing Date
December 31, 2019

Consultant Services required
TBD
Last Stage Reached
BANK APPROVED

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Finance

FY17 - Financial Stability100%
- FY17 - Financial Sector Integrity50%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring50%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
International Bank for Reconstruction and Development	327.46

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	327.46
IDA Commitment	N/A
IBRD + IDA Commitment	327.46

Lending Instrument
Grant Amount	N/A
Total Project Cost**	327.46

Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025

No data available.

Detailed Financial Activity as of March 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Jun 15, 2018	IBRD-85960	Int Charges	2,241.60
Jun 15, 2018	IBRD-85960	Int Charges	2,246,434.50
Jul 18, 2016	IBRD-85960	Fee Charges	828,750.00
Dec 15, 2016	IBRD-85960	Int Charges	422,393.22
Jun 15, 2017	IBRD-85960	Loan Disb	279,150,016.00
Jun 15, 2017	IBRD-85960	Loan Disb	-279,150,016.00
Dec 19, 2016	IBRD-85960	Loan Disb	156,427,504.00
Dec 19, 2016	IBRD-85960	Loan Disb	104,285,000.00
Jun 15, 2017	IBRD-85960	Int Charges	77,205.59
Jun 15, 2017	IBRD-85960	Int Charges	869,552.25
Jul 12, 2017	IBRD-85960	Loan Disb	34,360,500.00
Jul 21, 2017	IBRD-85960	Loan Disb	-34,935,000.00
Jul 21, 2017	IBRD-85960	Loan Disb	34,935,000.00
Jun 15, 2024	IBRD-85960	Int Charges	1,865,463.80
Jun 15, 2024	IBRD-85960	Int Charges	238,297.95
Jun 15, 2024	IBRD-85960	Int Charges	160,790.94
Jun 15, 2024	IBRD-85960	Loan Repay	44,557,168.00
Jun 15, 2024	IBRD-85960	Loan Repay	5,346,860.50
Jun 15, 2024	IBRD-85960	Loan Repay	3,564,573.50
Mar 18, 2016	IBRD-85960	Loan Commitment	327,464,992.00
Jun 15, 2023	IBRD-85960	Int Charges	1,995,605.60
Jun 15, 2023	IBRD-85960	Int Charges	254,922.53
Jun 15, 2023	IBRD-85960	Int Charges	172,008.33
Jun 15, 2023	IBRD-85960	Loan Repay	13,552,500.00
Jun 15, 2023	IBRD-85960	Loan Repay	1,626,300.00
Jun 15, 2023	IBRD-85960	Loan Repay	1,084,200.00
Dec 15, 2023	IBRD-85960	Int Charges	1,912,719.40
Dec 15, 2023	IBRD-85960	Int Charges	244,334.48
Dec 15, 2023	IBRD-85960	Int Charges	164,864.06
Dec 15, 2021	IBRD-85960	Int Charges	2,183,562.50
Dec 15, 2021	IBRD-85960	Int Charges	278,932.50
Dec 15, 2021	IBRD-85960	Int Charges	188,208.98
Dec 15, 2022	IBRD-85960	Int Charges	1,955,572.00
Dec 15, 2022	IBRD-85960	Int Charges	249,808.56
Dec 15, 2022	IBRD-85960	Int Charges	168,557.69
Jun 15, 2022	IBRD-85960	Int Charges	2,030,984.40
Jun 15, 2022	IBRD-85960	Int Charges	259,441.88
Jun 15, 2022	IBRD-85960	Int Charges	175,057.73
Jun 15, 2022	IBRD-85960	Loan Repay	13,103,125.00
Dec 15, 2017	IBRD-85960	Int Charges	36,124.35
Dec 15, 2017	IBRD-85960	Int Charges	5,132.57
Mar 23, 2018	IBRD-85960	Loan Disb	24,661,000.00
Mar 29, 2018	IBRD-85960	Loan Disb	-24,647,000.00
Mar 29, 2018	IBRD-85960	Loan Disb	24,647,000.00
Jun 15, 2018	IBRD-85960	Int Charges	286,963.88
Jun 15, 2018	IBRD-85960	Int Charges	81,754.11
Jun 15, 2018	IBRD-85960	Int Charges	15,565.23
Jun 15, 2022	IBRD-85960	Loan Repay	1,572,375.00
Jun 15, 2022	IBRD-85960	Loan Repay	1,048,250.00
Dec 15, 2020	IBRD-85960	Int Charges	2,355,903.20
Dec 15, 2020	IBRD-85960	Int Charges	300,947.62
Dec 15, 2020	IBRD-85960	Int Charges	203,063.62
Jun 15, 2021	IBRD-85960	Int Charges	2,347,765.80
Jun 15, 2021	IBRD-85960	Int Charges	299,908.12
Jun 15, 2021	IBRD-85960	Int Charges	202,362.23
Dec 15, 2019	IBRD-85960	Int Charges	2,165,156.20
Dec 15, 2019	IBRD-85960	Int Charges	276,581.25
Dec 15, 2019	IBRD-85960	Int Charges	186,622.48
Jun 15, 2020	IBRD-85960	Int Charges	2,179,009.50
Jun 15, 2020	IBRD-85960	Int Charges	278,350.88
Jun 15, 2020	IBRD-85960	Int Charges	187,816.53
Dec 15, 2018	IBRD-85960	Int Charges	2,186,565.80
Dec 15, 2018	IBRD-85960	Int Charges	279,316.12
Dec 15, 2018	IBRD-85960	Int Charges	188,467.83
Jun 15, 2019	IBRD-85960	Int Charges	278,784.00
Jun 15, 2019	IBRD-85960	Int Charges	2,182,400.00
Jun 15, 2019	IBRD-85960	Int Charges	188,108.78
Dec 15, 2017	IBRD-85960	Int Charges	2,286,056.20
Dec 15, 2017	IBRD-85960	Int Charges	233,620.20

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Overall Implementation Progress (IP)	Satisfactory	2019-09-15
Project Management	Satisfactory	2019-09-15
Progress towards achievement of PDO	Satisfactory	2019-09-15
Procurement	Satisfactory	2019-09-15
Monitoring and Evaluation	Satisfactory	2019-09-15
Financial Management	Satisfactory	2019-09-15

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 06-26-2020
Outcomes	Substantial
Risk to Development Outcome
Bank Performance	Substantial
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 09-18-2020	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Satisfactory	N/a
Borrower Performance		N/a
Government Performance	Not Rated	N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

BDIF reserves reach the equivalent of 1 percent of covered deposits, in the absence of bank failures Value 0.75 2.16 1.00
Date December 31, 2015 June 28, 2019 December 31, 2018
Comment
BDIF performing its legally mandated technical functions, including in any future bank failures in which its resources are utilized Value No Yes Yes
Date December 31, 2015 December 31, 2018
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Risk-based premium collection Value Yes Yes Yes
Date December 31, 2015 December 31, 2018
Comment
Recoveries from bankrupt banks Value 0.00 224000000.00 400000000.00
Date December 31, 2015 December 31, 2019
Comment
Long-term loan or back-stop funding facility mobilized by BDIF Value 0.00 330000000.00 300000000.00
Date December 31, 2015 December 31, 2018
Comment
Updated BNB-BDIF MOU in place Value No Yes Yes
Date December 31, 2015 December 31, 2018
Comment
Public awareness strategy in place Value No Yes Yes
Date December 31, 2015 December 31, 2018
Comment
Premium collected from banks Value 0.00 220000000.00 0.00
Date December 31, 2015 December 31, 2018
Comment
Results of Asset Quality Review shared with BDIF Value No Yes Yes
Date December 31, 2015 December 31, 2018
Comment
BDIF Contingency Plan in place Value No Yes Yes
Date December 31, 2015 December 31, 2018
Comment

BDIF reserves reach the equivalent of 1 percent of covered deposits, in the absence of bank failures	Value	0.75	2.16	1.00
	Date	December 31, 2015	June 28, 2019	December 31, 2018
	Comment

Risk-based premium collection	Value	Yes	Yes	Yes
	Date	December 31, 2015	December 31, 2018
	Comment

Recoveries from bankrupt banks	Value	0.00	224000000.00	400000000.00
	Date	December 31, 2015	December 31, 2019
	Comment

Updated BNB-BDIF MOU in place	Value	No	Yes	Yes
	Date	December 31, 2015	December 31, 2018
	Comment

Public awareness strategy in place	Value	No	Yes	Yes
	Date	December 31, 2015	December 31, 2018
	Comment

Premium collected from banks	Value	0.00	220000000.00	0.00
	Date	December 31, 2015	December 31, 2018
	Comment

BDIF Contingency Plan in place	Value	No	Yes	Yes
	Date	December 31, 2015	December 31, 2018
	Comment