December 2009 - БНБ · 2019. 4. 20. · LIBOR London Interbank Offered Rate LTIR Long-term Interest Rate M1 Narrow money M2 M1 and quasi-money M3 Broad money MF Ministry of Finance

December 2009

Monthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinMonthly BulletinDecember 2009

Contents

Charts Financial Sector 5 External Sector 13 Fiscal Sector 15 Real Sector 16

Tables Financial Sector 22 External Sector 96 Fiscal Sector 131 Real Sector 133

Methodological Notes Overview and Institutional Sectors 138 Financial Sector 144 External Sector 157 Fiscal Sector 173 Real Sector 173

Resolutions of the BNB Governing Council 174

BNB Publications 175

Banksí Head Offices 179

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2

BNB MONTHLY BULLETIN 12/2009

Abbreviations

BGN The Abbreviation of the Redenominated LevBIR Base Interest RateBNB Bulgarian National BankCEE Central and Eastern EuropeCEFTA Central European Free Trade AssociationCG Central governmentCIF Cost, Insurance, FreightCIS Commonwealth of Independent StatesCM Council of MinistersCPI Consumer Price IndexDISCs Discount BondsEBRD European Bank for Reconstruction and DevelopmentECB European Central BankEFTA European Free Trade AssociationEIB European Investment BankEMU European Monetary UnionESA’95 European System of Accounts, 1995EU European UnionFLIRBs Front-loaded Interest Reduction BondsFOB Free on BoardGB Government BudgetGDP Gross Domestic ProductIABs Interest Arrears BondsIAS International Accounting StandardsICs and PFs Insurance Companies and Pension FundsIMF International Monetary FundLIBOR London Interbank Offered RateLTIR Long-term Interest RateM1 Narrow moneyM2 M1 and quasi-moneyM3 Broad moneyMF Ministry of FinanceMFIs Monetary Financial InstitutionsMMFs Money market fundsMU Monetary UnionNBPS National Border Police ServiceNEA National Employment AgencyNPISHs Non-profit Institutions Serving HouseholdsNSI National Statistical InstituteOECD Organisation for Economic Cooperation and DevelopmentOFIAs Other Financial Intermediaries and Auxiliaries Except for Insurance Companies and Pension FundsOMFIs Other monetary financial institutionsSDDS Special Data Dissemination StandardSDR Special Drawing RightsSNA’93 System of National Accounts, 1993SSFs Social Security FundsZUNK Law on Settlement of Non-performing Credits Negotiated prior to 31 December 1990

Legend

ì - î data do not exist/are not applicableì . î data are not available yetì 0 î zero or a negligibly low value

3

12/2009 BNB MONTHLY BULLETIN

Charts

1 Financial Sector1.1. Gross International Reserves ..................................................................................................... 51.2. Foreign Assets and Liabilities of Monetary Financial Institutions ......................................... 51.3. Domestic Credit of Monetary Financial Institutions ............................................................... 51.4. Dynamics of Domestic Credit Components ............................................................................. 61.5. Dynamics of Other Monetary Financial Institutions Claims on Households and NPISHs .. 61.6. Deposits Included in Money Supply by Sector ........................................................................ 61.7. Dynamics of Deposits Included in Money Supply by Sector .................................................. 71.8. Deposits Included in Money Supply by Type and Currency ................................................... 71.9. Dynamics of Deposits Included in Money Supply by Type and Currency ............................ 71.10. Monetary Aggregates .................................................................................................................. 81.11. Monetary Aggregates Dynamics ................................................................................................ 81.12. Broad Money ............................................................................................................................... 81.13A. Interbank Money Market, October ........................................................................................... 91.13B. Interbank Money Market, November ....................................................................................... 91.14. Foreign Exchange Market .......................................................................................................... 91.15A. Interbank Money Market Interest Rates, October ................................................................ 101.15B. Interbank Money Market Interest Rates, November ............................................................. 101.16. Interest Rates on New Business on Loans to Non-financial Corporations .......................... 101.17. Interest Rates on New Business on Loans to Households .................................................... 111.18. Interest Rates on New Business on Deposits in BGN with Agreed Maturity

of Non-financial Corporations ................................................................................................. 111.19. Interest Rates on New Business on Deposits in BGN with Agreed Maturity

of Households ........................................................................................................................... 111.20. Interest Rate Differential between Annual Yield of Base Interest Rate

and Monthly Euro LIBOR....................................................................................................... 121.21. Average Market Price Indices of Bulgarian EUR-denominated

and USD-denominated Global Bonds .................................................................................... 12

2 External Sector2.1. Balance of Payments

2.1.1. Current Account ............................................................................................................. 132.1.2. Capital and Financial Account ...................................................................................... 13

2.2. Gross External Debt ................................................................................................................. 132.3. Debt Indicators

2.3.1. Gross External Debt ....................................................................................................... 142.3.2. External Debt Service ..................................................................................................... 14

2.4. BGN/USD Exchange Rate ...................................................................................................... 14

3 Fiscal Sector3.1. Budget Deficit Financing ......................................................................................................... 153.2. Execution of the Republican Budget ...................................................................................... 15

4


4 Real Sector4.1. Unemployment .......................................................................................................................... 164.2. Average Monthly Salary Dynamics ......................................................................................... 164.3. Monthly Change in Consumer Prices on Previous Month .................................................... 164.4. Consumer Price Changes by Month on Corresponding Month of Previous Year .............. 17

5

12/2009 FINANCIAL SECTOR

1 Financial Sector1.1. Gross International Reserves

(assets of the Issue Department)

1.2. Foreign Assets and Liabilities of Monetary Financial Institutions

1.3. Domestic Credit of Monetary Financial Institutions

6


1.4. Dynamics of Domestic Credit Components(annual change)

1.5. Dynamics of Other Monetary Financial Institutions Claimson Households and NPISHs

(annual change)

1.6. Deposits Included in Money Supply by Sector

7


1.7. Dynamics of Deposits Included in Money Supply by Sector(annual change)

1.8. Deposits Included in Money Supply by Type and Currency

1.9. Dynamics of Deposits Included in Money Supply by Type and Currency(annual change)

8


1.12. Broad Money

1.11. Monetary Aggregates Dynamics(annual change)

1.10. Monetary Aggregates

9


1.14. Foreign Exchange Market

1.13A.Interbank Money Market

1.13B.Interbank Money Market

10


1.16. Interest Rates on New Businesson Loans to Non-financial Corporations

1.15A. Interbank Money Market Interest Rates

1.15B. Interbank Money Market Interest Rates

11


1.19. Interest Rates on New Businesson Deposits in BGN with Agreed Maturity of Households

1.18. Interest Rates on New Business on Deposits in BGNwith Agreed Maturity of Non-financial Corporations

1.17. Interest Rates on New Business on Loans to Households

12


1.20. Interest Rate Differential between Annual Yieldof Base Interest Rate and Monthly Euro LIBOR

1.21. Average Market Price Indices of BulgarianEUR-denominated and USD-denominated Global Bonds

13

12/2009 EXTERNAL SECTOR

2 External Sector2.1. Balance of Payments

2.1.2. Capital and Financial Account*

2.1.1. Current Account*

2.2. Gross External Debt

14


2.3. Debt Indicators

2.3.1. Gross External Debt*

2.3.2. External Debt Service*

2.4. BGN/USD Exchange Rate

15

12/2009 FISCAL SECTOR

3 Fiscal Sector

3.2. Execution of the Republican Budget

3.1. Budget Deficit Financing

16


4 Real Sector4.1. Unemployment

4.2. Average Monthly Salary Dynamics(quarterly moving average)

4.3. Monthly Change in Consumer Prices on Previous Month

17

12/2009 REAL SECTOR

4.4. Consumer Price Changes by Monthon Corresponding Month of Previous Year

18


19


Tables

1 Financial Sector1.1. Balance Sheet of BNB Issue Department ............................................................................... 221.2. Balance Sheet of BNB Banking Department ......................................................................... 221.3. Monetary Survey and Analytical Reporting ........................................................................... 23

1.3.1. Short Monetary Survey ................................................................................................... 231.3.2. Detailed Monetary Survey ............................................................................................. 251.3.3. BNB Analytical Reporting ............................................................................................. 301.3.4. Analytical Reporting of Other MFIs ............................................................................. 341.3.5. Foreign Assets and Liabilities of the BNB ................................................................... 391.3.6. Loans to Non-financial Corporations, Households and Non-profit Institutions Serving Households .................................................................. 421.3.7. Memoranda to the Analytical Reporting of the BNB.................................................. 441.3.8. Memoranda to the Analytical Reporting of other MFIs ............................................. 45

1.4. Sectoral Survey of Monetary Financial Institutions ............................................................... 471.4.1. Monthly Sectoral Survey of the BNB as of October 2009 .......................................... 471.4.2. Monthly Sectoral Survey of Other MFIs as of October 2009 ..................................... 50

1.5. Monetary Aggregates ................................................................................................................ 531.5.1. Monetary Aggregates ≠ ECB Presentation ................................................................... 531.5.2. Counterparts of Monetary Aggregates ≠ ECB Presentation ....................................... 54

1.6. Balance Sheets and Income Statements of the Banking System........................................... 551.6.1. Balance Sheet of the Banking System as of 31 March 2009 ....................................... 551.6.2. Income Statement of the Banking System as of 31 March 2009 ................................ 571.6.3. Balance Sheet of the Banking System as of 30 June 2009 .......................................... 591.6.4. Income Statement of the Banking System as of 30 June 2009 .................................... 611.6.5. Balance Sheet of the Banking System as of 30 September 2009 ................................ 631.6.6. Income Statement of the Banking System as of 30 September 2009 ......................... 65

1.7. Bank Groups ............................................................................................................................. 671.8. Capital Adequacy of Banks as of 30 September 2009 ........................................................... 681.9. Liquidity of Banks as of 30 September 2009 .......................................................................... 691.10. Balance Sheets and Income Statements of Banks by Group ................................................ 70

1.10.1. Balance Sheet of Group I Banks as of 30 September 2009....................................... 701.10.2. Income Statement of Group I Banks as of 30 September 2009 ................................ 721.10.3. Balance Sheet of Group II Banks as of 30 September 2009 ..................................... 741.10.4. Income Statement of Group II Banks as of 30 September 2009 .............................. 761.10.5. Balance Sheet of Group III Banks as of 30 September 2009.................................... 781.10.6. Income Statement of Group III Banks as of 30 September 2009 ............................. 80

1.11. Reports on Classified Risk Exposures and Allocation of Specific Provisionsfor Credit Risk of the Banking System and of Banks by Group(under Ordinance No. 9 of the BNB) ..................................................................................... 821.11.1. Report on Classified Risk Exposures and Allocation of Specific Provisions for Credit Risk of the Banking system as of 30 September 2009 ............................ 821.11.2. Report on Classified Risk Exposures and Allocation of Specific Provisions for Credit Risk of Group I Banks as of 30 September 2009 ................................... 831.11.3. Report on Classified Risk Exposures and Allocation of Specific Provisions for Credit Risk of Group II Banks as of 30 September 2009 .................................. 84

20


1.12A. Interbank Money Market, October 2009 ................................................................................ 851.12B. Interbank Money Market, November 2009 ............................................................................ 851.13. Foreign Exchange Market ........................................................................................................ 861.14. Currency (Including Euro Components) Bought and Sold at BNB

Regional Cash Centres ............................................................................................................. 871.15. Base Interest Rate ..................................................................................................................... 871.16. Interest Rates on New Business on Loans, Other than Overdraft,

by Period of Initial Rate Fixation ............................................................................................ 881.17. Volumes on New Business on Loans, Other than Overdraft,

by Period of Initial Rate Fixation ............................................................................................ 891.18. Interest Rates on Balances on Loans ...................................................................................... 901.19. Volumes on Balances on Loans ............................................................................................... 911.20. Interest Rates on New Business on Deposits with Agreed Maturity .................................... 921.21. Volumes on New Business on Deposits with Agreed Maturity ............................................ 921.22. Interest Rates on Balances on Deposits .................................................................................. 931.23. Volumes on Balances on Deposits .......................................................................................... 931.24. Yields on Government Securities ............................................................................................ 941.25. Interbank Market Indices ......................................................................................................... 941.26. Interest Differential between Base Interest Rate and Monthly EURO LIBOR ................. 951.27. Quotations of Bulgarian Global Bonds ................................................................................... 95

2 External Sector

2.1. Balance of Payments ................................................................................................................ 962.2. Exports and Imports ................................................................................................................. 99

2.2.1. Exports by Use, 2009 ...................................................................................................... 992.2.2. Exports by Use, 2008 .................................................................................................... 1002.2.3. Imports by Use, 2009 .................................................................................................... 1012.2.4. Imports by Use, 2008 .................................................................................................... 1022.2.5. Exports by Major Trading Partner and Region, 2009 ............................................... 1032.2.6. Exports by Major Trading Partner and Region, 2008 ............................................... 1042.2.7. Imports by Major Trading Partner and Region, 2009 ............................................... 1052.2.8. Imports by Major Trading Partner and Region, 2008 ............................................... 106

2.3. Gross External Debt ............................................................................................................... 1072.3.1. Gross External Debt for 2009 ...................................................................................... 1072.3.2. Gross External Debt for 2008 ...................................................................................... 108

2.4. Gross External Debt Disbursements ..................................................................................... 1092.4.1. Gross External Debt Disbursements in 2009 ............................................................. 1092.4.2. Gross External Debt Disbursements in 2008 ............................................................. 110

2.5. Gross External Debt Service .................................................................................................. 1112.5.1. Gross External Debt Service, 2009 ............................................................................. 1112.5.2. Gross External Debt Service, 2008 ............................................................................. 114

2.6. Debt Indicators ...................................................................................................................... 1192.7. Bulgariaís International Investment Position ........................................................................ 1202.8. Template on International Reserves and Foreign Currency Liquidity ............................... 121

2.8.1. Part I. Official Reserve Assets and Other Foreign Currency Assets (Approximate Market Value) ..................................................................................... 1212.8.2. Part II. Predetermined Short-term Net Drains on Foreign Currency Assets (Nominal Value) in the Following 12 Months .......................................................... 122

21


2.8.3. Part III. Contingent Short-term Net Drains on Foreign Currency Assets (Nominal Value) in the Following 12 Months .......................................................... 1242.8.4. Part IV. Memo Items .................................................................................................... 129

2.9. Central Exchange Rates of Some Convertible Currencies .................................................. 1302.10. BGN/USD Exchange Rate .................................................................................................... 130

3 Fiscal Sector3.1. Consolidated State Budget ..................................................................................................... 1313.2. Execution of the Republican Budget .................................................................................... 1313.3. Domestic Government Debt .................................................................................................. 132

4 Real Sector4.1. GDP by Component of Final Demand ................................................................................. 1334.2. GDP by Economic Sector ...................................................................................................... 1334.3. Economic Activity ................................................................................................................... 134

4.3.1. Employed under Labour Contract .............................................................................. 1344.3.2. Unemployment .............................................................................................................. 134

4.4. Average Monthly Salary of Employed under Labour Contract .......................................... 1354.5. Change in Consumer Prices ................................................................................................... 135

22


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23

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Les

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for

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to 3

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1.54

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339

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1.33

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BNB MONTHLY BULLETIN 12/20091.

3.1.

SH

OR

T M

ON

ET

AR

Y S

UR

VE

Y(c

ontin

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(B

GN

í000

)

X.2

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MO

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M

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25

12/2009 FINANCIAL SECTOR1.

3.2.

DE

TA

ILE

D M

ON

ET

AR

Y S

UR

VE

Y (

BG

Ní0

00)

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008

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Exc

hang

e ra

te: B

GN

/USD

1

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N/E

UR

1

FO

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(N

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Dep

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S

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UR

L

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**

Deb

t sec

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es is

sued

***

in B

GN

in f

orei

gn c

urre

ncy

o

/w E

UR

(con

tinue

d)

1.53

314

1.53

676

1.38

731

1.52

608

1.54

684

1.46

966

1.47

332

1.38

731

1.38

378

1.38

339

1.37

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1.33

568

1.32

151

1.95

583

1.95

583

1.95

583

1.95

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1.95

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1.95

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1.95

583

1.95

583

1.95

583

1.95

583

1.95

583

1.95

583

1.95

583

16 5

94 7

1815

644

171

13 9

44 1

2314

011

610

13 6

24 8

5213

256

766

13 5

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1113

211

305

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Sour

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B a

nd o

ther

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Is.

30


3.3.

BN

B A

NA

LY

TIC

AL

RE

PO

RT

ING

(B

GN

í000

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IV.2

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Exc

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GN

/USD

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A

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34


3.4.

AN

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35


3.4.

AN

AL

YT

ICA

L R

EP

OR

TIN

G O

F O

TH

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MF

Is(c

ontin

ued)

(B

GN

í000

)

X.2

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Sour

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ther

MF

Is.

39


3.5.

FO

RE

IGN

ASS

ET

S A

ND

LIA

BIL

ITIE

S O

F T

HE

BN

B (

BG

Ní0

00)

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008

XI.2

008

XII

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e ra

te:

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OF

TH

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serv

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40


3.5.

FO

RE

IGN

ASS

ET

S A

ND

LIA

BIL

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S O

F T

HE

BN

B(c

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(B

GN

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)

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009

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A

ccru

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in

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(con

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315

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315

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315

526

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169

102

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818

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3636

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- -

-10

1010

1010

1036

3636

3636

3636

1010

1010

1010

3636

3636

3636

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0 99

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401

92 3

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61 9

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3 09

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1 08

3 92

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325

086

1 41

9 09

8

- -

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- -

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1 01

7 13

41

292

747

1 28

3 48

6 -

- -

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017

134

1 29

2 74

71

283

486

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

41


3.5.

FO

RE

IGN

ASS

ET

S A

ND

LIA

BIL

ITIE

S O

F T

HE

BN

B(c

ontin

ued)

(B

GN

í000

)

X.2

008

XI.2

008

XII

.200

8I.2

009

II.2

009

III.2

009

IV.2

009

V.2

009

VI.2

009

VII

.200

9V

III.2

009

IX.2

009

X.2

009

Dep

osits

with

agr

eed

mat

urity

in

BG

N

in f

orei

gn c

urre

ncy

o/w

EU

R

D

epos

its r

edee

mab

le a

t not

ice

in

BG

N

in f

orei

gn c

urre

ncy

o/w

EU

R

Lia

bilit

ies

to th

e IM

F

L

oans

in

BG

N

in f

orei

gn c

urre

ncy

o/w

EU

R

A

ccru

ed in

tere

st p

ayab

le

in B

GN

in

for

eign

cur

renc

y

o

/w E

UR

SD

R h

oldi

ngs

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iabi

litie

s to

non

-res

iden

t gov

ernm

ents

Dep

osits

O

vern

ight

in

BG

N

i

n fo

reig

n cu

rren

cy

o/w

EU

R

Dep

osits

with

agr

eed

mat

urity

in

BG

N

i

n fo

reig

n cu

rren

cy

o/w

EU

R

Dep

osits

red

eem

able

at n

otic

e

i

n B

GN

in

fore

ign

curr

ency

o

/w E

UR

Sour

ce: B

NB

.

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

1 01

7 13

41

292

747

1 28

3 48

6 -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

- -

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- -

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- -

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2 74

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466

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42


3.6.

LO

AN

S T

O N

ON

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CIA

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OR

PO

RA

TIO

NS,

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USE

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ND

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STIT

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S (

BG

Ní0

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Exc

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e ra

te:

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N/U

SD 1

BG

N/E

UR

1

LO

AN

S T

O N

ON

-FIN

AN

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L C

OR

PO

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NS

Ove

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GN

in

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ency

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R L

oans

R

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ar

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oans

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urity

up

to 1

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r

in B

GN

in

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ign

curr

ency

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R

L

oans

with

mat

urity

ove

r 1

up to

5 y

ears

in

BG

N

in fo

reig

n cu

rren

cy

o

/w E

UR

Loa

ns w

ith m

atur

ity o

ver

5 ye

ars

in

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N

in fo

reig

n cu

rren

cy

o

/w E

UR

B

ad a

nd r

estr

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red*

in

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N

in fo

reig

n cu

rren

cy

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/w E

UR

LO

AN

S T

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OU

SE

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ISH

s

Ove

rdra

ft

in B

GN

in

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ency

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R C

onsu

mer

loan

s

Reg

ular

Loa

ns w

ith m

atur

ity u

p to

1 y

ear

in

BG

N

in fo

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n cu

rren

cy

o

/w E

UR

Loa

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ity o

ver

1 up

to 5

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rs

in B

GN

in

fore

ign

curr

ency

o/w

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R

L

oans

with

mat

urity

ove

r 5

year

s

in B

GN

in

fore

ign

curr

ency

o/w

EU

R(c

ontin

ued)

1.53

314

1.53

676

1.38

731

1.52

608

1.54

684

1.46

966

1.47

332

1.38

731

1.38

378

1.38

339

1.37

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1.33

568

1.32

151

1.95

583

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583

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583

1.95

583

1.95

583

1.95

583

1.95

583

1.95

583

1.95

583

1.95

583

1.95

583

1.95

583

30 0

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3330

208

636

30 2

42 2

7430

484

572

30 5

33 8

8730

404

286

30 6

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1130

421

590

30 4

58 2

5230

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849

30 4

70 9

0330

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311

30 8

00 9

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9 50

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542

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480

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43


* U

ntil

28 F

ebru

ary

2009

the

indi

cato

r in

clud

ed th

e to

tal a

mou

nt o

f bal

ance

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et lo

ans

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sure

s w

hich

are

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ssif

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, non

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sure

s an

d re

stru

ctur

ed lo

ans

unde

r B

NB

Ord

inan

ce N

o. 9

of 1

1 A

pril

2008

.A

s of

31

Mar

ch 2

009

it in

clud

es lo

ans

clas

sifi

ed a

s no

n-pe

rfor

min

g, lo

ss o

r re

stru

ctur

ed u

nder

the

amen

ded

BN

B O

rdin

ance

No.

9 o

f 20

Mar

ch 2

009.

Sour

ce: o

ther

MF

Is.

1.3.

6. L

OA

NS

TO

NO

N-F

INA

NC

IAL

CO

RP

OR

AT

ION

S, H

OU

SEH

OL

DS

AN

D N

ON

-PR

OF

IT I

NST

ITU

TIO

NS

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VIN

G H

OU

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(con

tinue

d) (

BG

Ní0

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ears

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44


3.7.

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MO

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Sour

ce: B

NB

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1.53

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45


3.8.

ME

MO

RA

ND

A T

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HE

AN

AL

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L R

EP

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TH

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MF

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N

(con

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1.53

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49


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535

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51


(con

tinue

d)

1.4.

2. M

ON

TH

LY

SE

CT

OR

AL

SU

RV

EY

OF

OT

HE

R M

FIs

AS

OF

OC

TO

BE

R 2

009

(con

tinue

d) (

BG

Ní0

00)

Gen

eral

gov

ernm

ent

Oth

er re

siden

t sec

tors

Hou

se-

hold

s an

dN

PISH

sIC

s and

PFs

Loca

lgo

vern

-m

ent

SSFs

BN

BO

FIA

s

Fina

ncia

l cor

pora

tions

Cen

tral

gove

rn-

men

t

MFI

s

Oth

erM

FIs

Non

-fina

ncia

lco

rpor

atio

ns

Not

allo

cate

d

EU

Res

tof

the

wor

ld

Non

-eur

oar

ea

Tota

l

Res

iden

t sec

tor

Non

-res

iden

t sec

tor

o

/w E

UR

o

ver

1 an

d up

to 2

yea

rs

in

BG

N

in

for

eign

cur

renc

y

o/w

EU

R

ove

r 2

year

s

in

BG

N

in

for

eign

cur

renc

y

o/w

EU

R 6

. Sha

res

and

othe

r eq

uity

in

BG

N

in f

orei

gn c

urre

ncy

o/w

EU

R 7

. Fix

ed a

sset

s (i

n B

GN

) 8

. Oth

er a

sset

s

in B

GN

in

for

eign

cur

renc

y

o

/w E

UR

LIA

BIL

ITIE

S

9. D

epos

its

9.1

. Ove

rnig

ht

in

BG

N

in

for

eign

cur

renc

y

o/w

EU

R

9.2

. With

agr

eed

mat

uriy

up

to 2

yea

rs

in B

GN

in

for

eign

cur

renc

y

o

/w E

UR

ove

r 2

year

s

in B

GN

in

for

eign

cur

renc

y

o

/w E

UR

9

.3. R

edee

mab

le a

t not

ice

up

to 3

mon

ths

in

BG

N

in f

orei

gn c

urre

ncy

o/w

EU

R

97 5

35 -

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- -

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535

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3597

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52


4.2.

MO

NT

HL

Y S

EC

TO

RA

L S

UR

VE

Y O

F O

TH

ER

MF

Is A

S O

F O

CT

OB

ER

200

9(c

ontin

ued)

(B

GN

í000

)

Gen

eral

gov

ernm

ent

Oth

er re

siden

t sec

tors

Hou

se-

hold

s an

dN

PISH

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s and

PFs

Loca

lgo

vern

-m

ent

SSFs

BN

BO

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s

Fina

ncia

l cor

pora

tions

Cen

tral

gove

rn-

men

t

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s

Oth

erM

FIs

Non

-fina

ncia

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rpor

atio

ns

Not

allo

cate

d

EU

Res

tof

the

wor

ld

Non

-eur

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ea

Tota

l

Res

iden

t sec

tor

Non

-res

iden

t sec

tor

ove

r 3

mon

ths

in

BG

N

in f

orei

gn c

urre

ncy

o/w

EU

R 1

0. M

arke

tabl

e in

stru

men

ts (

debt

sec

uriti

es is

sued

+ M

MF

s

s

hare

s/un

its +

rep

os)

in

BG

N

in f

orei

gn c

urre

ncy

o/w

EU

R 1

1. C

apita

l and

res

erve

s

11.

1. F

unds

con

trib

uted

by

owne

rs

11.

2. R

eser

ves

1

1.3.

Fin

anci

al r

esul

t 1

2. O

ther

liab

ilitie

s

in B

GN

in

for

eign

cur

renc

y

o

/w E

UR

Sour

ce: o

ther

MF

Is.

- -

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-

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0

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121

831

-7 0

42-1

67 8

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2 65

336

6 70

250

9 35

51

143

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473

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305

860

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4030

4 62

0

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-72

953

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502

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387

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778

453

165

12 6

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150

343

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207

151

550

X.2

008

XI.

2008

XII

.200

8

I.20

09

II.2

009

III.

2009

IV.2

009

V.2

009

VI.

2009

VII

.200

9

VII

I.20

09

IX.2

009

X.2

009

X.2

008

XI.

2008

XII

.200

8

I.20

09

II.2

009

III.

2009

IV.2

009

V.2

009

VI.

2009

VII

.200

9

VII

I.20

09

IX.2

009

X.2

009

* Id

entic

al w

ith th

e C

urre

ncy

in c

ircu

latio

n in

dica

tor

of th

e E

CB

.

Sour

ces:

BN

B a

nd o

ther

MF

Is.

1.5

. M

ON

ET

AR

Y A

GG

RE

GA

TE

S

1.5.

1. M

ON

ET

AR

Y A

GG

RE

GA

TE

S ≠

EC

B P

RE

SEN

TA

TIO

N (

BG

Ní0

00)

Ã2

Ã1

QU

ASI

-MO

NE

YM

arke

tabl

e in

stru

men

ts (

debt

secu

ritie

s is

sued

up

to 2

yea

rs +

MM

Fs

shar

es/u

nits

+ r

epos

)D

epos

its w

ith a

gree

dm

atur

ity u

p to

2 y

ears

Dep

osits

red

eem

able

at n

otic

eup

to 3

mon

ths

Ove

rnig

ht d

epos

its

in B

GN

Cur

renc

you

tsid

eM

FIs

*in

for

eign

curr

ency

in B

GN

in f

orei

gncu

rren

cyin

BG

Nin

for

eign

curr

ency

in B

GN

in f

orei

gncu

rren

cy

Ã3

Sto

cks

Tra

nsa

ctio

ns

54


Sour

ces:

BN

B a

nd o

ther

MF

Is.

522

518

1 06

1 51

91

584

037

36 1

3578

504

114

639

10 6

25 2

9112

323

967

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61 9

70-1

064

707

-8 7

26 6

7721

791

690

27 5

16 8

4349

308

533

40 5

81 8

5635

400

452

18 8

05 7

3416

594

718

2 49

8 35

5-2

748

248

515

657

1 02

6 14

61

541

803

33 4

3687

241

120

677

10 9

95 6

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658

105

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83 8

08-8

44 9

50-8

228

758

21 7

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2527

860

275

49 6

43 5

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414

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232

600

617

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81

447

750

1 01

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51

458

415

33 4

2991

805

125

234

11 8

80 1

6913

463

818

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41 8

69-4

05 8

04-5

547

673

21 4

14 4

7928

496

349

49 9

10 8

2844

363

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102

654

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66

432

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1 42

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136

293

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215

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11 0

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7

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-17

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11 2

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229

5 60

555

8 72

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4 32

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334

0 47

0-4

06 4

3319

850

-127

278

1 56

2-1

4 86

5-1

3 30

3-1

1 06

7-5

771

-16

838

53 8

7123

730

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145

59 7

94-2

7 35

111

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6 34

421

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818

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728

2 30

7-1

262

283

569

12 2

61-3

10 4

77

1.5.

2. C

OU

NT

ER

PA

RT

S O

F M

ON

ET

AR

Y A

GG

RE

GA

TE

S ≠

EC

B P

RE

SEN

TA

TIO

N (

BG

Ní0

00)

X.2

008

XI.

2008

XII

.200

8

I.20

09

II.2

009

III.

2009

IV.2

009

V.2

009

VI.

2009

VII

.200

9

VII

I.20

09

IX.2

009

X.2

009

X.2

008

XI.

2008

XII

.200

8

I.20

09

II.2

009

III.

2009

IV.2

009

V.2

009

VI.

2009

VII

.200

9

VII

I.20

09

IX.2

009

X.2

009

Dep

osits

with

agr

eed

mat

urity

over

2 y

ears

and

dep

osits

rede

emab

le a

t not

ice

over

3m

onth

s

Deb

t sec

uriti

es is

sued

over

2 y

ears

Cap

ital

and

rese

rves

Lon

g-te

rm fi

nanc

ial l

iabi

litie

s

Cla

ims

on g

ener

algo

vern

men

t

Dom

estic

cre

dit

Cla

ims

onno

n-go

vern

men

t sec

tor

Net

fore

ign

asse

ts

For

eign

asse

ts

Les

sfo

reig

nlia

bilit

ies

in f

orei

gncu

rren

cyin

BG

Nin

for

eign

curr

ency

inB

GN

in f

orei

gncu

rren

cyin

BG

Nin

for

eign

curr

ency

inB

GN

Fix

edas

sets

Oth

erite

ms

(net

)

Sto

cks

Tra

nsa

ctio

ns

55


1.6. BALANCE SHEETS AND INCOME STATEMENTS OF THE BANKING SYSTEM

1.6.1. BALANCE SHEET OF THE BANKING SYSTEM AS OF 31 MARCH 2009(BGNí000)

Balance Including

sheet value BGN EUR Other currencies

ASSETS

Cash and cash balances with central banks

Financial assets held for trading

Derivatives held for trading Equity instruments Debt instruments Loans and advancesFinancial assets designated at fair value through profit or loss

Equity instruments Debt instruments Loans and advancesAvailable-for-sale financial assets

Equity instruments Debt instruments Loans and advancesLoans and receivables (including finance leases)

Debt instruments Loans and advancesHeld-to-maturity investments

Debt instruments Loans and advancesDerivatives ≠ hedge accounting

Fair value hedges Cash flow hedges Hedges of a net investment in a foreign operation Fair value hedge of interest rate risk Cash flow hedge of interest rate riskFair value changes of the hedged items in portfolio hedge of interest rate risk

Tangible assets

Property, plant and equipment Investment propertyIntangible assets

Goodwill Other intangible assetsInvestments in associates, subsidiaries and joint ventures

(accounted for using the equity method ≠ including goodwill)

Tax assets

Current tax assets Deferred tax assetsOther assets

Non-current assets and disposal groups classified as held for sale

TOTAL ASSETS

LIABILITIES

Deposits from central banks

Financial liabilities held for trading

Derivatives held for trading Short positions Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds intended for repurchase in short term) Other financial liabilities held for tradingFinancial liabilities designated at fair value through profit or loss

Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds)

(continued)

5 359 977 2 904 967 2 327 071 127 939

889 088 506 840 291 060 91 188

151 478 36 787 97 910 16 7815 617 5 616 0 1

731 993 464 437 193 150 74 4060 0 0 0

788 005 458 678 307 184 22 143

8 715 7 519 84 1 112779 290 451 159 307 100 21 031

0 0 0 02 079 230 878 681 945 720 254 829

63 858 52 990 7 665 3 2032 015 372 825 691 938 055 251 626

0 0 0 056 484 012 22 488 425 31 973 705 2 021 882

5 081 5 081 0 056 478 931 22 483 344 31 973 705 2 021 8821 500 072 470 192 613 238 416 642

1 500 072 470 192 613 238 416 6420 0 0 0

6 414 0 6 414 0

6 414 0 6 414 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

1 344 622 1 344 584 38 0

1 341 591 1 341 553 38 03 031 3 031 0 0

167 339 167 338 1 0

0 0 0 0167 339 167 338 1 0

155 089 101 678 53 411 0

30 582 30 577 5 0

16 252 16 247 5 014 330 14 330 0 0

398 832 338 422 53 286 7 124

26 047 26 047 0 0

69 229 309 29 716 429 36 571 133 2 941 747

0 0 0 0

122 904 38 658 66 419 17 827

122 904 38 658 66 419 17 8270 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

0 0 0 00 0 0 00 0 0 0

56


(continued) (BGNí000)

Balance Including


Subordinated liabilities Other financial liabilities designated at fair value through profit or lossFinancial liabilities measured at amortised cost

Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds) Subordinated liabilities Other financial liabilities measured at amortised costFinancial liabilities associated with transferred financial assets

Derivatives ≠ hedge accounting


Provisions

Restructuring Pending legal issues and tax litigation Pensions and other post retirement benefit obligations Credit commitments and guarantees Onerous contracts Other provisionsTax liabilities

Current tax liabilities Deferred tax liabilitiesOther liabilities

Share capital repayable on demand (e.g. cooperative shares)

Liabilities included in disposal groups classified as held for sale

TOTAL LIABILITIES

EQUITY AND MINORITY INTEREST

Issued capital

Paid-in capital Unpaid capital which has been called upShare premium

Other equity

Equity component of financial instruments Other equity instrumentsRevaluation reserves and other valuation differences

Tangible assets Intangible assets Hedge of net investments in foreign operations (effective portion) Foreign currency translation Cash flow hedges (effective portion) Available-for-sale financial assets Non-current assets or disposal groups held for sale Other itemsReserves (including retained earnings)

Treasury shares

Income from current year

Interim dividends

Minority interest

Revaluation reserves and other valuation differences Other itemsTOTAL EQUITY

TOTAL LIABILITIES AND EQUITY

Source: BNB.

0 0 0 00 0 0 0

60 008 009 23 794 901 32 300 921 3 912 187

14 742 304 3 594 289 10 767 852 380 16341 653 597 19 856 477 18 329 067 3 468 053

932 647 205 567 681 346 45 7341 850 040 38 879 1 810 457 704

829 421 99 689 712 199 17 5330 0 0 0

22 728 0 22 533 195

22 728 0 22 533 1950 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

78 578 54 030 3 810 20 738

0 0 0 020 348 14 616 884 4 84814 506 14 506 0 026 641 7 865 2 887 15 889

0 0 0 017 083 17 043 39 147 309 46 701 607 1

9 655 9 047 607 137 654 37 654 0 0

389 832 255 210 112 912 21 710

0 0 0 0

0 0 0 0

60 669 360 24 189 500 32 507 202 3 972 658

2 996 231 2 996 231

2 996 231 2 996 2310 0

214 312 214 312

130 130

0 0130 130

155 967 155 967

265 436 265 4360 00 00 00 0

-109 469 -109 4690 00 0

4 922 061 4 922 061

21 21

271 269 271 269

0 0

0 0

0 00 0

8 559 949 8 559 949

69 229 309 32 749 449 32 507 202 3 972 658

57


1.6.2. INCOME STATEMENT OF THE BANKING SYSTEM AS OF 31 MARCH 2009(BGNí000)

Including

Continuing operations Total amountBGN EUR Other currencies

Financial and operating income and expenses

Interest income

Cash and cash balances with central banks Financial assets held for trading (if accounted for separately) Financial assets designated at fair value through profit or loss (if accounted for separately) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investments Derivatives ≠ hedge accounting, interest rate risk Other assetsInterest expenses

Deposits from central banks Financial liabilities held for trading (if accounted for separately) Financial liabilities designated at fair value through profit or loss (if accounted for separately) Financial liabilities measured at amortised cost Derivatives ≠ hedge accounting, interest rate risk Other liabilitiesExpenses on share capital repayable on demand

Dividend income

Financial assets held for trading (if accounted for separately) Financial assets designated at fair value through profit or loss (if accounted for separately) Available-for-sale financial assetsFee and commission income

Fee and commission expenses

Realised gains (losses) on financial assets and liabilities not measured at fair value

through profit or loss, net

Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investments Financial liabilities measured at amortised cost OtherGains (losses) on financial assets and liabilities held for trading, net

Equity instruments and related derivatives Interest rate instruments and related derivatives Foreign exchange trading Credit risk instruments and related derivatives Commodities and related derivatives Other (including hybrid derivatives)Gains (losses) on financial assets and liabilities designated at fair value


Gains (losses) from hedge accounting, net

Exchange differences, net

Gains (losses) on derecognition of assets other than held for sale, net

Other operating income

Other operating expenses

Administration costs

Staff expenses General and administrative expensesDepreciation

Property, plant and equipment Investment properties Intangible assets (other than goodwill)Provisions

(continued)

920 514 629 855 278 748 11 911

1 278 275 671 159 572 570 34 546

8 0 8 030 487 18 620 9 764 2 10311 322 6 354 4 705 26324 458 10 798 9 940 3 720

1 188 273 630 074 536 345 21 85419 323 5 313 9 006 5 0044 299 0 2 697 1 602

105 0 105 0590 909 229 869 332 919 28 121

0 0 0 015 342 12 831 1 623 888

0 0 0 0569 875 217 027 328 070 24 778

5 670 0 3 220 2 45022 11 6 50 0

697 43 649 5

40 40 0 00 0 0 0

657 3 649 5195 313 145 382 43 405 6 526

19 779 13 777 4 957 1 045

566 566

1 023 1 02346 46

-398 -3980 0

-105 -10542 960 42 960

-1 353 -1 3534 061 4 061

42 275 42 2750 0

-1 -1-2 022 -2 022

842 842

-67 -67

-2 578 -2 578

2 231 2 231

15 098 15 098

2 135 2 135

408 023

172 501235 52255 939

43 34710

12 582-9 032

58


Impairment

Impairment on financial assets not measured at fair value through profit or loss

Financial assets measured at cost (unquoted equity) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investmentsImpairment on non-financial assets

Property, plant and equipment Investment properties Goodwill Intangible assets (other than goodwill) Investments in associates and joint ventures accounted for using the equity method OtherNegative goodwill immediately recognised in profit or loss

Share of the profit or loss of associates and joint ventures accounted for using the equity method

Profit or loss from non-current assets and disposal groups classified as held for sale not

qualifying as discontinued operations

TOTAL PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS

Tax expense (income) related to profit or loss from continuing operations

TOTAL PROFIT OR LOSS AFTER TAX FROM CONTINUING OPERATIONS

Profit or loss after tax from discontinued operations

TOTAL PROFIT OR LOSS AFTER TAX AND DISCONTINUED OPERATIONS

Profit or loss attributable to minority interest

PROFIT OR LOSS ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

Source: BNB.


Including

Continuing operations Total amount

BGN EUR Other currencies

161 955

161 955

069

161 88600

0000000

0

-55

303 574

32 305

271 269

0

271 269

0

271 269

59


1.6.3. BALANCE SHEET OF THE BANKING SYSTEM AS OF 30 JUNE 2009(BGNí000)

Balance Including


ASSETS









Tangible assets




Tax assets



TOTAL ASSETS

LIABILITIES





(continued)

5 715 409 2 971 694 2 610 342 133 373

895 239 509 524 298 708 87 007

126 559 28 449 81 460 16 6506 207 6 204 0 3

762 473 474 871 217 248 70 3540 0 0 0

777 459 458 492 299 168 19 799

8 815 7 626 95 1 094768 644 450 866 299 073 18 705

0 0 0 01 979 869 859 871 877 382 242 616

71 535 60 580 7 755 3 2001 908 334 799 291 869 627 239 416

0 0 0 056 484 557 22 130 681 32 399 887 1 953 989

5 071 5 071 0 056 479 486 22 125 610 32 399 887 1 953 9891 452 193 460 825 613 816 377 552

1 452 193 460 825 613 816 377 5520 0 0 0

4 910 0 4 241 669

4 910 0 4 241 6690 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

1 353 190 1 353 154 36 0

1 330 841 1 330 805 36 022 349 22 349 0 0

164 767 164 766 1 0

0 0 0 0164 767 164 766 1 0

162 280 106 913 55 367 0

44 532 44 525 7 0

29 301 29 294 7 015 231 15 231 0 0

403 532 341 214 44 502 17 816

31 847 31 847 0 0

69 469 784 29 433 506 37 203 457 2 832 821

0 0 0 0

123 419 39 751 60 218 23 450

123 419 39 751 60 218 23 4500 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

0 0 0 00 0 0 00 0 0 0

60



Balance Including






Provisions





TOTAL LIABILITIES


Issued capital


Other equity



Treasury shares


Interim dividends

Minority interest



Source: BNB.

0 0 0 00 0 0 0

60 001 906 23 123 890 33 266 745 3 611 271

14 188 748 3 127 111 10 750 848 310 78942 314 250 19 696 260 19 397 536 3 220 454

903 328 206 750 653 117 43 4611 863 106 39 403 1 823 034 669

732 474 54 366 642 210 35 8980 0 0 0

16 345 0 16 345 0

16 345 0 16 345 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

69 036 49 390 1 020 18 626

120 120 0 014 235 8 786 884 4 56514 835 14 835 0 021 835 7 672 102 14 061

0 0 0 018 011 17 977 34 046 857 46 095 761 1

8 280 7 518 761 138 577 38 577 0 0

379 388 225 280 117 739 36 369

0 0 0 0

0 0 0 0

60 636 951 23 484 406 33 462 828 3 689 717

3 072 935 3 072 935

3 072 935 3 072 9350 0

259 168 259 168

135 135

0 0135 135

175 739 175 739

264 674 264 6740 00 00 00 0

-88 935 -88 9350 00 0

4 826 598 4 826 598

21 21

498 279 498 279

0 0

0 0

0 00 0

8 832 833 8 832 833

69 469 784 32 317 239 33 462 828 3 689 717

61


1.6.4. INCOME STATEMENT OF THE BANKING SYSTEM AS OF 30 JUNE 2009(BGNí000)

Including



Interest income



Dividend income
















(continued)

1 867 083 1 253 815 584 422 28 846

2 566 078 1 346 108 1 148 279 71 691

16 0 16 053 675 32 981 17 220 3 47422 254 12 636 9 077 54148 999 22 524 19 069 7 406

2 396 320 1 267 565 1 081 379 47 37636 721 10 402 16 477 9 8427 944 0 4 892 3 052

149 0 149 01 161 313 469 841 638 038 53 434

0 0 0 029 735 25 567 2 905 1 263

0 0 0 01 120 069 444 070 628 650 47 349

11 294 0 6 477 4 817215 204 6 5

0 0

970 283 679 8

44 44 0 00 0 0 0

926 239 679 8398 707 302 681 83 426 12 600

42 565 30 622 9 924 2 019

2 591 2 591

3 066 3 06672 72

-456 -4560 0

-91 -9168 717 68 717

-882 -88215 506 15 50662 476 62 476

0 0-5 -5

-8 378 -8 378

77 77

-153 -153

8 650 8 650

6 751 6 751

25 335 25 335

6 762 6 762

831 095

351 749479 346110 038

86 784138

23 116-17 555

62


Impairment


Financial assets measured at cost (unquoted equity) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investmentsImpairment on non-financial assets












Source: BNB.


Including



402 435

402 325

037

402 2880

110

101000090

13 766

-72

554 764

56 485

498 279

0

498 279

0

498 279

63


1.6.5. BALANCE SHEET OF THE BANKING SYSTEM AS OF 30 SEPTEMBER 2009(BGNí000)

Balance Including


5 887 280 3 129 955 2 638 578 118 747

818 766 497 145 238 628 82 993

103 574 17 918 70 401 15 2556 845 6 842 0 3

708 347 472 385 168 227 67 7350 0 0 0

645 227 388 123 245 677 11 427

8 990 7 777 106 1 107636 237 380 346 245 571 10 320

0 0 0 01 898 343 847 783 798 680 251 880

71 492 60 256 6 110 5 1261 826 851 787 527 792 570 246 754

0 0 0 057 185 615 22 030 962 33 151 759 2 002 894

5 070 5 070 0 057 180 545 22 025 892 33 151 759 2 002 8941 408 336 436 078 623 322 348 936

1 408 336 436 078 623 322 348 9360 0 0 0

3 206 0 2 555 651

3 206 0 2 555 6510 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

1 338 496 1 338 464 32 0

1 316 086 1 316 054 32 022 410 22 410 0 0

167 502 167 501 1 0

0 0 0 0167 502 167 501 1 0

164 655 109 288 55 367 0

62 005 61 996 9 0

46 823 46 814 9 015 182 15 182 0 0

286 813 246 922 35 512 4 379

35 218 35 218 0 0

69 901 462 29 289 435 37 790 120 2 821 907

0 0 0 0

98 144 19 702 53 839 24 603

97 972 19 530 53 839 24 6030 0 0 00 0 0 00 0 0 00 0 0 0

172 172 0 00 0 0 0

0 0 0 00 0 0 00 0 0 00 0 0 0

ASSETS









Tangible assets




Tax assets



TOTAL ASSETS

LIABILITIES




Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds) Subordinated liabilities

(continued)

64


Other financial liabilities designated at fair value through profit or lossFinancial liabilities measured at amortised cost




Provisions





TOTAL LIABILITIES


Issued capital


Other equity



Treasury shares


Interim dividends

Minority interest



Source: BNB.


Balance Including


0 0 0 060 077 773 22 764 132 33 797 364 3 516 277

13 437 454 2 982 525 10 136 528 318 40143 562 478 19 533 199 20 909 609 3 119 670

681 988 118 619 521 817 41 5521 768 558 39 866 1 728 040 652

627 295 89 923 501 370 36 0020 0 0 0

26 104 0 26 104 0

26 104 0 26 104 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

72 471 53 280 1 214 17 977

0 0 0 014 158 8 868 884 4 40615 070 15 070 0 021 275 7 652 52 13 571

0 0 0 021 968 21 690 278 048 831 48 529 297 5

9 773 9 471 297 539 058 39 058 0 0

370 416 236 396 111 274 22 746

0 0 0 0

0 0 0 0

60 693 739 23 122 039 33 990 092 3 581 608

3 297 734 3 297 734

3 297 734 3 297 7340 0

259 361 259 361

142 142

0 0142 142

206 501 206 501

264 560 264 5600 00 00 00 0

-58 059 -58 0590 00 0

4 822 361 4 822 361

0 0

621 624 621 624

0 0

0 0

0 00 0

9 207 723 9 207 723

69 901 462 32 329 762 33 990 092 3 581 608

65


1.6.6. INCOME STATEMENT OF THE BANKING SYSTEM AS OF 30 SEPTEMBER 2009(BGNí000)

Including



Interest income



Dividend income
















Impairment


Financial assets measured at cost (unquoted equity)

(continued)

2 797 251 1 854 967 904 360 37 924

3 852 824 2 013 903 1 738 178 100 743

25 0 25 078 817 51 291 23 114 4 41232 229 18 168 13 336 72573 122 34 313 27 828 10 981

3 603 491 1 894 840 1 642 385 66 26653 829 15 280 24 502 14 04711 119 0 6 807 4 312

192 11 181 01 740 764 718 170 943 691 78 903

0 0 0 046 870 41 280 4 097 1 493

0 0 0 01 676 668 676 507 929 818 70 343

16 828 0 9 769 7 059398 383 7 8

0 0

853 757 35 61

419 419 0 01 1 0 0

433 337 35 61608 095 464 216 124 896 18 983

65 547 47 529 15 058 2 960

6 055 6 055

6 774 6 77445 45

-685 -6850 0

-79 -7997 089 97 089

-311 -31123 028 23 02880 944 80 944

0 0-2 -2

-6 570 -6 570

-617 -617

86 86

8 973 8 973

8 108 8 108

32 654 32 654

10 558 10 558

1 229 997

519 451710 546166 674

131 349208

35 117-15 926

735 151

733 845

0

66


Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investmentsImpairment on non-financial assets












Source: BNB.


Including



120733 725

01 306

114000

385807

0

13 766

-85

695 036

73 412

621 624

0

621 624

0

621 624

67


1.7. BANK GROUPS*(as of 30 September 2009)

BIC Bank

Group I

UNCR9660 Unicredit BulbankSTSA9300 DSK BankUBBS9200 United Bulgarian BankRZBB9155 Raiffeisenbank, BulgariaBPBI9920 Eurobank EFG Bulgaria

Group II

FINV9150 First Investment BankPIRB9170 Piraeus Bank BulgariaTTBB9400 Socie¥te¥ Ge¥ne¥rale ExpressbankKORP9220 Corporate Commercial BankBUIB9888 CIBANKCECB9790 Central Cooperative BankBUIN9561 Allianz Bank Bulgaria

CBUN9195 MKB UnionbankIORT9120 InvestbankPRCB9230 ProCredit Bank, BulgariaNASB9620 Bulgarian Development BankSOMB9130 Municipal BankBGUS9160 Bulgarian-American Credit BankIABG9470 International Asset BankBINV9480 Emporiki Bank ≠ BulgariaDEMI9240 D Commerce BankCREX9260 Tokuda BankWEBK9310 NLB West≠East Bank

TEXI9545 Texim Private Entrepreneurial BankGroup III

CRBA9898 Alpha Bank, Bulgaria BranchBNPA9440 BNP Paribas S.A., Sofia BranchINGB9145 ING Bank N.V., Sofia BranchCITI9250 Citibank N.A., Sofia Branch

TCZB9350 T.C. Ziraat Bank, Sofia Branch

* Banks are classified only for statistical purposes. The group classification does not implybanksí financial performance evaluation and it should not be interpreted as a rating system.

Group I: the five largest banks.Group II: the rest of the banks.Group III: foreign bank branches.

Source: BNB.

68


5 757 160 3 643 986 9 401 146

4 821 787 3 282 159 8 103 946

1 525 405 2 031 690 3 557 095

3 382 818 1 136 429 4 519 247

0 53 594 53 594

21 994 162 830 184 824

-108 430 -48 790 -157 220

1 398 300 628 154 2 026 454

352 357 261 135 613 492

177 980 39 117 217 097

174 377 66 529 240 906

0 155 489 155 489

1 045 943 367 019 1 412 962

0 0 0

1 045 943 368 768 1 414 711

0 -1 749 -1 749

0 0 0

-462 927 -266 327 -729 254

-231 465 -174 604 -406 069

-231 465 -91 730 -323 195

-402 283 -159 425 -561 708

4 590 325 3 107 562 7 697 887

1 166 838 536 431 1 703 269

4 004 496 2 500 348 6 504 844

2 364 137 1 516 263 3 880 400

0 0 0

28 855 7 586 36 441

276 671 143 051 419 722

1 334 832 833 449 2 168 281

1 752 664 1 143 638 2 896 302

17.25 17.49 17.34

13.76 14.91 14.20

1.8. CAPITAL ADEQUACY OF BANKS AS OF 30 SEPTEMBER 2009

(under Ordinance No. 8 of the BNB)(BGNí000)

Items Group I Group II Banking system

TOTAL OWN FUNDS FOR SOLVENCY PURPOSES*

Original own funds

Eligible capital

Eligible reserves

Audited profit for the current year

Funds for general banking risks

(-) Intangible assets

Additional own funds

Core additional own funds

Hybrid instruments

Revaluation reserves (on bank premises)

Securities of indeterminate duration and other instruments

Supplementary additional own funds

Fixed-term cumulative preferential shares

Subordinated loan capital

(-) Excess on limits for supplementary additional own funds

(-) Excess on limits for additional own funds

(-) DEDUCTIONS FROM ORIGINAL AND ADDITIONAL OWN FUNDS

Of which: (-) From original own funds

Of which: (-) From additional own funds

Specific provisions for credit risk in case of use of the standardized approach

TOTAL ORIGINAL OWN FUNDS FOR GENERAL SOLVENCY PURPOSES*

TOTAL ADDITIONAL OWN FUNDS FOR GENERAL SOLVENCY PURPOSES*

CAPITAL REQUIREMENTS

Total capital requirements for credit, counterparty credit and dilution risks and free

deliveries

Settlement/delivery risk

Total capital requirements for position, foreign exchange and commodity risks

Total capital requirements for operational risks (opr)

Other capital requirements

Surplus (+)/deficit (-) of own funds

SOLVENCY RATIO (%)

ORIGINAL OWN FUNDS SOLVENCY RATIO (%)

* Used in capital adequacy ratio calculations.

Source: BNB.

69


1.9. LIQUIDITY OF BANKS AS OF 30 SEPTEMBER 2009

(under Ordinance No. 11 of the BNB)(BGNí000)

Items

6 896 172 1 550 662

39 362 944 3 788 123 7 859 335 3 463 485 1 298 212 2 165 872 4 549 849 20 026 191

34 654 961 11 427 623 6 311 314 4 857 984 2 847 823 3 741 269 5 468 948

19.90

0.00 68.77 33.88 11.10 15.99 29.44 117.27

4 969 700 978 879

24 892 085 2 081 753 6 073 298 1 062 512 1 184 862 1 641 174 2 894 203 12 036 036

22 105 014 5 629 438 2 487 778 3 698 895 2 341 081 3 179 908 4 767 914

22.48

107.88 55.10 22.59 24.65 33.63 108.18

679 827 0

3 528 442 202 596 1 139 707 139 423 190 231 143 475 295 841 1 619 765

3 488 412 2 443 010 321 684 213 190 110 531 190 557 209 440

19.49

46.65 7.51 9.03 6.73 12.84 68.71

12 545 699 2 529 541 0 0 0 0 0 0

67 783 471 6 072 472 15 072 340 4 665 420 2 673 305 3 950 521 7 739 893 33 681 992

60 248 387 19 500 071 9 120 776 8 770 069 5 299 435 7 111 734 10 446 302

20.82

77.29 32.72 14.03 17.69 29.36 110.21

Group I

LIQUID ASSETS

ASSETS, TOTAL ≠ inflow

LIABILITIES, TOTAL ≠ outflow

Coefficient of liquid assets

Coefficient of liquidity by maturity intervals

Group II

LIQUID ASSETS





Group III

LIQUID ASSETS





BANKING SYSTEM, TOTAL

LIQUID ASSETS





Source: BNB.

TotalAssets in pawn/

Overdue assets of30 or more days

At sightup to 7 days

From 8 daysto 1 month

From 1 to3 months

From 3 to6 months

From 6 to12 months Over 1 year

70


1.10. BALANCE SHEETS AND INCOME STATEMENTS OF BANKS BY GROUP

1.10.1. BALANCE SHEET OF GROUP I BANKS AS OF 30 SEPTEMBER 2009(BGNí000)

Balance Including


ASSETS









Tangible assets




Tax assets



TOTAL ASSETS

LIABILITIES





(continued)

3 469 591 1 751 238 1 669 133 49 220

585 973 359 031 173 700 53 242

74 380 17 427 54 460 2 4931 452 1 452 0 0

510 141 340 152 119 240 50 7490 0 0 0

404 790 195 190 200 216 9 384

8 818 7 777 0 1 041395 972 187 413 200 216 8 343

0 0 0 01 086 256 413 858 468 843 203 555

21 862 16 963 2 115 2 7841 064 394 396 895 466 728 200 771

0 0 0 033 163 190 14 011 867 18 427 274 724 049

0 0 0 033 163 190 14 011 867 18 427 274 724 049

726 428 15 597 395 255 315 576

726 428 15 597 395 255 315 5760 0 0 0

186 0 186 0

186 0 186 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

692 113 692 113 0 0

690 417 690 417 0 01 696 1 696 0 0

108 430 108 430 0 0

0 0 0 0108 430 108 430 0 0

57 753 57 753 0 0

37 067 37 067 0 0

29 446 29 446 0 07 621 7 621 0 0

112 848 98 893 12 114 1 841

5 693 5 693 0 0

40 450 318 17 746 730 21 346 721 1 356 867

0 0 0 0

72 417 18 955 48 681 4 781

72 417 18 955 48 681 4 7810 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

0 0 0 00 0 0 00 0 0 0

71






Provisions





TOTAL LIABILITIES


Issued capital


Other equity



Treasury shares


Interim dividends

Minority interest



Source: BNB.


Balance Including


0 0 0 00 0 0 0

34 517 094 14 127 742 18 704 202 1 685 150

7 154 141 2 284 739 4 797 968 71 43425 492 314 11 665 284 12 213 314 1 613 716

292 326 113 582 178 744 01 248 959 28 766 1 220 193 0

329 354 35 371 293 983 00 0 0 0

26 104 0 26 104 0

26 104 0 26 104 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

65 450 46 281 1 192 17 977

0 0 0 014 061 8 771 884 4 40612 022 12 022 0 020 078 6 477 30 13 571

0 0 0 019 289 19 011 278 029 517 29 517 0 0

564 564 0 028 953 28 953 0 0

192 741 133 856 51 684 7 201

0 0 0 0

0 0 0 0

34 903 323 14 356 351 18 831 863 1 715 109

1 525 405 1 525 405

1 525 405 1 525 4050 00 0

0 0

0 00 0

158 246 158 246

196 680 196 6800 00 00 00 0

-38 434 -38 4340 00 0

3 453 591 3 453 591

0 0

409 753 409 753

0 0

0 0

0 00 0

5 546 995 5 546 995

40 450 318 19 903 346 18 831 863 1 715 109

72


1.10.2. INCOME STATEMENT OF GROUP I BANKS AS OF 30 SEPTEMBER 2009(BGNí000)

Including



Interest income



Dividend income
















Impairment


Financial assets measured at cost (unquoted equity) Available-for-sale financial assets Loans and receivables (including finance leases) Held-to-maturity investments

(continued)

1 686 526 1 176 733 489 975 19 818

2 284 140 1 294 195 938 881 51 064

0 0 0 065 067 41 737 19 616 3 71419 923 9 781 9 917 22544 087 15 588 19 148 9 351

2 115 080 1 225 339 868 909 20 83228 864 1 750 14 484 12 63011 119 0 6 807 4 312

0 0 0 0973 887 441 331 493 809 38 747

0 0 0 046 169 41 048 3 660 1 461

0 0 0 0910 871 400 264 480 380 30 22716 828 0 9 769 7 059

19 19 0 00 0

167 101 6 60

2 2 0 00 0 0 0

165 99 6 60365 770 302 114 54 463 9 193

40 037 28 719 9 566 1 752

2 194 2 194

1 701 1 7010 0

493 4930 00 0

51 561 51 561

99 9918 055 18 05533 407 33 407

0 00 00 0

-859 -859

87 87

-13 561 -13 561

7 975 7 975

5 518 5 518

2 542 2 542

635 051

277 266357 78592 532

67 91928

24 585-20 252

536 930

536 431

0120

536 3110

73


Impairment on non-financial assets












Source: BNB.


Including



499

114000

38500

13 766

0

456 031

46 278

409 753

0

409 753

0

409 753

74


1.10.3. BALANCE SHEET OF GROUP II BANKS AS OF 30 SEPTEMBER 2009(BGNí000)

Balance Including


(continued)

ASSETS









Tangible assets




Tax assets



TOTAL ASSETS

LIABILITIES




Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds) Subordinated liabilities Other financial liabilities designated at fair value through profit or loss

2 110 646 1 198 952 847 963 63 731

137 147 58 718 50 623 27 806

18 026 378 6 824 10 8245 393 5 390 0 3

113 728 52 950 43 799 16 9790 0 0 0

240 437 192 933 45 461 2 043

172 0 106 66240 265 192 933 45 355 1 977

0 0 0 0778 268 415 866 314 077 48 325

49 392 43 055 3 995 2 342728 876 372 811 310 082 45 983

0 0 0 020 919 323 7 267 293 12 428 748 1 223 282

5 070 5 070 0 020 914 253 7 262 223 12 428 748 1 223 282

681 908 420 481 228 067 33 360

681 908 420 481 228 067 33 3600 0 0 0

3 020 0 2 369 651

3 020 0 2 369 6510 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

591 232 591 200 32 0

570 518 570 486 32 020 714 20 714 0 048 790 48 789 1 0

0 0 0 048 790 48 789 1 0

106 902 51 535 55 367 0

18 024 18 015 9 0

16 308 16 299 9 01 716 1 716 0 0

163 640 141 120 20 080 2 440

29 525 29 525 0 0

25 828 862 10 434 427 13 992 797 1 401 638

0 0 0 0

20 685 474 2 505 17 706

20 513 302 2 505 17 7060 0 0 00 0 0 00 0 0 00 0 0 0

172 172 0 00 0 0 0

0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

75



Balance Including


Financial liabilities measured at amortised cost




Provisions





TOTAL LIABILITIES


Issued capital


Other equity



Treasury shares


Interim dividends

Minority interest



Source: BNB.

22 077 380 7 600 203 12 745 293 1 731 884

4 610 898 611 221 3 756 993 242 68416 259 280 6 918 293 7 929 993 1 410 994

389 662 5 037 343 073 41 552519 599 11 100 507 847 652297 941 54 552 207 387 36 002

0 0 0 0

0 0 0 0

0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

6 949 6 927 22 0

0 0 0 095 95 0 0

2 978 2 978 0 01 197 1 175 22 0

0 0 0 02 679 2 679 0 0

18 429 18 127 297 5

8 469 8 167 297 59 960 9 960 0 0

129 143 80 215 38 707 10 221

0 0 0 0

0 0 0 0

22 252 586 7 705 946 12 786 824 1 759 816

1 772 329 1 772 329

1 772 329 1 772 3290 0

259 361 259 361

0 0

0 00 0

50 039 50 039

67 443 67 4430 00 00 00 0

-17 404 -17 4040 00 0

1 269 389 1 269 389

0 0

225 158 225 158

0 0

0 0

0 00 0

3 576 276 3 576 276

25 828 862 11 282 222 12 786 824 1 759 816

76


1.10.4. INCOME STATEMENT OF GROUP II BANKS AS OF 30 SEPTEMBER 2009(BGNí000)

Including



Interest income



Dividend income
















Impairment



(continued)

989 376 610 139 362 791 16 446

1 433 244 661 818 722 522 48 904

25 0 25 06 636 3 749 2 406 481

12 306 8 387 3 419 50027 949 18 338 7 981 1 630

1 361 171 617 803 698 492 44 87624 965 13 530 10 018 1 417

0 0 0 0192 11 181 0

710 585 251 316 419 654 39 615

0 0 0 0198 198 0 0

0 0 0 0710 018 250 754 419 654 39 610

0 0 0 0369 364 0 5

0 0

685 655 29 1

417 417 0 01 1 0 0

267 237 29 1221 430 147 943 65 209 8 278

23 981 17 544 5 315 1 122

3 857 3 857

5 069 5 06945 45

-1 178 -1 1780 0

-79 -7928 568 28 568

-410 -4107 921 7 921

27 629 27 6290 0

-2 -2-6 570 -6 570

242 242

-1 -1

19 102 19 102

168 168

24 342 24 342

7 695 7 695

517 180

213 332303 84866 685

56 705180

9 8004 326

149 779

148 972

00

148 9720

77





Profit or loss from non-current assets and disposal groups classified as held for sale not qualifying as

discontinued operations








Source: BNB.


Including



807

00000

8070

0

-85

251 321

26 163

225 158

0

225 158

0

225 158

78


1.10.5. BALANCE SHEET OF GROUP III BANKS AS OF 30 SEPTEMBER 2009(BGNí000)

Balance Including


(continued)

ASSETS









Tangible assets




Tax assets



TOTAL ASSETS

LIABILITIES




Deposits from credit institutions Deposits (other than from credit institutions) Debt certificates (including bonds) Subordinated liabilities Other financial liabilities designated at fair value through profit or loss

307 043 179 765 121 482 5 796

95 646 79 396 14 305 1 945

11 168 113 9 117 1 9380 0 0 0

84 478 79 283 5 188 70 0 0 00 0 0 0

0 0 0 00 0 0 00 0 0 0

33 819 18 059 15 760 0

238 238 0 033 581 17 821 15 760 0

0 0 0 03 103 102 751 802 2 295 737 55 563

0 0 0 03 103 102 751 802 2 295 737 55 563

0 0 0 0

0 0 0 00 0 0 00 0 0 0

0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

55 151 55 151 0 0

55 151 55 151 0 00 0 0 0

10 282 10 282 0 0

0 0 0 010 282 10 282 0 0

0 0 0 0

6 914 6 914 0 0

1 069 1 069 0 05 845 5 845 0 0

10 325 6 909 3 318 98

0 0 0 0

3 622 282 1 108 278 2 450 602 63 402

0 0 0 0

5 042 273 2 653 2 116

5 042 273 2 653 2 1160 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

79



Balance Including


Financial liabilities measured at amortised cost




Provisions





TOTAL LIABILITIES


Issued capital


Other equity



Treasury shares


Interim dividends

Minority interest



Source: BNB.

3 483 299 1 036 187 2 347 869 99 243

1 672 415 86 565 1 581 567 4 2831 810 884 949 622 766 302 94 960

0 0 0 00 0 0 00 0 0 00 0 0 0

0 0 0 0

0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

72 72 0 0

0 0 0 02 2 0 0

70 70 0 00 0 0 00 0 0 00 0 0 0

885 885 0 0

740 740 0 0145 145 0 0

48 532 22 325 20 883 5 324

0 0 0 0

0 0 0 0

3 537 830 1 059 742 2 371 405 106 683

0 0

0 00 00 0

142 142

0 0142 142

-1 784 -1 784

437 4370 00 00 00 0

-2 221 -2 2210 00 0

99 381 99 381

0 0

-13 287 -13 287

0 0

0 0

0 00 0

84 452 84 452

3 622 282 1 144 194 2 371 405 106 683

80


1.10.6. INCOME STATEMENT OF GROUP III BANKS AS OF 30 SEPTEMBER 2009(BGNí000)

Including



Interest income



Dividend income
















Impairment



(continued)

121 349 68 095 51 594 1 660

135 440 57 890 76 775 775

0 0 0 07 114 5 805 1 092 217

0 0 0 01 086 387 699 0

127 240 51 698 74 984 5580 0 0 00 0 0 00 0 0 0

56 292 25 523 30 228 5410 0 0 0

503 34 437 320 0 0 0

55 779 25 489 29 784 5060 0 0 0

10 0 7 30 0

1 1 0 0

0 0 0 00 0 0 01 1 0 0

20 895 14 159 5 224 1 512

1 529 1 266 177 86

4 4

4 40 00 00 00 0

16 960 16 960

0 0-2 948 -2 94819 908 19 908

0 00 00 0

0 0

0 0

3 432 3 432

-35 -35

2 794 2 794

321 321

77 766

28 85348 9137 457

6 7250

7320

48 442

48 442

00

48 4420

81





Profit or loss from non-current assets and disposal groups classified as held for sale not qualifying as

discontinued operations








Source: BNB.


Including



0

0000000

0

0

-12 316

971

-13 287

0

-13 287

0

-13 287

82

BNB MONTHLY BULLETIN 12/20091.1

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85


1.12A. INTERBANK MONEY MARKET*

Volumes (BGNí000) Interest rates

October 2009 Deposits Repo Purchases of Total On extended On repo Daily, Excess reserves**

agreements government securities volume deposits agreements average (BGNí000)

1 328 500 42 122 6 927 377 549 1.26 1.13 1.25 121 8602 252 360 36 990 3 821 293 171 0.87 0.98 0.88 - 244 6495 220 210 46 160 4 054 270 424 1.10 0.83 1.05 1 0956 170 300 22 020 0 192 320 0.84 0.71 0.82 116 4307 212 400 28 458 15 297 256 155 1.08 0.84 1.05 228 9398 197 900 59 559 14 122 271 581 1.25 1.04 1.20 153 3729 246 450 34 540 1 749 282 739 0.84 0.81 0.83 42 84212 188 400 42 643 18 848 249 891 0.79 0.77 0.79 - 1 45813 174 000 47 420 0 221 420 0.63 0.69 0.64 - 134 79414 210 400 37 535 0 247 935 0.68 0.71 0.68 - 107 29515 299 000 37 345 0 336 345 1.18 0.72 1.13 - 63 51316 284 700 60 526 0 345 226 0.65 0.95 0.70 - 184 90019 258 950 52 808 12 995 324 753 0.78 0.72 0.77 - 84 99920 213 800 58 431 0 272 231 0.61 0.71 0.63 - 229 17721 212 100 40 527 2 517 255 144 0.74 0.73 0.74 - 92 44022 227 800 50 410 8 358 286 568 1.01 0.78 0.97 - 135 30723 165 500 55 215 6 383 227 098 0.72 0.74 0.72 - 130 82026 237 700 51 335 30 512 319 547 0.73 1.17 0.81 299 60327 193 000 47 620 7 241 247 861 0.58 0.64 0.59 314 84228 204 900 55 122 3 618 263 640 0.66 0.73 0.68 244 86329 333 000 42 882 3 668 379 550 1.64 0.73 1.54 269 64230 225 800 58 782 1 066 285 648 0.90 1.10 0.94 845 240

Monthly, average 229 871 45 839 6 417 282 127 0.92 0.84 0.91 26 500

*Including transactions of banks and non-bank financial institutions, which are primary dealers of government securities and which have current accounts with the BNB.**The period of excess reserves' statistical reporting (a calendar month) does not coincide with the period of minimum required reserves' maintenance under BNB OrdinanceNo. 21. Data on holidays are also used in calculating the daily average amount of excess reserves for the respective month.

Note: The average daily interest rate is the average-weighted rate of the operations effected during the day.

Source: BNB.

1.12B. INTERBANK MONEY MARKET*

Volumes (BGNí000) Interest rates

November 2009 Deposits Repo Purchases of Total On extended On repo Daily, Excess reserves**

agreements government securities volume deposits agreements average (BGNí000)

2 257 000 37 490 903 295 393 0.78 0.70 0.77 - 228 3373 149 400 24 962 1 809 176 171 0.58 0.68 0.59 - 4 0534 219 950 48 522 9 247 277 719 0.65 0.77 0.67 97 0475 261 400 70 931 556 332 887 1.21 0.96 1.16 86 6406 224 000 46 070 0 270 070 0.87 0.86 0.87 50 1399 200 700 48 280 0 248 980 0.73 0.72 0.73 198 77910 159 000 54 080 0 213 080 0.57 0.66 0.59 - 14 47411 208 300 35 291 924 244 515 0.61 0.77 0.63 - 36 41112 226 200 65 432 0 291 632 0.94 0.80 0.91 - 132 47913 226 800 37 550 0 264 350 0.75 0.78 0.76 - 279 45016 228 300 72 457 0 300 757 0.88 0.82 0.86 - 185 64417 196 650 34 594 0 231 244 0.58 0.67 0.60 - 112 72618 250 700 31 971 5 147 287 818 1.35 0.92 1.30 - 121 98719 230 300 40 630 713 271 643 0.92 0.68 0.88 - 116 60620 237 800 34 824 2 926 275 550 0.71 0.85 0.73 - 99 01423 219 000 37 235 0 256 235 0.67 1.00 0.71 - 44 10824 180 400 35 694 2 216 218 310 0.57 0.71 0.59 380 36125 193 500 38 049 2 022 233 571 0.58 0.90 0.64 314 91826 253 750 42 123 0 295 873 0.84 1.08 0.87 281 35727 269 050 48 450 0 317 500 0.62 0.77 0.64 196 66430 242 450 40 697 0 283 147 0.63 1.01 0.68 929 187

Monthly, average 220 698 44 063 1 260 266 021 0.78 0.82 0.79 57 639

*Including transactions of banks and non-bank financial institutions, which are primary dealers of government securities and which have current accounts with the BNB.**The period of excess reserves' statistical reporting (a calendar month) does not coincide with the period of minimum required reserves' maintenance under BNB OrdinanceNo. 21. Data on holidays are also used in calculating the daily average amount of excess reserves for the respective month.

Note: The average daily interest rate is the average-weighted rate of the operations effected during the day.

Source: BNB.

86


1.13. FOREIGN EXCHANGE MARKET

(EUR)

BNB with banks BNB with final customers Interbank Banks with final customersOctober 2009

bought sold bought sold transactions bought sold

1 380 700 000 384 500 000 36 455 155 434 3 208 327 112 971 611 65 074 6452 404 750 000 349 150 000 86 207 371 263 6 803 770 57 028 648 68 919 5615 399 400 000 406 000 000 4 118 086 262 063 2 775 260 79 478 911 79 815 6236 349 085 000 385 700 000 29 106 740 900 7 402 157 62 617 089 106 969 7597 345 200 000 345 100 000 81 882 182 835 717 218 72 916 133 65 284 1958 339 160 000 341 000 000 57 171 149 788 3 149 021 62 920 239 49 161 6119 331 175 000 316 000 000 47 478 200 063 532 191 68 404 777 47 489 65112 367 000 000 346 500 000 12 365 91 921 2 081 273 78 215 157 60 904 09213 369 100 000 327 600 000 118 894 579 554 7 230 194 110 415 060 68 760 56814 617 500 000 573 200 000 11 727 405 790 831 331 73 069 731 50 694 32415 342 152 258 323 050 000 38 973 342 484 2 987 391 66 067 733 67 575 32216 468 500 000 467 600 000 35 008 477 301 343 308 63 238 208 60 350 09019 334 800 000 328 100 000 107 264 331 232 160 527 67 327 763 63 362 08520 478 400 000 500 900 000 33 849 2 069 363 267 183 61 569 607 84 986 63621 357 550 000 375 150 000 19 799 257 439 177 728 51 256 320 74 185 94722 426 800 000 394 200 000 187 310 1 262 933 215 231 76 395 249 56 793 00723 384 900 000 379 850 000 39 551 137 614 292 425 60 868 557 93 101 88626 405 600 000 432 800 000 29 509 339 586 1 735 875 82 407 247 86 186 40327 353 100 000 363 500 000 131 991 307 386 201 694 77 173 846 72 058 04228 360 600 000 368 000 000 60 034 141 501 2 588 143 86 723 309 91 792 06429 378 700 000 503 000 000 83 036 421 731 172 437 68 955 993 62 437 37730 550 400 000 412 800 000 37 591 10 369 300 307 370 126 061 786 104 707 219

Monthly, total 8 744 572 258 8 623 700 000 5 403 286 19 597 481 44 180 054 1 666 082 974 1 580 610 107

Daily, average 397 480 557 391 986 364 245 604 890 795 2 008 184 75 731 044 71 845 914

Source: BNB.

87


1.14. CURRENCY (INCLUDING EURO COMPONENTS)

BOUGHT AND SOLD AT BNB REGIONAL CASH

CENTRES*(EURí000)

Foreign exchange Foreign exchangebought** sold***

I.2008 120 6 277II.2008 83 3 764

III.2008 121 1 569IV.2008 75 2 610V.2008 97 2 759

VI.2008 128 1 274VII.2008 102 688

VIII.2008 103 985IX.2008 115 3 632X.2008 119 9 764

XI.2008 74 5 127XII.2008 62 7 693

I.2009 94 5 499II.2009 95 1 712

III.2009 942 1 945IV.2009 81 3 223V.2009 86 3 944

VI.2009 59 3 740VII.2009 181 1 832

VIII.2009 62 1 144IX.2009 61 1 916X.2009 58 1 320

XI.2009 55 1 476incl. daily

2 3 943 1 974 1 505 12 976 3 479 1 114

10 3 4911 3 12012 1 4113 0 6416 2 8617 2 10118 3 10519 0 2020 4 9423 0 6924 6 10725 2 4426 1 3127 4 1730 2 29

* Transactions with individuals only.** All currencies included in the euro.*** Euro only.

Source: BNB.

1.I.2008 4.68 4.781.II.2008 4.75 4.85

1.III.2008 4.83 4.941.IV.2008 4.85 4.961.V.2008 4.93 5.04

1.VI.2008 4.96 5.071.VII.2008 5.06 5.18

1.VIII.2008 5.25 5.381.IX.2008 5.23 5.361.X.2008 5.38 5.51

1.XI.2008 5.72 5.871.XII.2008 5.77 5.93

1.I.2009 5.17 5.291.II.2009 3.92 3.99

1.III.2009 3.49 3.551.IV.2009 3.53 3.591.V.2009 2.27 2.29

1.VI.2009 2.35 2.381.VII.2009 2.24 2.26

1.VIII.2009 1.71 1.721.IX.2009 1.57 1.581.X.2009 1.46 1.47

1.XI.2009 0.61 0.611.XII.2009 0.55 0.55

Source: BNB.

1.15. BASE INTEREST RATE

Effective Base interest rate

as of Simple annual Effective annual

88


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91


9.

VO

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92


1.20. INTEREST RATES1 ON NEW BUSINESS ON DEPOSITS WITH AGREED MATURITY

Non-financial corporations Householdsof which: of which:

Total up to 1 year Total up to 1 year

2008 X 5.71 5.73 6.28 6.28XI 6.25 6.32 7.09 7.08

XII 6.63 6.73 8.03 8.03

2009 I 6.59 6.60 8.14 8.16II 5.80 5.79 7.71 7.74

III 6.00 5.89 7.81 7.82IV 5.79 5.68 8.11 8.12V 5.69 5.66 8.23 8.24

VI 6.69 6.63 8.15 8.15VII 6.36 6.37 7.99 7.98

VIII 6.58 6.56 8.20 8.19IX 5.74 5.77 7.95 7.95X 5.97 5.95 7.88 7.88

1 Interest rates refer to lev instruments.

Source: BNB.

1.21. VOLUMES1 ON NEW BUSINESS ON DEPOSITS WITH AGREED MATURITY

(million BGN)

Non-financial corporations Householdsof which: of which:

Total up to 1 year Total up to 1 year

2008 X 2087.4 2003.1 626.3 618.4XI 1743.3 1670.4 641.3 631.9

XII 2253.5 2211.3 1050.7 1036.9

2009 I 1686.8 1672.7 954.7 937.4II 1299.5 1288.8 758.4 739.7

III 1068.7 1032.4 911.4 886.9IV 1087.8 1046.9 995.2 976.2V 917.8 904.3 832.5 826.6

VI 1278.6 1231.8 913.1 907.2VII 1155.0 1143.5 895.2 889.7

VIII 891.6 874.3 959.1 952.8IX 856.7 852.9 879.0 875.6X 1175.4 1162.6 849.8 843.0

1 Volumes refer to lev instruments.

Source: BNB.

93


1.22. INTEREST RATES1 ON BALANCES ON DEPOSITS

Non-financial corporations Households

Overnight Deposits with agreed maturity Overnight Deposits with agreed maturity

deposits2 up to 2 years over 2 years deposits2 up to 2 years over 2 years

2008 X 0.78 5.47 3.99 0.89 5.27 6.85XI 0.85 5.76 3.89 0.91 5.52 6.90

XII 0.72 6.13 1.90 0.91 5.99 6.88

2009 I 0.55 6.06 2.76 0.99 6.36 6.96II 0.58 5.92 2.63 1.01 6.52 6.97

III 0.53 6.01 2.72 1.05 6.74 7.02IV 0.55 5.84 2.86 1.08 6.88 7.07V 0.55 5.91 3.02 1.06 6.98 7.08

VI 0.55 6.11 4.60 1.06 7.09 7.13VII 0.56 6.05 4.64 0.96 7.17 7.15

VIII 0.54 6.23 4.88 0.97 7.24 7.15IX 0.54 6.03 5.00 0.96 7.28 7.13X 0.58 6.08 5.20 0.94 7.31 7.15

1 Interest rates refer to lev instruments.2 Interest rates and volumes on overnight deposits on new business and on balances coincide.

Source: BNB.

1.23. VOLUMES1 ON BALANCES ON DEPOSITS

(million BGN)

Non-financial corporations Households

Overnight Deposits with agreed maturity Overnight Deposits with agreed maturity

deposits2 up to 2 years over 2 years deposits2 up to 2 years over 2 years

2008 X 4404.1 2496.9 137.5 2514.7 4182.1 275.3XI 4315.7 2325.2 139.9 2518.2 4265.6 272.3

XII 4963.6 2713.9 101.0 2655.7 4665.3 259.9

2009 I 4552.5 2445.0 90.7 2472.8 4952.8 255.4II 4178.1 2656.6 81.7 2497.2 5108.9 250.7

III 4195.4 2626.6 80.0 2392.1 5197.7 243.6IV 3978.7 2665.3 77.2 2466.4 5254.4 239.4V 4033.7 2562.8 77.6 2341.1 5247.6 234.4

VI 4164.2 2442.5 99.7 2335.5 5342.7 225.4VII 3943.1 2465.6 98.2 2357.1 5426.6 220.3

VIII 4085.4 2310.9 98.7 2328.1 5536.2 214.8IX 4033.8 2364.8 96.3 2288.5 5620.5 210.5X 3848.1 2447.8 102.2 2294.5 5724.8 207.1

1 Volumes refer to lev instruments.2 Interest rates and volumes on overnight deposits on new business and on balances coincide.

Source: BNB.

94


1.24. YIELDS ON GOVERNMENT SECURITIES

Yield on BGN-denominated interest-bearing government securities on the secondary market1 Long-terminterest

3 years 5 years 7 years2 10 years rate3

2008 X 5.11 6.62 - 6.44 5.17XI - - - 7.94 6.00

XII 3.38 4.09 - 7.68 7.76

2009 I - 4.40 6.17 7.23 7.14II - 6.17 4.67 7.19 7.09

III - 4.45 4.70 6.73 7.73IV - 4.45 - 7.06 7.24V - 5.88 4.74 7.07 7.08

VI - 5.44 - 7.48 7.30VII - 5.07 - 4.28 7.56

VIII - 5.33 5.71 7.50 7.77IX - 4.88 5.72 7.06 7.45X 3.19 4.79 3.21 6.70 7.08

1 The average weighted effective yield achieved on the secondary market during the reporting period. The yield is calculated using the ISMA formula at ACT/365 day countconvention.

2 Government securities with maturity of seven years also include issues of seven years and three months.3 LTIR ≠ long-term interest rate for convergence assessment purposes. It is determined on the basis of the secondary market yield to maturity of a long-term bond (benchmark)

issued by the Ministry of Finance (Central Government sector) and denominated in national currency. The ISMA formula at ACT/365 day count convention is used.

Source: BNB.

1.25. INTERBANK MARKET INDICES1

SOFIBOR EURIBOR3

BIR2 LEONIA EONIA3 1 3 6 12 1 3 6 12month months months months month months months months

2008 X 5.38 5.72 3.82 7.22 7.69 8.05 8.94 4.83 5.11 5.18 5.25XI 5.72 5.77 3.15 7.36 7.89 8.31 9.16 3.84 4.24 4.29 4.35

XII 5.77 5.17 2.49 7.07 7.74 8.25 9.24 2.99 3.29 3.37 3.45

2009 I 5.17 3.92 1.81 6.21 7.03 7.92 9.31 2.14 2.46 2.54 2.62II 3.92 3.49 1.26 5.63 6.61 7.74 9.31 1.63 1.94 2.03 2.14

III 3.49 3.53 1.06 5.64 6.58 7.86 9.53 1.27 1.64 1.77 1.91IV 3.53 2.27 0.84 4.97 6.05 7.47 9.64 1.01 1.42 1.61 1.77V 2.27 2.35 0.78 4.80 5.98 7.40 9.71 0.88 1.28 1.48 1.64

VI 2.35 2.24 0.70 4.75 5.94 7.32 9.74 0.91 1.23 1.44 1.61VII 2.24 1.71 0.36 4.40 5.69 7.23 9.71 0.61 0.98 1.21 1.41

VIII 1.71 1.57 0.35 4.08 5.30 6.64 9.39 0.51 0.86 1.12 1.33IX 1.57 1.46 0.36 3.87 5.11 6.44 9.27 0.46 0.77 1.04 1.26X 1.46 0.61 0.36 3.30 4.84 6.16 9.27 0.43 0.74 1.02 1.24

1 Monthly values are calculated as a simple average of daily values.2 Since 1 February 2005, according to a Resolution of the BNB Governing Council, the BIR equals the simple average of the daily values of LEONIA (L≈v OverNight Index

Average, a reference index of the conducted and settled transactions in overnight deposits in BGN) for the business days of the previous calendar month (base period).3 ECB data.

Source: BNB.

95


2.I.2008 4.78 4.23 0.531.II.2008 4.85 4.19 0.64

3.III.2008 4.94 4.20 0.711.IV.2008 4.96 4.36 0.581.V.2008 5.04 4.39 0.63

2.VI.2008 5.07 4.46 0.591.VII.2008 5.18 4.45 0.70

1.VIII.2008 5.38 4.48 0.861.IX.2008 5.36 4.51 0.811.X.2008 5.51 5.07 0.42

3.XI.2008 5.87 4.39 1.421.XII.2008 5.93 3.52 2.32

2.I.2009 5.29 2.56 2.672.II.2009 3.99 1.73 2.22

2.III.2009 3.55 1.51 2.011.IV.2009 3.59 1.11 2.451.V.2009 2.29 0.94 1.34

1.VI.2009 2.38 0.93 1.441.VII.2009 2.26 0.72 1.53

3.VIII.2009 1.72 0.49 1.231.IX.2009 1.58 0.43 1.151.X.2009 1.47 0.39 1.07

2.XI.2009 0.61 0.39 0.221.XII.2009 0.55 0.45 0.10

1.27. QUOTATIONS OF BULGARIAN GLOBAL BONDS

Date

bid offer bid offer

Global bonds in euro(EUR per EUR 100

nominal value)

Global bonds in US dollars(USD per USD 100

nominal value)

1.26. INTEREST DIFFERENTIAL BETWEEN

BASE INTEREST RATE AND MONTHLY EURO LIBOR

(%)

Base interest rate Interest rate Interest Date effective annual (EUR) (If) differential2

rate (I) 1

1.X.2009 108.93 110.55 114.88 116.732.X.2009 109.34 110.66 115.31 116.805.X.2009 109.19 110.84 115.18 117.156.X.2009 109.33 110.67 115.83 117.787.X.2009 109.33 110.68 115.59 117.508.X.2009 109.27 110.59 115.76 117.659.X.2009 109.13 110.49 115.50 117.40

12.X.2009 109.04 110.46 115.33 117.2713.X.2009 109.19 110.62 115.55 117.4114.X.2009 109.12 110.57 115.88 117.8615.X.2009 109.11 110.54 115.50 117.5916.X.2009 108.95 110.41 115.55 117.6919.X.2009 108.80 110.38 115.52 117.6520.X.2009 108.94 110.53 116.29 118.3321.X.2009 109.09 110.70 115.80 117.7022.X.2009 108.83 110.45 115.48 117.3823.X.2009 108.94 110.41 115.89 117.7926.X.2009 108.95 110.38 116.24 117.6627.X.2009 109.05 110.42 116.28 117.6628.X.2009 108.97 110.33 116.33 117.6729.X.2009 108.92 110.35 116.48 117.7730.X.2009 109.21 110.33 116.22 117.50

2.XI.2009 109.05 110.16 116.64 117.753.XI.2009 108.74 109.90 116.42 117.474.XI.2009 108.65 109.64 116.32 117.325.XI.2009 108.78 109.74 116.21 117.276.XI.2009 108.80 109.77 116.27 117.369.XI.2009 108.56 109.88 115.85 117.76

10.XI.2009 108.86 109.84 116.22 117.3511.XI.2009 108.87 109.88 116.25 117.4012.XI.2009 108.99 110.02 116.26 117.4213.XI.2009 109.00 110.05 116.72 117.7816.XI.2009 109.09 110.00 116.66 117.8017.XI.2009 108.91 110.21 116.63 118.1218.XI.2009 108.98 110.30 116.58 118.0419.XI.2009 109.09 110.06 116.65 117.8220.XI.2009 108.73 110.47 116.64 118.1023.XI.2009 108.85 110.24 116.74 117.8424.XI.2009 108.83 110.27 116.71 117.8225.XI.2009 108.77 110.24 116.68 117.8326.XI.2009 108.88 110.43 116.65 117.8027.XI.2009 108.83 110.45 116.53 117.9830.XI.2009 108.87 110.45 116.59 118.03

Source: Reuters.

1 Calculated on an annual basis.2 Calculated according to the formula:

Sources: BNB, Reuters.

96


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AN

CE

OF

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YM

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TS

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illio

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UR

)

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ly d

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XI

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X.

as o

f 30.I

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as o

f 30.I

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as o

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X.

2008

2009

2008

2009

2008

2009

Dat

a ac

cum

ulat

edfr

om th

e be

ginn

ing

of th

e ye

ar

Dat

a ac

cum

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edin

the

last

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s

97


B

alan

ce o

n go

ods,

ser

vice

s an

d in

com

e, n

et

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net

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rent

tran

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s, c

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it

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al

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nt 1

, 6, 7

Cap

ital t

rans

fers

, net

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ups

A a

nd B

, tot

al

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inan

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ou

nt 1

, 6

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ect i

nves

tmen

t, ne

t

Dir

ect i

nves

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ity c

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l

R

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este

d ea

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gs

O

ther

cap

ital

D

irec

t inv

estm

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n re

port

ing

econ

omy 8

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ity c

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l

R

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ther

cap

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gers

and

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tions

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10

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t, ne

t

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men

t ass

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1

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er in

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t, ne

t

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vest

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rade

cre

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12

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oans

C

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tinue

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CE

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PA

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ion

EU

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X.

2008

2009

2008

2009

2008

2009

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134.

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2.1

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5.7

Dat

a ac

cum

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om th

e be

ginn

ing

of th

e ye

ar

Dat

a ac

cum

ulat

edin

the

last

12m

onth

s

98


*A

naly

tical

rep

ortin

g of

the

bala

nce

of p

aym

ents

in a

ccor

danc

e w

ith I

MF

5th

edi

tion

of th

e B

alan

ce o

f Pay

men

ts M

anua

l.1

Pre

limin

ary

data

. Rev

ised

dat

a fo

r Ju

ly a

nd A

ugus

t 200

9. T

he A

pril

≠ Se

ptem

ber

2009

bal

ance

of p

aym

ents

dat

a ar

e to

be

revi

sed

with

the

Oct

ober

200

9 re

port

.2

Dat

a ba

sed

on c

usto

ms

decl

arat

ions

pro

cess

ed b

y th

e B

NB

and

sup

plem

ente

d w

ith N

SI in

form

atio

n. D

ata

coor

dina

ted

with

the

NSI

.P

relim

inar

y da

ta fo

r 20

09 p

rovi

ded

by th

e N

SI a

s of

5 N

ovem

ber

2009

incl

udin

g In

tras

tat s

yste

m d

ata

on E

U c

ount

ries

and

cus

tom

s de

clar

atio

ns d

ata

on c

ount

ries

out

side

the

EU

.Im

port

s es

timat

es a

t FO

B p

rice

s ba

sed

on a

BN

B a

nd N

SI m

etho

dolo

gy.

3F

reig

ht tr

ansp

orta

tion

estim

ates

follo

win

g a

met

hodo

logy

of t

he B

NB

and

the

NSI

.4

Est

imat

es fo

llow

ing

a m

etho

dolo

gy o

f the

BN

B a

nd th

e M

inis

try

of E

cono

my.

Dat

a ab

out t

he n

umbe

r of

fore

igne

rs w

ho v

isite

d B

ulga

ria

and

of B

ulga

rian

s w

ho tr

avel

led

abro

ad a

re b

ased

on

prel

imin

ary

info

rmat

ion

prov

ided

by

the

NSI

.5

Est

imat

es fo

llow

ing

a m

etho

dolo

gy o

f the

BN

B.

6A

min

us s

ign

deno

tes

flig

ht o

f cap

ital (

incr

ease

in a

sset

s or

dec

reas

e in

liab

ilitie

s).

7T

he C

apita

l acc

ount

incl

udes

Cap

ital t

rans

fers

and

Acq

uisi

tion/

Dis

posa

l of n

on-p

rodu

ced

non-

finan

cial

ass

ets.

8P

relim

inar

y da

ta. D

ata

prov

ided

by

the

com

pani

es w

ith in

tern

atio

nal i

nter

est,

the

Pri

vatis

atio

n A

genc

y, th

e N

SI, t

he C

entr

al D

epos

itory

, ban

ks, e

tc. D

ata

for

2008

and

200

9 in

clud

e on

ly r

einv

este

d ea

rnin

gs o

f ban

ks.

9D

ata

base

d on

rep

orts

of r

esid

ents

í obl

igat

ions

on

fina

ncia

l cre

dits

to n

on-r

esid

ents

rec

eive

d at

the

BN

B. D

ue to

qua

rter

ly r

epor

ting

of th

ese

liabi

litie

s, d

ata

are

subj

ect t

o re

visi

on.

10T

he it

em in

clud

es a

ll tr

ansa

ctio

ns a

ssoc

iate

d w

ith a

cqui

sitio

ns a

nd m

erge

rs.

11D

ata

sour

ce: b

anks

.12

Bul

gari

aís

exte

rnal

cla

ims

on tr

ade

cred

its (

paid

adv

ance

s an

d cl

aim

s on

sup

plie

rs)

are

incl

uded

in th

is it

em. D

ue to

qua

rter

ly r

epor

ting,

dat

a ar

e su

bjec

t to

revi

sion

.13

Oth

er s

ecto

rs d

ata

for

2008

pro

vide

d by

the

BIS

. Dat

a fo

r 20

09 a

re s

ubje

ct to

rev

isio

n.14

Bul

gari

aís

exte

rnal

liab

ilitie

s on

trad

e cr

edits

(re

ceiv

ed a

dvan

ces

and

oblig

atio

ns to

sup

plie

rs)

are

incl

uded

in th

is it

em. D

ue to

qua

rter

ly r

epor

ting

of th

ese

liabi

litie

s, d

ata

are

subj

ect t

o re

visi

on.

15E

xclu

ding

cha

nges

in B

NB

res

erve

ass

ets

due

to v

alua

tion

adju

stm

ents

. A m

inus

sig

n de

note

s an

incr

ease

in r

eser

ve a

sset

s an

d a

posi

tive

sign

a d

ecre

ase.

Sour

ce: B

NB

.

O

ther

inve

stm

ent l

iabi

litie

s

Tra

de c

redi

ts, n

et 1

4

L

oans

C

urre

ncy

and

depo

sits

O

ther

liab

ilitie

s

Gro

ups

A, B

and

C, t

otal

D. E

rrors

an

d o

mis

sion

s

OV

ER

AL

L B

AL

AN

CE

(gr

oups

A, B

, C a

nd D

)

E. R

ese

rves

an

d o

ther

fin

an

cin

g

BN

B r

eser

ve a

sset

s 15

Use

of

Fun

d cr

edit,

net

Exc

eptio

nal f

inan

cing

, net

2.1

. B

AL

AN

CE

OF

PA

YM

EN

TS

*(c

ontin

ued)

(mill

ion

EU

R)

M

onth

ly d

ata

IXX

XI

XII

III

IIIIV

VV

IV

IIV

IIIIX

as o

f 30.I

X.

as o

f 30.I

X.

as o

f 30.I

X.

as o

f 30.I

X.

2008

2009

2008

2009

2008

2009

619.

940

0.1

432.

7-3

84.2

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0.5

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1.1

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69.9

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21.7

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8-3

8.5

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5.5

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5.5

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70.

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99


2.2. EXPORTS AND IMPORTS

2.2.1. EXPORTS BY USE, 2009(million EUR)

Commodity groups I II III I quarter IV V VI II quarter VII VIII Total

Consumer goods Food Cigarettes Drink Clothing and footwear Medical goods and cosmetics Housing and home furniture Other

Raw and other materials Cast-iron, iron and steel Non-ferrous metals Chemicals Plastics and rubber Fertilizers Textiles Food feedstocks Wood and paper, cardboard Cement Tobacco Other

Investment goods Machines, tools and appliances Electrical machines Transportation facilities Spare parts and equipment Other

Non-energy goods, total

Energy resources

Oil products Other

Other exports1

EXPORTS, TOTAL (FOB)

1 Including information on exports of goods not classified elsewhere.

Source: Customs declarations data supplemented with NSI information and processed by the BNB. Data coordinated with the NSI. Preliminary data provided by the NSI,including Intrastat system data as of 5 November 2009 and customs declarations data as of 18 September 2009.

247.3 273.1 272.3 792.8 270.7 240.6 272.0 783.3 289.0 245.7 2110.744.9 50.1 50.9 146.0 57.1 49.0 55.3 161.4 56.0 52.4 415.64.9 5.5 5.4 15.7 4.6 4.9 4.5 14.0 5.0 5.9 40.64.7 5.6 7.2 17.5 7.5 5.1 6.2 18.8 6.8 6.1 49.1

110.2 106.3 94.7 311.2 94.5 87.8 107.1 289.3 123.0 91.5 815.117.3 33.9 42.2 93.4 31.1 26.1 24.8 82.0 23.9 27.5 226.735.6 43.9 44.6 124.2 45.7 41.4 46.1 133.2 46.3 37.0 340.729.7 27.9 27.3 84.9 30.2 26.4 28.1 84.6 28.1 25.3 222.9

366.6 410.9 380.4 1157.9 318.2 400.1 366.9 1085.1 443.1 436.2 3122.358.3 42.3 32.7 133.3 39.5 34.5 32.3 106.3 29.7 31.2 300.662.9 111.5 104.7 279.1 46.8 105.2 53.5 205.5 110.2 123.7 718.621.9 21.8 15.9 59.6 17.9 20.3 21.9 60.0 19.8 14.0 153.418.8 19.9 24.9 63.6 24.8 25.2 28.3 78.3 29.8 22.9 194.712.0 0.6 2.3 15.0 0.6 0.7 0.3 1.7 4.4 2.9 23.930.1 36.2 30.1 96.4 31.6 32.3 43.2 107.1 37.1 21.4 262.064.0 72.3 59.0 195.3 51.4 60.1 60.4 171.8 98.3 90.4 555.811.9 14.3 15.4 41.6 17.1 15.8 17.1 49.9 16.2 14.1 121.80.1 0.8 0.8 1.7 0.8 1.0 1.2 3.0 0.6 1.0 6.4

16.3 14.3 13.4 44.0 8.9 9.3 8.7 26.9 11.3 23.3 105.570.3 76.8 81.1 228.2 78.9 95.6 100.0 274.5 85.7 91.2 679.7

130.6 157.2 189.2 477.0 147.2 138.6 177.9 463.7 161.3 154.5 1256.535.0 46.8 64.1 146.0 44.1 36.0 54.5 134.6 48.8 35.5 364.917.2 21.3 24.7 63.3 17.7 24.9 22.2 64.8 23.5 23.1 174.77.3 11.4 23.8 42.4 17.7 14.0 24.9 56.6 14.1 25.1 138.2

28.1 29.5 38.9 96.5 27.5 24.6 30.3 82.4 31.7 27.5 238.043.0 48.1 37.7 128.8 40.3 39.1 46.0 125.4 43.2 43.3 340.7

744.6 841.2 841.9 2427.7 736.1 779.2 816.8 2332.1 893.4 836.4 6489.6

65.8 57.9 124.1 247.8 94.2 124.4 180.6 399.2 134.0 147.9 928.9

39.3 24.5 103.3 167.1 75.6 109.8 154.9 340.3 101.6 122.6 731.526.5 33.4 20.8 80.6 18.6 14.7 25.6 58.9 32.4 25.4 197.3

0.3 0.4 0.4 1.1 0.4 0.4 0.4 1.2 0.5 0.4 3.2

810.7 899.4 966.5 2676.5 830.7 904.1 997.7 2732.5 1027.9 984.7 7421.6

100


2.2.

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2008

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15203.8

101


2.2.3. IMPORTS BY USE, 2009(million EUR)

Commodity groups I II III I quarter IV V VI II quarter VII VIII Total

Consumer goods Food, drink and cigarettes Housing and home furniture Medical goods and cosmetics Clothing and footwear Automobiles Other

Raw and other materials Ores Cast-iron, iron and steel Non-ferrous metals Textiles Wood and paper, cardboard Chemicals Plastics and rubber Food feedstocks Hide Tobacco Other

Investment goods Machines, tools and appliances Electrical machines Transportation facilities Spare parts and equipment Other

Non-energy goods, total

Energy resources

Fuels Crude oil and natural gas Coal Other fuels Other Oils Electricity

Other imports1

IMPORTS, TOTAL (CIF)

1 Including information on imports of goods in Chapter 99 Customs Concessions of the Customs Tariff and imports of goods not classified elsewhere.


255.2 280.7 313.3 849.2 300.8 267.3 282.2 850.4 268.9 252.9 2221.483.1 87.1 104.4 274.5 104.0 96.3 93.1 293.5 83.8 74.9 726.849.2 51.4 53.7 154.3 51.9 48.3 56.6 156.9 54.3 54.2 419.754.0 54.6 61.0 169.6 58.0 51.7 60.5 170.2 58.9 57.1 455.818.9 29.7 32.2 80.9 28.8 19.5 17.4 65.6 18.5 23.9 188.914.4 16.1 18.9 49.4 17.0 14.3 15.2 46.4 14.3 9.0 119.135.6 41.8 43.1 120.5 41.2 37.2 39.4 117.7 39.1 33.8 311.1

411.5 437.3 447.3 1296.1 449.1 478.3 491.7 1419.2 486.7 447.5 3649.544.1 32.7 43.5 120.4 49.7 54.0 46.1 149.9 51.2 67.2 388.743.9 55.9 39.4 139.2 37.3 39.1 48.5 124.9 38.8 41.0 343.922.4 22.7 13.6 58.8 15.7 20.3 23.8 59.7 20.7 23.5 162.665.2 70.5 76.9 212.6 84.0 93.0 91.9 268.9 78.7 46.7 606.926.9 28.2 28.6 83.7 27.1 26.1 29.5 82.6 31.5 26.8 224.631.3 28.3 28.0 87.6 25.9 19.8 24.8 70.5 23.2 23.0 204.349.6 57.0 61.6 168.2 63.8 62.7 72.6 199.1 72.8 68.2 508.235.6 32.0 34.2 101.8 32.2 26.2 34.5 92.9 35.9 29.4 260.03.8 3.8 5.2 12.8 7.6 7.7 7.8 23.1 5.5 2.3 43.71.6 2.7 6.0 10.3 5.8 29.6 4.6 40.0 10.2 8.4 69.0

87.0 103.5 110.2 300.7 100.1 99.8 107.7 307.6 118.2 111.2 837.6

338.2 341.6 415.4 1095.3 362.6 342.8 372.9 1078.3 361.7 305.4 2840.8107.0 121.5 159.0 387.5 138.5 120.2 136.7 395.4 132.8 122.9 1038.655.9 47.5 61.8 165.1 49.6 64.9 70.7 185.2 49.9 64.3 464.673.5 64.8 61.4 199.6 49.4 70.5 50.4 170.3 54.4 33.5 457.942.4 42.8 43.9 129.2 36.2 39.2 44.5 119.9 53.1 43.8 345.959.5 65.0 89.3 213.8 88.9 47.9 70.7 207.5 71.5 41.0 533.8

1005.0 1059.6 1176.0 3240.6 1112.6 1088.4 1146.9 3347.9 1117.3 1005.9 8711.7

212.5 254.5 308.3 775.3 254.9 317.3 260.8 833.0 297.3 297.7 2203.3

187.8 228.4 279.4 695.5 220.0 282.6 219.1 721.7 246.0 239.3 1902.5138.9 188.0 246.8 573.8 196.2 264.4 208.3 668.9 234.1 227.6 1704.337.0 39.2 31.2 107.4 21.3 17.3 10.1 48.8 11.0 10.3 177.511.8 1.2 1.3 14.4 2.5 0.9 0.6 4.0 0.9 1.5 20.724.7 26.1 28.9 79.7 35.0 34.7 41.7 111.3 51.3 58.4 300.824.7 26.1 28.9 79.7 35.0 34.7 41.7 111.3 51.3 58.4 300.80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2.5 3.2 3.4 9.1 3.1 2.9 3.3 9.4 3.9 3.0 25.4

1220.0 1317.3 1487.7 4025.0 1370.7 1408.6 1411.0 4190.3 1418.4 1306.6 10940.4

102


2.4.

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(mill

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25093.5

103


2.2.5. EXPORTS BY MAJOR TRADING PARTNER AND REGION, 2009(million EUR)

Countries I II III I quarter IV V VI II quarter VII VIII Total

European Union-27, including: European Union-15, including: 1

Austria Belgium Denmark Finland France Germany Greece Ireland Italy Luxembourg Netherlands Portugal Spain Sweden United Kingdom European Union ≠ new Member States, including: 2

Cyprus Czech Republic Estonia Hungary Latvia Lithuania Malta Poland Romania Slovakia Slovenia

Europe, including: 3

Russia Switzerland Ukraine

Balkan countries, including: 4

Albania Bosnia and Herzegovina Croatia Turkey Macedonia Serbia Montenegro

North and South America, including: Brazil Canada USA

Asia, including: China Georgia Japan

Other countries

EXPORTS, TOTAL (FOB)

1 Including EU Member States prior to the enlargement of 1 May 2004.2 According to Eurostat classification. Including new Member States which joined the EU on 1 May 2004 and on 1 January 2007.3 Including Russia, Switzerland, Ukraine, Gibraltar (UK), Moldova, Belarus, Norway, Liechtenstein, San Marino, Iceland and Monaco.4 Including Turkey, Serbia, Montenegro, Macedonia, Albania, Croatia and Bosnia and Herzegovina.


564.9 621.9 598.1 1784.9 509.4 574.0 613.5 1696.9 726.4 611.0 4819.2441.9 491.2 467.9 1401.0 379.7 438.5 487.1 1305.3 565.8 481.5 3753.731.3 17.1 17.6 66.0 14.6 13.5 17.8 45.8 16.9 14.9 143.650.1 85.9 44.1 180.1 21.0 57.0 28.6 106.5 76.6 68.6 431.82.8 2.3 1.8 7.0 2.0 2.3 3.4 7.7 3.5 3.2 21.31.2 1.4 1.4 4.1 0.9 0.9 1.4 3.3 1.6 1.4 10.3

37.7 39.1 41.9 118.6 39.0 37.6 56.5 133.0 45.6 45.3 342.6102.0 94.8 92.8 289.7 90.3 96.1 102.4 288.7 128.9 118.3 825.667.5 85.5 96.9 249.9 82.2 80.4 102.6 265.2 110.7 73.7 699.50.5 1.0 0.8 2.3 0.5 0.5 0.4 1.5 0.7 0.8 5.2

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15.2 15.8 12.2 43.2 10.2 12.8 18.0 41.0 14.2 18.0 116.41.9 4.3 8.8 15.0 0.6 1.9 1.7 4.1 0.8 4.6 24.5

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18.6 18.6 17.5 54.6 18.3 14.4 18.7 51.5 21.5 20.0 147.7123.0 130.7 130.2 383.8 129.7 135.5 126.4 391.6 160.5 129.5 1065.6

3.2 3.4 3.4 10.0 4.4 3.5 3.9 11.9 5.5 4.1 31.46.0 5.6 7.5 19.1 7.1 5.8 8.2 21.1 9.6 6.1 56.00.2 0.3 0.2 0.7 0.2 0.2 0.2 0.7 0.4 0.3 2.1

10.7 9.5 9.7 29.9 12.5 9.2 9.1 30.8 11.3 10.1 82.10.8 1.0 0.8 2.6 0.8 0.7 1.0 2.5 1.2 1.0 7.41.0 0.9 1.0 2.8 1.3 5.2 1.1 7.6 2.1 0.8 13.30.3 0.3 0.4 1.1 0.4 0.7 0.3 1.4 0.5 0.7 3.7

13.7 12.8 14.6 41.1 14.9 11.9 13.9 40.8 17.1 14.2 113.273.2 88.2 76.2 237.6 81.4 85.1 80.7 247.1 96.8 81.1 662.58.9 4.7 11.0 24.6 3.6 10.2 5.5 19.3 9.9 8.1 61.95.1 3.9 5.5 14.4 3.0 3.0 2.5 8.5 6.0 3.1 32.0

28.7 43.3 79.7 151.7 46.3 42.9 55.1 144.3 41.5 62.4 399.910.7 24.3 31.6 66.6 19.5 22.6 20.4 62.5 16.0 30.7 175.87.9 7.3 7.2 22.4 7.1 5.4 6.5 19.0 6.0 8.1 55.64.4 6.1 5.7 16.2 5.8 3.6 7.3 16.7 7.8 17.2 57.9

95.5 115.8 106.3 317.6 139.2 138.9 131.0 409.1 123.9 146.6 997.14.3 4.4 3.9 12.6 5.3 4.8 4.7 14.7 4.9 6.2 38.42.7 2.5 1.8 7.0 1.7 1.9 1.8 5.4 2.2 2.8 17.42.3 4.0 16.1 22.4 4.5 3.3 4.6 12.4 7.8 6.6 49.2

42.3 48.6 44.8 135.7 73.2 80.3 69.6 223.1 66.3 81.9 507.114.1 24.1 17.2 55.5 20.0 16.9 19.5 56.4 18.0 20.7 150.729.2 31.6 21.8 82.5 33.7 31.1 30.1 94.9 23.9 26.6 227.90.5 0.6 0.7 1.8 0.8 0.7 0.7 2.1 0.9 1.7 6.4

21.0 13.0 37.7 71.7 15.5 23.5 32.3 71.2 31.8 16.5 191.20.3 0.4 17.6 18.3 0.8 0.2 0.8 1.9 4.9 0.5 25.61.9 2.4 2.7 7.0 2.4 1.9 1.9 6.2 2.0 2.1 17.4

15.7 7.4 14.1 37.3 9.0 19.5 27.0 55.5 22.4 10.6 125.8

57.0 49.3 59.2 165.5 65.1 77.1 93.6 235.8 63.9 93.4 558.72.8 3.2 5.8 11.7 9.3 4.7 4.6 18.6 3.4 3.2 36.95.1 4.3 6.8 16.2 7.5 6.7 7.9 22.0 7.4 11.0 56.61.3 0.8 1.9 3.9 2.1 0.6 1.3 3.9 1.6 1.0 10.5

43.6 56.0 85.5 185.1 55.3 47.8 72.2 175.2 40.3 54.8 455.4

810.7 899.4 966.5 2676.5 830.7 904.1 997.7 2732.5 1027.9 984.7 7421.6

104


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105


2.2.7. IMPORTS BY MAJOR TRADING PARTNER AND REGION, 2009(million EUR)

Countries* I II III I quarter IV V VI II quarter VII VIII Total

European Union-27, including: European Union-15, including: 1

Austria Belgium Denmark Finland France Germany Greece Ireland Italy Luxembourg Netherlands Portugal Spain Sweden United Kingdom European Union ≠ new Member States, including: 2

Cyprus Czech Republic Estonia Hungary Latvia Lithuania Malta Poland Romania Slovakia Slovenia

Europe, including: 3

Russia Switzerland Ukraine

Balkan countries, including: 4

Albania Bosnia and Herzegovina Croatia Turkey Macedonia Serbia Montenegro

North and South America, including: Brazil Canada USA

Asia, including: China Georgia Japan

Other countries

IMPORTS, TOTAL (CIF)

* By country of origin.1 Including EU Member States prior to the enlargement of 1 May 2004.2 According to Eurostat classification. Including new Member States which joined the EU on 1 May 2004 and on 1 January 2007.3 Including Russia, Switzerland, Ukraine, Gibraltar (UK), Moldova, Belarus, Norway, Liechtenstein, San Marino, Iceland and Monaco.4 Including Turkey, Serbia, Montenegro, Macedonia, Albania, Croatia and Bosnia and Herzegovina.


632.2 687.3 802.6 2122.1 706.0 755.3 782.6 2243.9 756.2 660.8 5783.1475.7 523.7 626.0 1625.4 529.6 586.6 602.4 1718.7 577.4 473.3 4394.732.7 27.3 35.1 95.1 30.5 27.9 37.5 96.0 31.7 33.3 256.116.9 18.8 53.2 88.8 20.8 20.2 21.3 62.3 19.9 18.9 189.99.3 8.4 6.4 24.1 7.8 5.5 6.6 19.9 9.6 6.9 60.44.1 10.9 2.3 17.3 3.8 9.1 5.2 18.0 5.5 6.1 46.9

79.2 49.9 59.5 188.6 47.3 65.4 56.3 169.0 49.2 40.7 447.5127.7 158.2 185.1 471.0 148.7 145.9 179.9 474.5 157.2 136.3 1239.148.0 66.3 74.7 188.9 70.1 91.0 80.8 241.8 90.0 72.9 593.77.6 3.5 4.1 15.2 5.8 6.0 7.0 18.8 4.9 5.0 43.9

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23.3 22.6 27.3 73.2 24.0 24.0 27.8 75.8 23.4 25.5 197.91.7 1.9 2.3 6.0 2.6 11.1 6.4 20.2 1.9 1.7 29.7

20.5 24.0 27.7 72.3 28.1 27.2 27.5 82.8 28.2 22.5 205.77.2 9.6 9.6 26.4 10.0 8.4 9.7 28.2 10.0 8.0 72.5

17.8 22.2 21.1 61.1 17.4 20.2 22.1 59.7 19.7 18.0 158.5156.6 163.7 176.6 496.8 176.3 168.7 180.2 525.3 178.8 187.5 1388.3

0.4 0.7 1.5 2.5 0.4 0.8 1.1 2.4 1.0 0.7 6.619.6 35.4 32.7 87.7 30.5 31.6 30.4 92.4 32.8 38.5 251.40.2 0.9 0.4 1.4 0.4 0.2 0.6 1.2 0.3 0.5 3.4

26.3 28.2 28.6 83.1 26.9 28.1 28.0 83.0 25.8 27.9 219.70.4 0.5 0.5 1.3 0.3 0.1 0.4 0.9 0.2 0.2 2.62.2 0.8 1.3 4.4 1.2 1.3 1.4 3.9 0.9 1.1 10.30.2 0.2 0.6 1.0 0.3 0.5 0.6 1.4 0.7 0.3 3.5

30.3 31.5 33.1 94.9 29.7 31.7 32.6 94.0 38.1 31.9 259.058.6 47.7 54.7 160.9 66.7 59.5 66.4 192.6 61.3 69.9 484.712.1 11.2 15.1 38.4 12.4 8.8 9.3 30.6 8.9 10.0 87.96.3 6.8 8.2 21.2 7.4 6.1 9.3 22.8 8.7 6.5 59.2

199.6 288.8 322.6 811.0 299.1 247.5 272.5 819.1 320.1 247.4 2197.6151.2 222.8 265.6 639.6 252.6 214.5 219.7 686.8 260.5 186.8 1773.712.1 14.9 14.2 41.3 17.2 11.8 13.5 42.4 22.9 12.9 119.532.8 44.1 37.0 113.9 23.0 17.5 34.5 75.0 31.3 44.3 264.4

86.7 96.6 111.9 295.3 113.9 103.1 111.0 328.0 120.0 109.0 852.30.1 0.1 2.6 2.7 0.1 0.1 0.4 0.6 0.5 0.9 4.80.4 0.7 1.1 2.2 0.4 0.2 0.5 1.1 0.4 0.5 4.22.5 3.9 3.1 9.5 2.9 2.8 3.3 9.0 5.0 3.7 27.2

67.5 75.4 85.6 228.5 86.9 76.8 76.4 240.1 75.1 73.2 616.97.4 7.7 10.7 25.8 12.6 14.4 15.6 42.6 23.2 17.3 108.98.9 8.9 8.8 26.6 11.0 8.7 14.8 34.5 15.7 13.4 90.2

0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.1

99.8 69.3 63.5 232.5 77.3 74.8 71.2 223.3 69.2 75.4 600.412.1 20.2 4.9 37.3 4.4 4.0 10.1 18.5 26.2 21.3 103.34.2 2.6 1.6 8.4 3.2 5.9 1.5 10.5 9.7 1.1 29.7

36.2 32.4 30.0 98.7 38.3 24.6 31.1 94.0 20.2 20.3 233.2

192.3 164.0 165.6 522.0 153.8 209.9 162.6 526.2 140.9 199.9 1389.0101.3 83.4 72.1 256.8 66.9 68.6 65.6 201.1 66.8 70.3 595.0

2.0 8.6 8.6 19.1 12.0 1.3 12.1 25.5 7.0 10.4 62.013.0 13.8 12.4 39.1 14.4 10.8 27.1 52.4 11.9 8.7 112.0

9.4 11.2 21.5 42.1 20.5 18.1 11.0 49.7 12.0 14.2 118.0

1220.0 1317.3 1487.7 4025.0 1370.7 1408.6 1411.0 4190.3 1418.4 1306.6 10940.4

106


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19.2

20.8

61.2

16.2

14.9

16.0

47.1

23.0

15.5

21.3

59.9

231.

559

.853

.161

.717

4.6

66.8

66.3

90.1

223.

291

.611

7.8

66.6

276.

067

.445

.152

.816

5.4

839.

1

138.

315

2.9

165.

345

6.4

175.

018

5.4

185.

254

5.6

194.

717

0.5

177.

954

3.1

165.

014

5.5

113.

542

3.9

1969

.10.

10.

41.

01.

50.

81.

10.

62.

41.

10.

70.

92.

60.

40.

20.

10.

77.

30.

61.

91.

33.

81.

11.

91.

34.

22.

32.

00.

64.

90.

51.

30.

82.

515

.45.

44.

45.

114

.95.

36.

46.

818

.48.

75.

96.

220

.75.

12.

43.

611

.165

.296

.111

0.1

115.

532

1.6

120.

713

1.5

134.

838

7.0

134.

211

7.8

126.

137

8.1

122.

111

4.4

83.9

320.

514

07.2

23.4

21.4

26.1

70.9

30.9

27.2

25.4

83.5

29.4

26.3

24.8

80.4

20.6

15.5

12.5

48.7

283.

412

.814

.716

.243

.716

.317

.516

.450

.119

.117

.819

.356

.316

.211

.712

.640

.419

0.5

0.0

0.0

0.1

0.0

0.0

0.0

0.0

0.0

0.0

0.1

0.0

0.0

0.0

0.1

126.

712

1.5

89.5

337.

812

6.3

114.

513

1.6

372.

410

7.3

83.2

77.9

268.

417

4.5

95.8

89.5

359.

713

38.3

7.9

36.5

7.6

52.0

9.1

7.4

13.0

29.5

14.1

6.9

12.6

33.7

49.9

36.5

8.0

94.4

209.

62.

33.

62.

28.

11.

82.

02.

46.

32.

62.

02.

77.

33.

42.

720

.026

.147

.937

.736

.535

.610

9.8

56.5

40.7

40.3

137.

533

.636

.046

.311

5.9

53.3

46.0

33.8

133.

149

6.4

225.

523

5.9

198.

666

0.0

248.

227

3.0

270.

379

1.4

263.

725

6.3

376.

589

6.4

328.

031

5.4

249.

489

2.9

3240

.710

3.0

89.6

87.6

280.

298

.010

8.1

113.

731

9.8

108.

194

.413

1.2

333.

714

5.6

140.

211

1.9

397.

713

31.4

4.0

15.1

17.9

37.0

8.6

10.4

14.0

33.0

11.2

5.5

6.2

22.9

18.5

15.9

5.2

39.7

132.

722

.745

.927

.596

.126

.324

.342

.693

.229

.526

.031

.787

.128

.919

.519

.868

.234

4.6

25.9

32.6

27.1

85.5

22.0

23.7

33.8

79.6

25.5

25.8

16.8

68.1

13.8

9.4

12.7

36.0

269.

1

1820.4

1906.5

1994.0

5720.8

2252.4

2242.0

2435.6

6930.0

2398.8

1984.4

2119.6

6502.8

2369.5

1914.7

1655.7

5939.9

25093.5

107


2.3. GROSS EXTERNAL DEBT

2.3.1. GROSS EXTERNAL DEBT FOR 20091

(million EUR)

By institutional sector I II III IV V VI VII VIII IX

I. General government 2

Short-term

Long-term

Bonds and notes3

Bonds and notes held by residents 4

Loans

II. Monetary authorities

III. Banks 5

Short-term

Loans Currency and deposits Other debt liabilities Long-term

Bonds and notes Loans

IV. Other sectors 6

Short-term

Money market instruments Loans Trade credits Other debt liabilities Long-term

Bonds and notes 7

Loans

V. Direct investment: intercompany lending

GROSS EXTERNAL DEBT (I+II+III+IV+V)

Memo items

Long-term external debt 8

Short-term external debt

Public and publicly guaranteed external debtPrivate non-guaranteed external debt

Revolving credits 9

Trade credits 9, 10

Credits on demand 9

incl. intercompany loans

1 Preliminary data. Euro equivalent is calculated using average monthly exchange rates of respective foreign currencies as of end of period.2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data for September 2009 as of 27 October 2009.

Excluding debt liabilities of public sector companies and government guaranteed debt.3 Brady bonds, Eurobonds, Global bonds and government securities (denominated in BGN and foreign currency) held by non-residents are included in this item.4 In accordance with the residence concept, government securities issued and held by residents on international financial markets are subtracted from debt; therefore, they are

shown with a minus sign (at nominal value).5 Data source: banks (including data on private and state-owned banks). Deposits related to contingent liabilities are excluded.6 Data on public and private companies, including government guaranteed loans. Intercompany loans are excluded. Data cover only loans registered by the BNB and on which

the BNB has received information.7 Due to reconciliation of received data on portfolio investment of Other Sectors, data are to be revised (Source: Central Depository AD).8 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paragraphs 3.14 and 7.5, disbursements related to direct

investment are included in the long-term external debt.9 Data are included in the Gross external debt amount.10 Due to quarterly reporting of firms, data are subject to revisions.

Source: BNB.

2626.7 2623.6 2585.3 2655.9 2629.7 2761.4 2775.3 2764.0 2768.9

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2626.7 2623.6 2585.3 2655.9 2629.7 2761.4 2775.3 2764.0 2768.9

1841.6 1855.1 1800.3 1802.7 1749.8 1610.8 1610.6 1603.4 1587.0-795.2 -795.1 -765.9 -800.9 -759.2 -618.6 -602.4 -604.6 -564.31580.3 1563.6 1551.0 1654.1 1639.2 1769.1 1767.1 1765.2 1746.2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

8774.4 8769.8 8399.4 8464.7 8530.9 8397.4 8264.9 7968.1 8137.7

6762.8 6727.8 6652.3 6729.1 6819.7 6694.9 6540.1 6264.3 6475.5

763.9 853.8 860.1 838.4 844.4 881.8 822.2 788.8 820.05907.8 5811.5 5738.8 5790.8 5915.1 5753.4 5652.1 5409.2 5601.9

91.2 62.5 53.4 99.9 60.2 59.8 65.8 66.3 53.72011.5 2042.0 1747.1 1735.5 1711.2 1702.4 1724.8 1703.8 1662.2

44.5 44.6 44.5 44.5 44.4 44.4 44.6 44.7 44.71967.0 1997.4 1702.5 1691.0 1666.8 1658.0 1680.2 1659.1 1617.5

12070.1 11999.9 11965.0 11990.7 12030.5 11707.8 11660.7 11775.7 11580.5

6288.3 6219.2 6176.1 6147.0 6153.9 5909.7 5908.5 5938.6 5922.9

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.04628.4 4594.7 4598.7 4583.4 4603.9 4623.1 4621.9 4652.0 4636.31659.9 1624.5 1577.4 1563.6 1549.9 1286.6 1286.6 1286.6 1286.6

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.05781.8 5780.7 5788.9 5843.7 5876.6 5798.1 5752.2 5837.1 5657.6

290.1 290.0 289.2 288.1 287.4 213.2 215.6 215.7 216.75491.7 5490.7 5499.7 5555.6 5589.2 5584.9 5536.6 5621.4 5440.9

13637.7 13600.7 13701.6 13670.7 13614.7 13790.4 13701.5 14064.4 14070.6

37108.8 36994.0 36651.3 36782.0 36805.8 36657.0 36402.4 36572.2 36557.7

24057.7 24047.0 23822.9 23905.9 23832.2 24052.3 23953.8 24369.3 24159.313051.1 12946.9 12828.4 12876.1 12973.5 12604.6 12448.6 12202.9 12398.4

4037.4 4012.3 3974.2 4038.9 3994.3 4127.8 4143.2 4134.9 4133.133071.4 32981.7 32677.1 32743.1 32811.5 32529.1 32259.2 32437.3 32424.6

3985.5 3864.1 3912.7 3921.4 3911.3 3949.5 3979.2 4118.3 4105.02525.0 2492.4 2526.1 2487.4 2448.3 2251.0 2251.0 2251.0 2251.0

8904.5 8835.0 8758.5 8781.0 8767.1 8704.0 8719.9 8807.9 8790.65312.3 5262.9 5188.7 5189.3 5192.9 5122.3 5199.8 5318.8 5298.5

108


2.3.2. GROSS EXTERNAL DEBT FOR 20081

(million EUR)

By institutional sector I II III IV V VI VII VIII IX X XI XII


Short-term

Long-term

Bonds and notes3


Loans


III. Banks 5

Short-term

Loans Currency and deposits Other debt liabilities Long-term


IV. Other sectors 6

Short-term

Money market instruments Loans Trade credits Other debt liabilities Long-term

Bonds and notes 7

Loans



Memo items




Revolving credits 9

Trade credits 9

Credits on demand 9

incl. intercompany loans

1 Preliminary data. Euro equivalent is calculated using average monthly exchange rates of respective foreign currencies as of end of period.2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance.

Excluding debt liabilities of public sector companies and government guaranteed debt.3 Brady bonds, Eurobonds, Global bonds and government securities (denominated in BGN and foreign currency) held by non-residents are included in this item.4 In accordance with the residence concept, government securities issued and held by residents on international financial markets are subtracted from debt; therefore, they are

shown with a minus sign (at nominal value).5 Data source: banks (including data on private and state-owned banks). Deposits related to contingent liabilities are excluded.6 Data on public and private companies, including government guaranteed loans. Intercompany loans are excluded. Data cover only loans registered by the BNB and on which

the BNB has received information.7 Due to reconciliation of received data on portfolio investment of Other Sectors, data are to be revised (Source: Central Depository AD).8 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paragraphs 3.14 and 7.5, disbursements related to direct

investment are included in the long-term external debt.9 Data are included in the Gross external debt amount.

Source: BNB.

3116.6 3092.9 2804.7 2760.8 2742.7 2715.0 2679.4 2730.5 2729.0 2845.1 2716.6 2595.6

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

3116.6 3092.9 2804.7 2760.8 2742.7 2715.0 2679.4 2730.5 2729.0 2845.1 2716.6 2595.6

1719.0 1702.2 1668.1 1682.1 1683.8 1658.0 1665.9 1714.3 1738.6 1846.2 1848.6 1751.5-469.2 -440.6 -435.1 -477.0 -489.1 -469.5 -532.8 -540.1 -551.9 -587.0 -720.7 -714.31866.8 1831.3 1571.7 1555.7 1548.1 1526.5 1546.3 1556.3 1542.3 1585.9 1588.7 1558.4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

4958.3 5318.1 5748.2 6468.8 6435.4 7884.4 7831.8 8540.5 8948.0 9262.9 9635.7 9077.1

3511.6 3857.3 4259.5 4749.7 4723.6 5982.9 5756.2 6392.5 6831.0 7130.6 7438.8 6862.3

289.4 315.5 441.8 380.9 411.2 564.6 433.4 448.7 742.7 808.7 865.7 781.53131.6 3426.4 3728.9 4249.9 4171.1 5318.5 5208.6 5833.3 5946.7 6196.8 6423.9 5974.6

90.6 115.4 88.9 118.9 141.3 99.8 114.2 110.5 141.6 125.2 149.1 106.21446.7 1460.8 1488.7 1719.1 1711.8 1901.5 2075.6 2148.1 2116.9 2132.2 2196.9 2214.8

132.8 132.8 132.8 132.8 132.9 132.9 137.4 137.4 49.5 46.7 44.5 44.51313.9 1328.0 1356.0 1586.3 1579.0 1768.6 1938.2 2010.7 2067.4 2085.5 2152.4 2170.3

9543.6 9593.8 10341.3 10315.0 10605.3 10997.9 11288.4 11606.9 11776.0 11978.8 12024.0 11978.1

5127.3 5163.6 5581.1 5470.9 5662.2 5957.7 6150.0 6251.0 6300.0 6406.1 6344.6 6249.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.03549.7 3594.4 3798.4 3860.1 3988.0 4185.4 4357.9 4437.9 4442.9 4585.8 4562.7 4553.61577.6 1569.2 1547.7 1610.7 1674.1 1772.3 1792.1 1813.0 1857.1 1820.3 1781.8 1695.4

0.0 0.0 235.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.04416.3 4430.2 4760.2 4844.1 4943.1 5040.2 5138.4 5355.9 5476.1 5572.7 5679.4 5729.2

305.6 305.5 298.4 296.5 296.5 304.8 298.1 298.0 289.0 298.5 286.0 289.84110.7 4124.6 4461.8 4547.6 4646.7 4735.4 4840.3 5057.9 5187.1 5274.2 5393.3 5439.4

10934.8 11156.1 11389.2 11856.7 12252.2 11972.2 12342.9 12625.2 12895.8 13385.9 13373.7 13322.9

28553.3 29160.9 30283.4 31401.2 32035.5 33569.5 34142.5 35503.1 36348.8 37472.7 37750.0 36973.7

19914.4 20139.9 20442.8 21180.6 21649.8 21628.9 22236.3 22859.7 23217.8 23935.9 23966.6 23862.58638.8 9021.0 9840.6 10220.6 10385.7 11940.6 11906.2 12643.4 13131.0 13536.8 13783.3 13111.2

4145.1 4123.1 3854.2 3905.9 3935.8 3945.1 3938.1 4024.3 4042.1 4220.2 4108.7 3972.524408.2 25037.8 26429.2 27495.3 28099.7 29624.4 30204.5 31478.8 32306.7 33252.5 33641.3 33001.2

2170.1 2225.3 2271.2 2472.1 2855.3 3062.3 3312.2 3371.0 3726.3 3919.3 3891.7 3755.42451.8 2453.0 2431.4 2545.4 2660.1 2797.4 2811.5 2825.2 2899.6 2804.2 2704.4 2557.6

7340.0 7457.2 7709.9 7941.6 8133.1 7988.1 8124.9 8396.1 8461.1 8770.8 8793.4 8720.54296.4 4380.3 4443.7 4625.7 4843.8 4524.2 4611.0 4846.3 4887.7 5114.0 5150.6 5139.2

109


2.4. GROSS EXTERNAL DEBT DISBURSEMENTS

2.4.1. GROSS EXTERNAL DEBT DISBURSEMENTS IN 20091

(million EUR)

By institutional sector I II III I quarter IV V VI II quarter VII VIII IX III quarter


Short-term

Long-term

Bonds and notes Bonds and notes held by residents 3

Loans


III. Banks 4

Short-term

Loans Currency and deposits 5

Other debt liabilities Long-term


IV. Other sectors 6

Short-term

Money market instruments Loans Other debt liabilities Long-term




Memo items




Revolving credits 8

Trade credits 9

1 Actual external debt disbursements. Preliminary data. Data are recalculated in euro based on monthly average exchange rates of respective foreign currencies.2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data for September 2009 as of 27 October 2009. Excluding

data on debt liabilities of public sector companies and government guaranteed debt.3 The subitem represents the change in liabilities to non-residents resulting from transactions with residents. The transfer of bonds from residents to non-residents represents an

increase in liabilities to non-residents and is reflected with a positive sign.4 Data source: banks.5 As of January 2006 net increase in the amount of deposits over the reporting period is reflected in the Gross External Debt Disbursements table, while net decrease is

reflected in the Gross Debt Service table. Deposits related to contingent liabilities are excluded.6 Including received loans (excluding intercompany loans) registered by the BNB and on which the BNB has received information, as well as government guaranteed loans

(Source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data for September 2009 as of 27 October 2009).7 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paragraphs 3.14 and 7.5, disbursements related to direct

investment are included in the long-term external debt service.8 Data not included in the Gross External Debt Disbursements table by institutional sector.9 Net increase in the amount of trade credits received over the reporting period is reflected in the supplementary Gross External Debt Disbursements tables, while net decrease

is reflected in the supplementary Gross External Debt Service tables.

Source: BNB.

4.2 6.8 31.6 42.7 102.7 23.3 164.8 290.7 18.1 1.9 56.9 76.9

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

4.2 6.8 31.6 42.7 102.7 23.3 164.8 290.7 18.1 1.9 56.9 76.9

0.0 0.0 0.7 0.7 0.0 3.0 10.7 13.7 0.0 0.0 3.7 3.70.0 6.7 14.1 20.8 0.0 19.9 0.0 19.9 17.1 0.8 37.9 55.84.2 0.1 16.9 21.3 102.7 0.4 154.1 257.1 0.9 1.1 15.3 17.4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

21.9 157.1 73.0 252.0 101.7 175.2 42.5 319.3 64.5 5.4 228.9 298.8

0.7 100.9 21.3 122.9 97.4 151.3 35.5 284.2 8.2 0.9 219.1 228.1

0.6 100.3 21.3 122.2 0.1 16.0 35.4 51.4 2.2 0.2 22.3 24.60.0 0.0 0.0 0.0 50.7 135.3 0.0 186.0 0.0 0.0 196.8 196.80.1 0.6 0.0 0.7 46.6 0.1 0.1 46.7 6.0 0.7 0.0 6.7

21.2 56.2 51.7 129.1 4.3 23.9 7.0 35.2 56.2 4.5 9.9 70.6

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.0 0.321.1 56.2 51.7 129.0 4.3 23.9 7.0 35.2 56.1 4.4 9.9 70.4

116.2 83.9 117.8 317.9 148.0 127.2 99.2 374.4 34.2 95.9 134.4 264.5

44.0 10.8 27.3 82.2 25.0 30.1 41.6 96.7 6.3 32.0 19.6 57.9

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.044.0 10.8 27.3 82.2 25.0 30.1 41.6 96.7 6.3 32.0 19.6 57.90.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

72.2 73.1 90.5 235.8 123.0 97.1 57.6 277.7 27.8 63.9 114.9 206.6

0.4 0.0 0.0 0.4 0.0 0.0 0.0 0.0 2.4 0.1 1.0 3.471.8 73.1 90.5 235.4 123.0 97.1 57.6 277.7 25.5 63.8 113.8 203.2

239.1 279.8 219.6 738.5 124.4 114.2 313.1 551.7 55.9 253.8 293.0 602.7

381.5 527.6 442.0 1351.1 476.8 439.8 619.5 1536.1 172.6 357.0 713.3 1242.9

336.7 415.9 393.4 1146.0 354.4 258.4 542.4 1155.3 158.1 324.2 474.6 956.844.8 111.7 48.7 205.1 122.4 181.4 77.0 380.8 14.5 32.9 238.6 286.0

9.1 11.6 57.8 78.6 123.2 31.9 188.4 343.5 22.5 5.5 59.0 87.0372.4 515.9 384.2 1272.5 353.6 408.0 431.0 1192.6 150.1 351.6 654.2 1155.9

398.0 188.9 312.7 899.6 246.6 291.3 425.9 963.8 35.9 316.5 405.1 757.40.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

110


4.2.

GR

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of F

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ce. E

xclu

ding

dat

a on

deb

t lia

bilit

ies

of p

ublic

sec

tor

com

pani

es a

nd g

over

nmen

t gua

rant

eed

debt

.3

The

sub

item

rep

rese

nts

the

chan

ge in

liab

ilitie

s to

non

-res

iden

ts r

esul

ting

from

tran

sact

ions

with

res

iden

ts. T

he tr

ansf

er o

f bon

ds fr

om r

esid

ents

to n

on-r

esid

ents

rep

rese

nts

an in

crea

se in

liab

ilitie

s to

non

-res

iden

ts a

nd is

ref

lect

ed w

ith a

posi

tive

sign

.4

Dat

a so

urce

: ban

ks.

5A

s of

Jan

uary

200

6 ne

t inc

reas

e in

the

amou

nt o

f dep

osits

ove

r th

e re

port

ing

peri

od is

ref

lect

ed in

the

Gro

ss E

xter

nal D

ebt D

isbu

rsem

ents

tabl

e, w

hile

net

dec

reas

e is

ref

lect

ed in

the

Gro

ss D

ebt S

ervi

ce ta

ble.

Dep

osits

rel

ated

toco

ntin

gent

liab

ilitie

s ar

e ex

clud

ed.

6In

clud

ing

rece

ived

loan

s (e

xclu

ding

inte

rcom

pany

loan

s) r

egis

tere

d by

the

BN

B a

nd o

n w

hich

the

BN

B h

as r

ecei

ved

info

rmat

ion,

as

wel

l as

gove

rnm

ent g

uara

ntee

d lo

ans

(Sou

rce:

Reg

iste

r of

Gov

ernm

ent a

nd G

over

nmen

t Gua

rant

eed

Deb

tof

the

Min

istr

y of

Fin

ance

).7

In c

ompl

ianc

e w

ith th

e re

quir

emen

ts o

f the

Ext

erna

l Deb

t Sta

tistic

s, G

uide

for

Com

pile

rs a

nd U

sers

, IM

F, 2

003,

par

agra

phs

3.14

and

7.5

, dis

burs

emen

ts r

elat

ed to

dir

ect i

nves

tmen

t are

incl

uded

in th

e lo

ng-t

erm

ext

erna

l deb

t ser

vice

.8

Dat

a no

t inc

lude

d in

the

Gro

ss E

xter

nal D

ebt D

isbu

rsem

ents

tab

le b

y in

stitu

tiona

l sec

tor.

9N

et in

crea

se in

the

amou

nt o

f tra

de c

redi

ts r

ecei

ved

over

the

repo

rtin

g pe

riod

is r

efle

cted

in th

e su

pple

men

tary

Gro

ss E

xter

nal D

ebt D

isbu

rsem

ents

tabl

es, w

hile

net

dec

reas

e is

ref

lect

ed in

the

supp

lem

enta

ry G

ross

Ext

erna

l Deb

t Ser

vice

tabl

es.

Sour

ce: B

NB

.

34.1

46.9

25.2

106.2

16.0

1.7

29.3

47.0

23.5

10.6

3.7

37.8

21.9

4.9

84.7

111.6

302.5

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

34.1

46.9

25.2

106.

216

.01.

729

.347

.023

.510

.63.

737

.821

.94.

984

.711

1.6

302.

519

.60.

00.

019

.60.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

019

.63.

242

.65.

951

.70.

00.

926

.927

.90.

05.

70.

76.

410

.20.

035

.745

.913

1.9

11.3

4.3

19.4

34.9

16.0

0.8

2.3

19.1

23.5

4.9

2.9

31.3

11.8

4.9

49.0

65.7

151.

1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

24.8

377.8

468.1

870.7

807.9

54.1

1494.0

2356.0

227.5

758.7

256.7

1242.9

340.4

400.1

43.9

784.5

5254.0

9.6

355.

543

0.2

795.

357

4.6

44.3

1292

.219

11.1

14.3

635.

217

1.1

820.

528

8.3

323.

80.

061

2.2

4139

.19.

633

.812

4.0

167.

423

.922

.014

2.7

188.

60.

016

.533

.349

.859

.972

.10.

013

2.0

537.

70.

029

6.4

305.

860

2.2

520.

10.

011

49.1

1669

.20.

061

8.7

107.

272

5.8

227.

622

7.2

0.0

454.

834

52.1

0.0

25.3

0.4

25.7

30.7

22.3

0.4

53.3

14.3

0.0

30.6

44.9

0.8

24.5

0.0

25.4

149.

315

.222

.337

.975

.423

3.2

9.8

201.

844

4.9

213.

212

3.5

85.7

422.

452

.176

.343

.917

2.3

1114

.90.3

0.0

0.0

0.3

0.0

0.1

0.1

0.2

4.4

0.0

0.0

4.5

0.0

0.0

0.0

0.0

4.9

14.9

22.3

37.9

75.1

233.2

9.7

201.7

444.7

208.7

123.5

85.7

417.9

52.1

76.3

43.9

172.3

1110.0

176.5

113.4

1066.1

1356.0

329.4

288.9

373.1

991.4

306.1

330.0

236.4

872.6

300.6

204.9

280.1

785.6

4005.5

53.2

55.8

432.

654

1.5

109.

680

.220

0.6

390.

414

2.4

71.6

55.8

269.

714

0.1

23.4

58.1

221.

514

23.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

53.2

55.8

197.

630

6.5

109.

680

.220

0.6

390.

414

2.4

71.6

55.8

269.

714

0.1

23.4

58.1

221.

511

88.2

0.0

0.0

235.

023

5.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

235.

012

3.3

57.6

633.

681

4.5

219.

920

8.7

172.

460

1.0

163.

825

8.4

180.

660

2.8

160.

518

1.5

222.

056

4.0

2582

.30.

00.

00.

00.

00.

00.

08.

38.

30.

00.

00.

00.

09.

50.

00.

09.

517

.812

3.3

57.6

633.

681

4.5

219.

920

8.7

164.

159

2.6

163.

825

8.4

180.

660

2.8

151.

018

1.5

222.

055

4.5

2564

.5

198.9

193.4

315.3

707.6

292.4

277.2

280.3

849.8

333.5

299.8

189.2

822.6

504.3

157.0

331.6

992.9

3372.9

434.2

731.4

1874.8

3040.4

1445.6

621.9

2176.6

4244.2

890.7

1399.1

686.0

2975.8

1167.3

766.9

740.4

2674.6

12934.9

371.

432

0.1

1012

.117

03.6

761.

449

7.4

683.

819

42.7

734.

069

2.3

459.

218

85.6

738.

941

9.7

682.

318

40.8

7372

.762

.741

1.3

862.

813

36.8

684.

212

4.5

1492

.823

01.5

156.

670

6.7

226.

810

90.2

428.

434

7.2

58.1

833.

755

62.3

68.1

57.2

55.5

180.

912

3.2

51.6

90.9

265.

754

.233

.314

.710

2.3

75.3

14.7

102.

019

2.0

740.

836

6.1

674.

218

19.3

2859

.613

22.4

570.

320

85.7

3978

.583

6.5

1365

.867

1.3

2873

.510

92.0

752.

263

8.3

2482

.612

194.

1

498.

745

0.3

394.

013

43.0

767.

585

3.0

789.

424

09.9

852.

372

7.7

986.

625

66.6

737.

842

9.9

416.

015

83.7

7903

.21.

11.

11.

94.

111

4.0

114.

711

4.8

343.

614

.113

.613

.241

.00.

00.

00.

00.

038

8.7

111


2.5. GROSS EXTERNAL DEBT SERVICE

2.5.1. GROSS EXTERNAL DEBT SERVICE, 20091

(million EUR)

By institutional sectorJanuary February March First quarter

Principal Interest Total Principal Interest Total Principal Interest Total Principal Interest Total


Short-term

Long-term

Bonds and notes


Loans


III. Banks 4

Short-term

Loans

Currency and deposits 5

Other debt liabilities

Long-term

Bonds and notes

Loans

IV. Other sectors 6

Short-term

Money market instruments

Loans


Long-term

Bonds and notes

Loans



Memo items



Public and publicly guaranteed external debt

Private non-guaranteed external debt

Revolving credits 8

Trade credits 9

(continued)

49.13 56.32 105.45 8.21 2.24 10.45 28.15 8.57 36.71 85.49 67.13 152.61

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

49.13 56.32 105.45 8.21 2.24 10.45 28.15 8.57 36.71 85.49 67.13 152.61

0.06 95.39 95.45 0.00 0.00 0.00 5.29 0.00 5.29 5.34 95.39 100.7345.95 -39.63 6.32 0.97 0.00 0.97 5.17 0.00 5.17 52.09 -39.63 12.463.13 0.56 3.69 7.24 2.24 9.48 17.69 8.57 26.25 28.06 11.37 39.42

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

351.23 9.88 361.12 160.58 6.67 167.25 441.05 9.82 450.87 952.86 26.38 979.24

124.84 0.22 125.06 134.35 0.59 134.94 93.47 4.14 97.60 352.66 4.94 357.60

17.53 0.22 17.75 7.83 0.59 8.42 23.54 4.14 27.68 48.91 4.94 53.8590.15 0.00 90.15 97.10 0.00 97.10 61.45 0.00 61.45 248.71 0.00 248.7117.16 0.00 17.16 29.42 0.00 29.42 8.47 0.00 8.47 55.05 0.00 55.05

226.39 9.66 236.05 26.23 6.09 32.31 347.59 5.68 353.27 600.20 21.43 621.63

0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.02 0.02 0.00 0.02226.39 9.66 236.05 26.23 6.09 32.31 347.57 5.68 353.25 600.18 21.43 621.62

106.45 37.32 143.77 78.28 16.65 94.93 88.74 25.68 114.42 273.47 79.65 353.12

31.60 7.64 39.24 21.20 3.80 24.99 35.22 4.83 40.04 88.01 16.26 104.28

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0031.60 7.64 39.24 21.20 3.80 24.99 35.22 4.83 40.04 88.01 16.26 104.280.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

74.85 29.68 104.53 57.08 12.85 69.93 53.53 20.85 74.38 185.46 63.39 248.84

0.00 0.00 0.00 0.15 0.00 0.15 0.83 0.00 0.83 0.98 0.00 0.9874.85 29.68 104.53 56.93 12.85 69.79 52.70 20.85 73.55 184.48 63.39 247.87

159.35 55.16 214.51 226.64 5.18 231.81 194.17 13.79 207.96 580.16 74.13 654.29

666.17 158.68 824.85 473.70 30.74 504.44 752.11 57.86 809.97 1891.97 247.29 2139.26

509.72 150.82 660.55 318.15 26.36 344.51 623.43 48.89 672.32 1451.30 226.08 1677.38156.45 7.86 164.30 155.55 4.39 159.93 128.68 8.96 137.65 440.67 21.21 461.88

57.79 62.67 120.45 18.01 4.32 22.33 30.27 12.59 42.86 106.07 79.58 185.65608.38 96.01 704.40 455.68 26.42 482.11 721.83 45.27 767.11 1785.90 167.71 1953.61

215.87 13.17 229.03 310.75 7.90 318.65 292.04 6.97 299.00 818.66 28.03 846.6932.58 0.00 32.58 32.62 0.00 32.62 32.66 0.00 32.66 97.86 0.00 97.86

112


(continued) (million EUR)

By institutional sectorApril May June Second quarter



Short-term

Long-term

Bonds and notes


Loans


III. Banks 4

Short-term

Loans



Long-term

Bonds and notes

Loans

IV. Other sectors 6

Short-term


Loans


Long-term

Bonds and notes

Loans



Memo items





Revolving credits 8

Trade credits 9

35.93 6.73 42.66 6.84 5.05 11.89 31.97 10.69 42.67 74.75 22.47 97.22

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

35.93 6.73 42.66 6.84 5.05 11.89 31.97 10.69 42.67 74.75 22.47 97.22

0.00 0.26 0.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.26 0.2635.40 0.00 35.40 0.00 0.00 0.00 8.19 0.00 8.19 43.59 0.00 43.590.53 6.47 6.99 6.84 5.05 11.89 23.79 10.69 34.48 31.16 22.21 53.37

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

40.85 5.92 46.77 97.71 4.67 102.38 178.43 6.49 184.92 316.99 17.09 334.07

23.82 0.75 24.58 50.89 1.30 52.19 162.20 0.69 162.89 236.91 2.74 239.65

23.60 0.75 24.36 11.76 1.30 13.07 0.29 0.69 0.97 35.66 2.74 38.400.00 0.00 0.00 0.00 0.00 0.00 161.48 0.00 161.48 161.48 0.00 161.480.22 0.00 0.22 39.12 0.00 39.12 0.43 0.00 0.43 39.77 0.00 39.77

17.03 5.17 22.19 46.82 3.37 50.19 16.23 5.81 22.03 80.07 14.34 94.42

0.00 0.00 0.00 0.12 0.00 0.12 0.00 0.00 0.00 0.12 0.00 0.1217.03 5.17 22.19 46.70 3.37 50.07 16.23 5.81 22.03 79.95 14.34 94.30

74.97 22.41 97.39 52.26 24.63 76.89 138.36 25.98 164.33 265.59 73.02 338.61

4.36 4.55 8.92 13.36 2.65 16.01 15.51 3.90 19.41 33.24 11.10 44.33

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004.36 4.55 8.92 13.36 2.65 16.01 15.51 3.90 19.41 33.24 11.10 44.330.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

70.61 17.86 88.47 38.90 21.98 60.88 122.85 22.08 144.93 232.36 61.92 294.28

1.04 0.00 1.04 0.70 0.00 0.70 74.18 0.00 74.18 75.92 0.00 75.9269.57 17.86 87.43 38.20 21.98 60.18 48.67 22.08 70.75 156.44 61.92 218.36

119.95 11.05 131.00 82.69 5.70 88.39 175.45 23.17 198.62 378.09 39.93 418.01

271.70 46.12 317.82 239.50 40.06 279.56 524.21 66.33 590.54 1035.41 152.50 1187.92

243.51 40.81 284.32 175.25 36.11 211.36 346.50 61.75 408.25 765.26 138.67 903.9328.19 5.31 33.49 64.25 3.95 68.20 177.71 4.58 182.29 270.15 13.84 283.99

62.99 10.69 73.68 19.13 13.87 33.00 50.28 19.77 70.05 132.40 44.34 176.73208.71 35.43 244.14 220.37 26.18 246.56 473.93 46.56 520.49 903.02 108.17 1011.18

238.58 10.18 248.75 295.85 3.78 299.63 389.31 9.38 398.69 923.74 23.34 947.0838.68 0.00 38.68 39.08 0.00 39.08 39.30 0.00 39.30 117.06 0.00 117.06

(continued)

113


1 Actual disbursements. Preliminary data. Data are recalculated in euro based on monthly average exchange rates of respective foreign currencies.2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data for September 2009 as of 27 October 2009. Excluding data

on debt liabilities of public sector companies and government guaranteed debt.3 In accordance with the residence concept, external debt payments are reduced with payments on securities held by residents and are increased with the securities (issued by resi-

dents in the international financial markets) which changed owners from residents to non-residents.4 Data source: banks. Deposits related to contingent liabilities are not included.5 As of January 2006 net increase in the amount of deposits over the reporting period is reflected in the Gross External Debt Disbursements table, while net decrease is reflected

in the Gross Debt Service table. Deposits related to contingent liabilities are excluded.6 Including principal and interest payments (excluding intercompany loans) registered by the BNB and on which the BNB has received information, as well as payments on gov-

ernment guaranteed debt (Source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Preliminary data for September 2009 as of 27 October2009).

7 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paragraphs 3.14 and 7.5, disbursements related to direct invest-ment are included in the long-term external debt service.

8 Data not included in the Gross External Debt Service tables.9 Net increase in the amount of trade credits received over the reporting period is reflected in the supplementary Gross External Debt Disbursements tables, while net decrease is

reflected in the supplementary Gross External Debt Service tables.

Source: BNB.


By institutional sectorJuly August September Third quarter



Short-term

Long-term

Bonds and notes


Loans


III. Banks 4

Short-term

Loans



Long-term

Bonds and notes

Loans

IV. Other sectors 6

Short-term


Loans


Long-term

Bonds and notes

Loans



Memo items





Revolving credits 8

Trade credits 9

2.96 22.40 25.37 10.11 1.07 11.18 35.73 6.12 41.85 48.81 29.59 78.40

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2.96 22.40 25.37 10.11 1.07 11.18 35.73 6.12 41.85 48.81 29.59 78.40

0.00 31.85 31.85 0.00 0.00 0.00 0.71 0.00 0.71 0.71 31.85 32.560.00 -9.86 -9.86 5.48 0.00 5.48 0.00 0.00 0.00 5.48 -9.86 -4.382.96 0.41 3.38 4.63 1.07 5.70 35.03 6.12 41.15 42.62 7.60 50.22

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

224.92 5.78 230.71 304.99 8.59 313.57 66.06 5.85 71.92 595.97 20.23 616.20

190.99 0.66 191.65 279.59 4.29 283.89 13.75 0.15 13.90 484.34 5.10 489.44

89.77 0.66 90.42 38.22 4.29 42.51 1.48 0.15 1.63 129.46 5.10 134.56101.15 0.00 101.15 241.35 0.00 241.35 0.00 0.00 0.00 342.50 0.00 342.50

0.08 0.00 0.08 0.03 0.00 0.03 12.27 0.00 12.27 12.38 0.00 12.3833.93 5.13 39.06 25.39 4.30 29.69 52.31 5.70 58.02 111.63 15.13 126.76

0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.03 0.03 0.00 0.0333.93 5.13 39.06 25.39 4.30 29.69 52.28 5.70 57.99 111.60 15.13 126.73

83.94 15.21 99.14 34.97 10.79 45.76 298.36 14.96 313.33 417.27 40.96 458.23

9.95 0.35 10.30 5.61 1.49 7.10 7.43 2.31 9.74 23.00 4.14 27.14

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.009.95 0.35 10.30 5.61 1.49 7.10 7.43 2.31 9.74 23.00 4.14 27.140.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

73.99 14.86 88.84 29.36 9.31 38.66 290.93 12.66 303.59 394.27 36.82 431.09

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0073.99 14.86 88.84 29.36 9.31 38.66 290.93 12.66 303.59 394.27 36.82 431.09

144.06 15.10 159.16 184.27 3.22 187.49 304.03 11.80 315.83 632.36 30.12 662.48

455.88 58.49 514.37 534.34 23.67 558.01 704.18 38.74 742.93 1694.40 120.90 1815.31

254.94 57.48 312.42 249.13 17.89 267.02 683.00 36.29 719.29 1187.07 111.66 1298.73200.95 1.01 201.95 285.21 5.78 290.99 21.18 2.46 23.64 507.34 9.24 516.58

6.03 23.14 29.17 13.73 2.04 15.77 47.55 10.60 58.16 67.32 35.78 103.10449.85 35.34 485.20 520.60 21.63 542.24 656.63 28.14 684.77 1627.09 85.12 1712.21

6.23 1.04 7.27 362.46 5.01 367.47 385.09 8.32 393.42 753.78 14.38 768.160.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

114


2.5.2. GROSS EXTERNAL DEBT SERVICE, 20081

(million EUR)

By institutional sectorJanuary February March First quarter



Short-term

Long-term

Bonds and notes


Loans


III. Banks 4

Short-term

Loans



Long-term

Bonds and notes

Loans

IV. Other sectors 6

Short-term


Loans


Long-term

Bonds and notes

Loans



Memo items





Revolving credits 8

Trade credits 9

(continued)

15.69 71.38 87.07 53.56 3.64 57.20 284.25 12.26 296.51 353.50 87.27 440.78

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

15.69 71.38 87.07 53.56 3.64 57.20 284.25 12.26 296.51 353.50 87.27 440.78

0.06 98.37 98.43 0.00 0.02 0.02 0.00 0.00 0.00 0.06 98.40 98.4612.79 -28.84 -16.05 15.38 0.00 15.38 7.47 0.00 7.47 35.63 -28.84 6.792.84 1.84 4.69 38.18 3.61 41.80 276.78 12.26 289.04 317.81 17.72 335.53

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

832.56 3.82 836.39 9.41 3.57 12.99 43.69 10.83 54.52 885.67 18.22 903.89

821.30 0.46 821.77 1.16 0.00 1.16 32.97 2.95 35.92 855.44 3.41 858.85

1.27 0.46 1.74 1.16 0.00 1.16 6.98 2.95 9.93 9.42 3.41 12.83787.35 0.00 787.35 0.00 0.00 0.00 0.00 0.00 0.00 787.35 0.00 787.3532.68 0.00 32.68 0.00 0.00 0.00 25.99 0.00 25.99 58.68 0.00 58.6811.26 3.36 14.62 8.25 3.57 11.82 10.72 7.88 18.60 30.23 14.81 45.04

0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.00 0.01 0.02 0.00 0.0211.26 3.36 14.62 8.24 3.57 11.82 10.71 7.88 18.58 30.21 14.81 45.02

82.24 22.27 104.51 73.78 15.64 89.42 321.73 22.02 343.76 477.75 59.94 537.69

35.80 7.32 43.12 34.79 5.89 40.68 26.83 5.42 32.26 97.43 18.63 116.06

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0035.80 7.32 43.12 34.79 5.89 40.68 26.83 5.42 32.26 97.43 18.63 116.060.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

46.43 14.96 61.39 38.99 9.75 48.74 294.90 16.60 311.50 380.32 41.31 421.63

3.00 0.00 3.00 0.13 0.00 0.13 7.11 0.00 7.11 10.24 0.00 10.2443.43 14.96 58.39 38.86 9.75 48.61 287.79 16.60 304.39 370.08 41.31 411.40

102.42 31.77 134.19 44.69 3.51 48.19 88.95 11.43 100.38 236.06 46.70 282.76

1032.91 129.24 1162.15 181.44 26.36 207.80 738.63 56.54 795.16 1952.98 212.14 2165.12

175.81 121.46 297.27 145.49 20.47 165.96 678.82 48.17 726.99 1000.11 190.10 1190.21857.11 7.78 864.89 35.95 5.89 41.84 59.80 8.37 68.18 952.87 22.04 974.91

17.39 75.23 92.62 58.02 6.08 64.10 286.98 16.76 303.74 362.39 98.07 460.461015.52 54.01 1069.54 123.42 20.28 143.70 451.65 39.78 491.42 1590.59 114.07 1704.66

340.66 8.12 348.78 392.11 4.55 396.66 349.19 5.36 354.55 1081.96 18.04 1100.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

115



By institutional sectorApril May June Second quarter



Short-term

Long-term

Bonds and notes


Loans


III. Banks 4

Short-term

Loans



Long-term

Bonds and notes

Loans

IV. Other sectors 6

Short-term


Loans


Long-term

Bonds and notes

Loans



Memo items





Revolving credits 8

Trade credits 9

(continued)

71.98 6.17 78.15 22.75 5.48 28.23 43.47 12.41 55.89 138.20 24.06 162.26

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

71.98 6.17 78.15 22.75 5.48 28.23 43.47 12.41 55.89 138.20 24.06 162.26

0.00 0.27 0.27 0.00 0.00 0.00 12.53 0.00 12.53 12.53 0.27 12.7943.42 0.00 43.42 14.92 0.00 14.92 9.95 0.00 9.95 68.29 0.00 68.2928.55 5.90 34.46 7.83 5.48 13.31 21.00 12.41 33.41 57.39 23.79 81.18

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

89.92 3.46 93.38 96.29 2.62 98.91 53.78 8.46 62.24 240.00 14.53 254.53

85.73 0.24 85.97 79.17 0.23 79.40 41.75 0.39 42.14 206.66 0.85 207.51

84.84 0.24 85.08 0.29 0.23 0.52 0.24 0.39 0.63 85.36 0.85 86.220.00 0.00 0.00 78.88 0.00 78.88 0.00 0.00 0.00 78.88 0.00 78.880.90 0.00 0.90 0.00 0.00 0.00 41.51 0.00 41.51 42.41 0.00 42.414.19 3.22 7.41 17.13 2.39 19.51 12.03 8.08 20.10 33.34 13.68 47.02

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004.19 3.22 7.41 17.13 2.39 19.51 12.03 8.08 20.10 33.34 13.68 47.02

443.07 27.69 470.75 169.43 22.00 191.44 112.91 29.05 141.96 725.41 78.74 804.15

300.95 8.69 309.64 61.58 4.69 66.27 42.23 9.90 52.13 404.76 23.28 428.04

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0065.96 8.69 74.65 61.58 4.69 66.27 42.23 9.90 52.13 169.77 23.28 193.05

234.99 0.00 234.99 0.00 0.00 0.00 0.00 0.00 0.00 234.99 0.00 234.99142.12 19.00 161.11 107.85 17.32 125.17 70.68 19.14 89.83 320.65 55.45 376.10

1.96 0.00 1.96 0.00 0.00 0.00 0.00 0.00 0.00 1.96 0.00 1.96140.16 19.00 159.15 107.85 17.32 125.17 70.68 19.14 89.83 318.69 55.45 374.15

68.33 11.01 79.34 222.66 7.24 229.90 73.15 24.55 97.71 364.15 42.80 406.95

673.30 48.32 721.62 511.14 37.34 548.48 283.32 74.47 357.79 1467.76 160.13 1627.89

286.61 39.39 326.01 370.39 32.42 402.81 199.34 64.19 263.52 856.34 136.00 992.34386.68 8.93 395.61 140.75 4.92 145.67 83.98 10.29 94.27 611.42 24.14 635.55

80.84 12.20 93.04 23.74 9.77 33.50 60.37 20.79 81.16 164.95 42.75 207.70592.46 36.12 628.58 487.41 27.57 514.97 222.94 53.69 276.63 1302.81 117.38 1420.19

553.66 10.49 564.14 465.52 3.83 469.35 600.95 8.97 609.92 1620.13 23.29 1643.420.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

116



By institutional sectorJuly August September Third quarter



Short-term

Long-term

Bonds and notes


Loans


III. Banks 4

Short-term

Loans



Long-term

Bonds and notes

Loans

IV. Other sectors 6

Short-term


Loans


Long-term

Bonds and notes

Loans



Memo items





Revolving credits 8

Trade credits 9

(continued)

68.33 26.01 94.34 5.25 1.51 6.76 34.64 9.14 43.77 108.22 36.65 144.88

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

68.33 26.01 94.34 5.25 1.51 6.76 34.64 9.14 43.77 108.22 36.65 144.88

0.00 33.40 33.40 0.00 0.05 0.05 1.75 0.00 1.75 1.75 33.45 35.2065.65 -7.97 57.68 0.74 0.00 0.74 6.54 0.00 6.54 72.93 -7.97 64.962.68 0.58 3.26 4.51 1.46 5.97 26.35 9.14 35.49 33.54 11.18 44.72

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

278.54 9.40 287.94 59.92 10.04 69.95 153.57 11.36 164.93 492.03 30.80 522.83

239.32 0.95 240.26 7.98 3.47 11.45 23.32 0.65 23.97 270.62 5.06 275.69

128.88 0.95 129.83 3.53 3.47 6.99 23.32 0.65 23.97 155.73 5.06 160.79110.44 0.00 110.44 0.00 0.00 0.00 0.00 0.00 0.00 110.44 0.00 110.44

0.00 0.00 0.00 4.45 0.00 4.45 0.00 0.00 0.00 4.45 0.00 4.4539.22 8.45 47.68 51.94 6.57 58.51 130.25 10.71 140.95 221.41 25.73 247.14

0.00 0.00 0.00 0.00 0.00 0.00 99.89 0.00 99.89 99.89 0.00 99.8939.22 8.45 47.68 51.94 6.57 58.51 30.36 10.71 41.06 121.52 25.73 147.25

127.96 25.63 153.59 73.38 18.59 91.98 115.06 30.67 145.74 316.40 74.90 391.30

64.06 8.96 73.02 11.41 7.28 18.69 34.64 8.57 43.21 110.11 24.81 134.92

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0064.06 8.96 73.02 11.41 7.28 18.69 34.64 8.57 43.21 110.11 24.81 134.920.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

63.90 16.68 80.57 61.97 11.32 73.28 80.43 22.10 102.53 206.29 50.09 256.38

6.73 0.00 6.73 0.04 0.00 0.04 9.05 0.00 9.05 15.82 0.00 15.8257.16 16.68 73.84 61.93 11.32 73.25 71.37 22.10 93.47 190.47 50.09 240.56

127.55 25.78 153.33 65.91 4.80 70.71 53.27 14.56 67.83 246.73 45.14 291.87

602.37 86.83 689.20 204.47 34.93 239.40 356.54 65.73 422.27 1163.38 187.49 1350.87

299.00 76.92 375.92 185.07 24.19 209.26 298.58 56.51 355.09 782.65 157.62 940.26303.38 9.90 313.28 19.40 10.74 30.14 57.96 9.22 67.19 380.74 29.87 410.60

69.57 30.54 100.11 9.48 3.35 12.83 38.03 14.62 52.65 117.08 48.51 165.59532.81 56.28 589.09 194.98 31.58 226.56 318.51 51.11 369.62 1046.30 138.98 1185.28

584.31 17.46 601.77 667.12 7.19 674.31 647.12 17.90 665.02 1898.55 42.54 1941.090.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

117



By institutional sectorOctober November December Fourth quarter



Short-term

Long-term

Bonds and notes


Loans


III. Banks 4

Short-term

Loans



Long-term

Bonds and notes

Loans

IV. Other sectors 6

Short-term


Loans


Long-term

Bonds and notes

Loans



Memo items





Revolving credits 8

Trade credits 9

(continued)

19.82 6.04 25.86 135.04 5.58 140.62 127.45 13.99 141.44 282.30 25.61 307.91

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

19.82 6.04 25.86 135.04 5.58 140.62 127.45 13.99 141.44 282.30 25.61 307.91

0.00 0.26 0.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.26 0.2619.30 0.00 19.30 128.57 0.00 128.57 62.43 0.00 62.43 210.30 0.00 210.300.52 5.77 6.29 6.47 5.58 12.05 65.01 13.99 79.00 72.00 25.34 97.35

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

60.62 9.01 69.63 32.40 5.33 37.73 545.96 14.31 560.27 638.98 28.65 667.63

22.08 0.46 22.54 20.94 1.43 22.38 521.59 2.42 524.01 564.62 4.31 568.93

2.67 0.46 3.13 20.44 1.43 21.88 53.73 2.42 56.14 76.84 4.31 81.150.00 0.00 0.00 0.00 0.00 0.00 428.00 0.00 428.00 428.00 0.00 428.00

19.41 0.00 19.41 0.50 0.00 0.50 39.87 0.00 39.87 59.77 0.00 59.7738.54 8.55 47.09 11.46 3.90 15.35 24.37 11.89 36.26 74.36 24.34 98.71

2.76 0.00 2.76 2.20 0.00 2.20 0.03 0.00 0.03 4.99 0.00 4.9935.78 8.55 44.33 9.26 3.90 13.15 24.34 11.89 36.23 69.37 24.34 93.72

158.55 29.72 188.27 98.85 28.51 127.35 159.41 33.06 192.47 416.81 91.29 508.09

30.37 8.74 39.11 16.64 6.34 22.98 76.02 8.06 84.08 123.02 23.14 146.16

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0030.37 8.74 39.11 16.64 6.34 22.98 76.02 8.06 84.08 123.02 23.14 146.160.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

128.18 20.99 149.17 82.21 22.17 104.38 83.39 25.00 108.39 293.78 68.15 361.94

0.00 0.00 0.00 12.42 0.00 12.42 3.29 0.00 3.29 15.71 0.00 15.71128.18 20.99 149.17 69.79 22.17 91.96 80.11 25.00 105.11 278.08 68.15 346.23

160.29 14.54 174.83 94.50 4.44 98.95 117.03 29.15 146.18 371.83 48.13 419.96

399.28 59.31 458.60 360.78 43.86 404.65 949.85 90.50 1040.36 1709.92 193.68 1903.60

346.84 50.12 396.95 323.20 36.09 359.29 352.24 80.03 432.27 1022.28 166.23 1188.5152.45 9.20 61.65 37.58 7.77 45.36 597.61 10.47 608.08 687.64 27.45 715.09

64.51 9.47 73.98 136.37 13.39 149.76 139.81 21.65 161.47 340.69 44.52 385.21334.78 49.84 384.62 224.41 30.47 254.89 810.04 68.85 878.89 1369.23 149.16 1518.39

541.48 13.85 555.33 456.96 7.96 464.92 498.64 20.81 519.45 1497.08 42.61 1539.6995.42 0.00 95.42 99.74 0.00 99.74 94.87 0.00 94.87 290.03 0.00 290.03

118



By institutional sector2008, total November December Fourth quarter



Short-term

Long-term

Bonds and notes


Loans


III. Banks 4

Short-term

Loans



Long-term

Bonds and notes

Loans

IV. Other sectors 6

Short-term


Loans


Long-term

Bonds and notes

Loans



Memo items





Revolving credits 8

Trade credits 9

1 Actual disbursements. Preliminary data. Data are recalculated in euro based on monthly average exchange rates of respective foreign currencies.2 Data source: Register of Government and Government Guaranteed Debt of the Ministry of Finance. Excluding data on debt liabilities of public sector companies and government

guaranteed debt.3 In accordance with the residence concept, external debt payments are reduced with payments on securities held by residents and are increased with the securities (issued by resi-

dents in the international financial markets) which changed owners from residents to non-residents.4 Data source: banks. Deposits related to contingent liabilities are not included.5 As of January 2006 net increase in the amount of deposits over the reporting period is reflected in the Gross External Debt Disbursements table, while net decrease is reflected

in the Gross Debt Service table. Deposits related to contingent liabilities are excluded.6 Including principal and interest payments (excluding intercompany loans) registered by the BNB and on which the BNB has received information, as well as payments on gov-

ernment guaranteed debt (Source: Register of Government and Government Guaranteed Debt of the Ministry of Finance).7 In compliance with the requirements of the External Debt Statistics, Guide for Compilers and Users, IMF, 2003, paragraphs 3.14 and 7.5, disbursements related to direct invest-

ment are included in the long-term external debt service.8 Data not included in the Gross External Debt Service tables.9 Net increase in the amount of trade credits received over the reporting period is reflected in the supplementary Gross External Debt Disbursements tables, while net decrease is

reflected in the supplementary Gross External Debt Service tables.

Source: BNB.

882.23 173.59 1055.82

0.00 0.00 0.00

882.23 173.59 1055.82

14.33 132.37 146.71387.16 -36.81 350.34480.74 78.03 558.77

0.00 0.00 0.00

2256.67 92.21 2348.88

1897.33 13.64 1910.97

327.36 13.64 340.991404.66 0.00 1404.66165.31 0.00 165.31359.34 78.57 437.91

104.90 0.00 104.90254.44 78.57 333.01

1936.37 304.87 2241.23

735.33 89.85 825.18

0.00 0.00 0.00500.34 89.85 590.19234.99 0.00 234.99

1201.04 215.01 1416.05

43.72 0.00 43.721157.32 215.01 1372.33

1218.77 182.77 1401.54

6294.04 753.44 7047.48

3661.38 649.95 4311.332632.66 103.49 2736.15

985.11 233.85 1218.965308.93 519.59 5828.52

6097.71 126.49 6224.20290.03 0.00 290.03

119


2.6. DEBT INDICATORS*(%)

2008 2009

III VI IX XII III VI VII VIII IX

Gross external debt/GDPShort-term debt/Gross external debtShort-term debt/GDPBNB international reserves/Short-term debtGross external debt service/GDPGross external debt service/Exports of goods and non-factor services

* Preliminary data for 2008 and GDP projections for 2009. Data on flows cover the period between the start of the year and the end of the reporting month, while those onamounts (balances) are as of the end of the reporting month.

Sources: BNB, MF, banks and local natural persons and legal entities.

88.8 98.4 106.5 108.4 109.5 109.5 108.7 109.2 109.232.5 35.6 36.1 35.5 35.0 34.4 34.2 33.4 33.928.8 35.0 38.5 38.4 38.3 37.6 37.2 36.4 37.0

123.1 110.8 112.1 97.0 92.1 94.4 94.1 99.4 100.06.3 11.1 15.1 20.7 6.4 9.9 11.5 13.1 15.4

48.4 38.0 31.5 34.3 61.2 44.4 41.1 39.6 40.4

120


2.7. BULGARIAíS INTERNATIONAL INVESTMENT POSITION

(million EUR)

III.2008 VI.2008 IX.2008 XII.2008 III.2009 VI.2009

International investment position, net1

Assets

Direct investment abroad 2

Equity capital and reinvested earnings Other capital Portfolio investment 3

Equity securities Debt securities Bonds Money market instruments Financial derivatives Other investment Trade credits 4

Loans 5

Monetary authorities General government Banks Other sectors Currency and deposits 6

Other assets Monetary authorities General government Banks Other sectors Reserve assets 7

Liabilities

Direct investment in Bulgaria 2

Equity capital and reinvested earnings Other capital Portfolio investment 8

Equity securities Debt securities Bonds Money market instruments Financial derivatives 8

Other investment Trade credits 9

Loans Monetary authorities 10

General government 11

Banks 12

Other sectors 13


Other liabilities Monetary authorities General government Banks Other sectors

1 Preliminary data. The Âuro equivalent is calculated using the exchange rates of the respective foreign currencies at the end of the period. Revised data for 2008 and March2009. The international investment position data for the second quarter of 2009 are to be revised with September 2009 data.

2 For information on the compilation of foreign direct investment stocks see ëMethodological Notes on the Compilation of International Investment Position of Bulgariaípublished on the BNB website (www.bnb.bg).

3 Portfolio investments in securities issued by non-residents and held by residents. Sources: banks, non-bank investment intermediaries and other financial institutions.4 Data on trade credits-assets (prepaid advances and receivables from suppliers) reported to the BNB are included. Due to quarterly reporting, data are subject to revisions.5 Data are based on the reports provided to the BNB by banks and companies on financial credits lent to non-residents. Due to quarterly reporting, data are subject to

revisions.6 Source: Bank for International Settlements (BIS), Basel. For June 2009 the last published data (March 2009) are used.7 Including monetary and non-monetary gold at market value. Source: Issue Department.8 Source: Central Depository AD.9 Data on trade credits-liabilities of local legal entities (received advances and payables to suppliers) reported to the BNB are included in this item. Due to quarterly reporting,

data are subject to revisions.10 Use of IMF credit.11 Data source: The Register of Government and Government-guaranteed Debt of the Ministry of Finance. Preliminary data for June 2009 as of 18 August 2009. Debt liabilities of

the public companies and the government guaranteed debt are excluded.12 Data are based on the monthly reports by banks.13 Data on public and private companies, including government guaranteed loans. Intracompany loans are excluded. Data cover only loans registered by the BNB and on which

the BNB has received information. Due to quarterly reporting, data are subject to revisions.14 Data source: banks (including private and state-owned banks). Deposits related to contingent liabilities are excluded.

Source: BNB.

-28 210.0 -30 829.4 -33 139.9 -36 193.8 -37 247.8 -37 797.3

19 335.7 21 328.6 22 587.1 20 950.7 20 029.7 20 185.4

950.7 1 009.2 986.9 1 026.9 1 059.2 1 076.9854.0 903.3 941.8 986.5 1 014.5 1 026.696.8 105.9 45.1 40.4 44.7 50.3

947.5 1 081.0 1 169.9 1 081.5 1 283.1 1 259.9251.8 235.2 191.4 142.5 131.9 153.4695.7 845.8 978.5 939.0 1 151.1 1 106.4620.3 766.5 874.8 803.4 944.3 947.175.4 79.3 103.6 135.6 206.9 159.3

114.5 135.2 123.2 91.8 70.3 26.45 208.5 5 869.2 5 585.0 6 037.4 5 800.6 5 926.9

737.3 851.3 870.1 772.5 766.1 766.1548.3 618.1 659.3 669.9 674.3 671.5

0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0

280.8 310.1 324.3 310.4 305.6 291.8267.5 308.0 335.0 359.5 368.7 379.7

3 347.8 3 809.1 3 644.5 4 172.7 3 993.7 4 112.5575.1 590.8 411.1 422.3 366.6 376.8

0.0 0.0 0.0 0.0 0.0 0.0483.8 485.7 281.5 285.7 271.6 256.191.3 105.1 129.6 136.6 95.0 120.80.0 0.0 0.0 0.0 0.0 0.0

12 114.5 13 234.1 14 722.0 12 713.1 11 816.5 11 895.4

47 545.8 52 158.0 55 727.0 57 144.6 57 277.5 57 982.6

27 944.4 29 861.1 31 620.8 32 937.0 33 751.7 34 536.117 292.8 18 712.1 19 622.6 20 453.8 20 971.8 21 712.410 651.6 11 149.0 11 998.2 12 483.3 12 779.9 12 823.72 339.5 2 301.3 2 159.5 1 872.8 1 862.6 1 747.7

675.4 675.1 634.3 501.3 494.5 497.81 664.1 1 626.3 1 525.1 1 371.5 1 368.0 1 249.91 664.1 1 626.3 1 525.1 1 371.5 1 368.0 1 249.9

0.0 0.0 0.0 0.0 0.0 0.031.6 24.4 18.8 55.2 81.4 82.1

17 230.3 19 971.1 21 927.9 22 279.5 21 581.8 21 616.81 547.7 1 772.3 1 857.1 1 695.4 1 577.4 1 286.6

11 629.7 12 780.4 13 982.5 14 503.2 14 212.1 14 516.90.0 0.0 0.0 0.0 0.0 0.0

1 571.7 1 526.5 1 542.3 1 558.4 1 551.0 1 769.11 797.7 2 333.1 2 810.2 2 951.8 2 562.7 2 539.88 260.2 8 920.8 9 630.0 9 993.0 10 098.4 10 208.03 728.9 5 318.5 5 946.6 5 974.6 5 738.8 5 753.4

324.0 99.9 141.8 106.3 53.5 59.90.0 0.0 0.0 0.0 0.0 0.00.1 0.1 0.1 0.1 0.2 0.1

88.9 99.8 141.6 106.2 53.4 59.8235.0 0.0 0.0 0.0 0.0 0.0

121

12/2009 EXTERNAL SECTOR2.8

. T

EM

PL

AT

E O

N I

NT

ER

NA

TIO

NA

L R

ES

ER

VE

S A

ND

FO

RE

IGN

CU

RR

EN

CY

LIQ

UID

ITY

2.8.

1. P

art

I. O

FF

ICIA

L R

ESE

RV

E A

SSE

TS

AN

D O

TH

ER

FO

RE

IGN

CU

RR

EN

CY

ASS

ET

S (A

PP

RO

XIM

AT

E M

AR

KE

T V

AL

UE

) (

mill

ion

EU

R)

X.2

008

XI.2

008

XII

.200

8I.2

009

II.2

009

III.2

009

IV.2

009

V.2

009

VI.2

009

VII

.200

9V

III.2

009

IX.2

009

X.2

009

A. O

ffic

ial re

serv

e a

ssets

(1)

For

eign

cur

renc

y re

serv

es

(

in c

onve

rtib

le fo

reig

n cu

rren

cies

)1

(a)

Secu

ritie

s

of w

hich

: iss

uer

head

quar

tere

d in

rep

ortin

g co

untr

y

but l

ocat

ed a

broa

d

(b)

tota

l cur

renc

y an

d de

posi

ts w

ith:

o

ther

nat

iona

l cen

tral

ban

ks, B

IS a

nd I

MF

b

anks

hea

dqua

rter

ed in

the

repo

rtin

g co

untr

y

o

f whi

ch: l

ocat

ed a

broa

d

b

anks

hea

dqua

rter

ed o

utsi

de th

e re

port

ing

coun

try

o

f w

hich

: loc

ated

in th

e re

port

ing

coun

try

(2)

IMF

res

erve

pos

ition

(3)

SDR

s

(4)

Gol

d (i

nclu

ding

gol

d de

posi

ts a

nd g

old

swap

ped)

2

v

olum

e in

mill

ions

of

fine

troy

oun

ces

(5)

Oth

er r

eser

ve a

sset

s

f

inan

cial

der

ivat

ives

l

oans

to n

on-b

ank

non-

resi

dent

s

o

ther

3

B. O

ther

fore

ign

cu

rren

cy a

ssets

s

ecur

ities

not

incl

uded

in o

ffic

ial r

eser

ve a

sset

s

d

epos

its n

ot in

clud

ed in

off

icia

l res

erve

ass

ets 4

l

oans

not

incl

uded

in o

ffic

ial r

eser

ve a

sset

s

f

inan

cial

der

ivat

ives

not

incl

uded

in o

ffic

ial r

eser

ve a

sset

s

g

old

not i

nclu

ded

in o

ffic

ial r

eser

ve a

sset

s

o

ther

5

1 For

eign

cur

renc

y re

serv

es d

irec

tly m

anag

ed b

y th

e B

NB

.2 G

old

is v

alue

d at

the

mar

ket p

rice

.3 A

ccru

ed in

tere

st.

4 Cen

tral

gov

ernm

ent d

epos

its w

ith lo

cal b

anks

.5 B

rady

bon

ds c

olla

tera

l.

Sour

ce: B

NB

.

1419

2.4

1432

0.7

1271

3.1

1212

2.6

1201

3.1

1181

6.5

1179

1.9

1178

2.5

1189

5.4

1171

1.3

1212

8.8

1239

2.7

1266

7.2

1341

5.7

1346

4.6

1188

6.0

1116

3.4

1101

3.0

1088

6.2

1089

1.3

1085

1.1

1099

6.6

1081

6.0

1071

5.9

1081

2.3

1106

5.0

1183

1.1

1163

5.1

1053

3.1

9350

.293

39.0

9087

.497

30.9

9445

.695

52.9

9649

.995

63.5

9470

.194

49.5

--

--

--

--

--

--

-

1584

.718

29.4

1352

.918

13.2

1674

.117

98.8

1160

.314

05.5

1443

.611

66.1

1152

.413

42.2

1615

.5

82.3

46.0

45.0

58.8

56.2

62.5

87.4

72.0

77.0

78.0

76.4

83.4

88.1

--

--

--

--

--

--

-

--

--

--

--

--

--

-

1502

.417

83.5

1307

.917

54.4

1617

.817

36.2

1072

.913

33.5

1366

.610

88.1

1076

.112

58.8

1527

.4

--

--

--

--

--

--

-

39.1

39.4

36.8

39.0

39.0

37.7

37.9

36.9

37.0

37.0

36.9

36.5

36.2

4.8

4.9

4.6

4.9

4.9

4.8

4.8

4.7

4.7

4.7

524.

766

5.6

660.

8

732.

881

1.8

785.

891

5.3

956.

288

7.8

857.

988

9.9

857.

285

3.6

851.

387

8.3

905.

2

1.3

1.3

1.3

1.3

1.3

1.3

1.3

1.3

1.3

1.3

1.3

1.3

1.3

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

-

329.

130

7.4

265.

525

8.0

265.

024

7.9

278.

831

9.7

288.

726

4.0

281.

226

1.7

262.

1

--

--

--

--

--

--

-

318.

329

5.6

254.

124

8.3

251.

123

5.0

266.

230

6.7

276.

225

1.5

268.

824

8.8

248.

8

--

--

--

--

--

--

-

--

--

--

--

--

--

-

10.8

11.8

11.4

9.7

13.8

13.0

12.5

13.0

12.5

12.5

12.5

12.9

13.2

--

--

--

--

--

--

-

122


8.2.

Par

t II

. P

RE

DE

TE

RM

INE

D S

HO

RT

-TE

RM

NE

T D

RA

INS

ON

FO

RE

IGN

CU

RR

EN

CY

ASS

ET

S (N

OM

INA

L V

AL

UE

) IN

TH

E F

OL

LO

WIN

G 1

2 M

ON

TH

S (

mill

ion

EU

R)

X.2

008

XI.2

008

XII

.200

8I.2

009

II.2

009

III.2

009

IV.2

009

V.2

009

VI.2

009

VII

.200

9V

III.2

009

IX.2

009

X.2

009

TO

TA

L

1. F

ore

ign

cu

rren

cy loan

s; s

ecu

riti

es

an

d d

eposi

ts

o

utfl

ows

(-)

(Pri

ncip

al)

o

utfl

ows

(-)

(Int

eres

t)

infl

ows

(+)

(Pri

ncip

al)

in

flow

s (+

) (I

nter

est)

2. A

ggre

gate

sh

ort

an

d l

on

g p

osi

tion

s in

forw

ard

s an

d f

utu

res

in

fore

ign

cu

rren

cies

vis-

a-vi

s th

e d

om

est

ic c

urr

en

cy (

incl

udin

g

the f

orw

ard

leg o

f cu

rren

cy s

waps)

(

a) S

hort

pos

ition

s (-

)

(b)

Lon

g po

sitio

ns (

+)

3. O

ther

o

utfl

ows

rela

ted

to r

epos

(-)

in

flow

s re

late

d to

rev

erse

rep

os (

+)

tr

ade

cred

it (-

)

trad

e cr

edit

(+)

o

ther

acc

ount

s pa

yabl

e (-

)

oth

er a

ccou

nts

rece

ivab

le (

+)

MA

TU

RIT

Y B

RE

AK

DO

WN

(R

ES

IDU

AL

MA

TU

RIT

Y)

(n<

=1)

1. F

ore

ign

cu

rren

cy loan

s; s

ecu

riti

es

an

d d

eposi

ts

o

utfl

ows

(-)

(Pri

ncip

al)

o

utfl

ows

(-)

(Int

eres

t)

infl

ows

(+)

(Pri

ncip

al)

in

flow

s (+

) (I

nter

est)

2. A

ggre

gate

sh

ort

an

d l

on

g p

osi

tion

s in

forw

ard

s an

d f

utu

res

in

fore

ign

cu

rren

cies

vis-

a-vi

s th

e d

om

est

ic c

urr

en

cy (

incl

udin

g

the f

orw

ard

leg o

f cu

rren

cy s

waps)

(

a) S

hort

pos

ition

s (-

)

(b)

Lon

g po

sitio

ns (

+)

3. O

ther

o

utfl

ows

rela

ted

to r

epos

(-)

in

flow

s re

late

d to

rev

erse

rep

os (

+)

tr

ade

cred

it (-

)

trad

e cr

edit

(+)

o

ther

acc

ount

s pa

yabl

e (-

)

oth

er a

ccou

nts

rece

ivab

le (

+)

-415

.2-4

22.7

-393

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92.1

-385

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82.0

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78.9

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51.4

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44.8

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.9

-176

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78.1

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49.1

-142

.9-1

46.1

-150

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55.8

-257

.9-2

55.2

-254

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53.8

-275

.8-2

38.3

-244

.6-2

43.7

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.0-2

42.9

-235

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14.2

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.1-2

02.3

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.2-1

94.0

-190

.9-2

07.1

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

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--

--

--

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-8.2

-78.

9-1

07.9

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2-2

6.2

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3-3

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4-5

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2-8

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0-3

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7.6

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7-2

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5.0

-4.9

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0-1

04.7

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-8.6

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8-1

0.7

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4-1

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.3-5

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--

--

--

--

--

--

--

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--

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--

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-

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--

--

--

--

--

--

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--

--

--

--

--

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--

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--

--

--

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-

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--

--

--

--

--

--

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--

--

--

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--

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(con

tinue

d)

123

12/2009 EXTERNAL SECTOR2.

8.2.

Par

t II

. P

RE

DE

TE

RM

INE

D S

HO

RT

-TE

RM

NE

T D

RA

INS

ON

FO

RE

IGN

CU

RR

EN

CY

ASS

ET

S (N

OM

INA

L V

AL

UE

) IN

TH

E F

OL

LO

WIN

G 1

2 M

ON

TH

S(c

ontin

ued)

(m

illio

n E

UR

)

X.2

008

XI.2

008

XII

.200

8I.2

009

II.2

009

III.2

009

IV.2

009

V.2

009

VI.2

009

VII

.200

9V

III.2

009

IX.2

009

X.2

009

-186

.1-1

18.2

-39.

8-4

0.9

-24.

3-5

1.0

-75.

7-5

1.3

-47.

5-5

1.3

-19.

2-5

1.5

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-67.

5-1

1.8

-28.

7-2

0.6

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2-2

8.8

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1-3

9.9

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6-5

2.8

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06.4

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1-2

0.3

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4-2

1.8

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9-4

3.2

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5-1

1.3

-13.

9-1

05.5

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

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--

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--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-220

.9-2

25.6

-245

.9-3

41.0

-335

.3-3

21.2

-274

.9-3

91.2

-377

.4-3

94.2

-388

.3-3

83.1

-315

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-106

.3-1

01.4

-118

.0-1

19.8

-121

.3-1

16.5

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.4-2

22.0

-214

.8-2

10.5

-211

.7-2

11.3

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.8-1

14.7

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.2-1

27.9

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.2-2

14.0

-204

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56.6

-169

.2-1

62.6

-183

.7-1

76.6

-171

.8-9

5.9

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

MA

TU

RIT

Y B

RE

AK

DO

WN

(R

ES

IDU

AL

MA

TU

RIT

Y)

(1<

n<

=3)

1. F

ore

ign

cu

rren

cy loan

s; s

ecu

riti

es

an

d d

eposi

ts

o

utfl

ows

(-)

(Pri

ncip

al)

o

utfl

ows

(-)

(Int

eres

t)

infl

ows

(+)

(Pri

ncip

al)

in

flow

s (+

) (I

nter

est)

2. A

ggre

gate

sh

ort

an

d l

on

g p

osi

tion

s in

forw

ard

s an

d f

utu

res

in

fore

ign

cu

rren

cies

vis-

a-vi

s th

e d

om

est

ic c

urr

en

cy (

incl

udin

g

the f

orw

ard

leg o

f cu

rren

cy s

waps)

(

a) S

hort

pos

ition

s (-

)

(b)

Lon

g po

sitio

ns (

+)

3. O

ther

o

utfl

ows

rela

ted

to r

epos

(-)

in

flow

s re

late

d to

rev

erse

rep

os (

+)

tr

ade

cred

it (-

)

trad

e cr

edit

(+)

o

ther

acc

ount

s pa

yabl

e (-

)

oth

er a

ccou

nts

rece

ivab

le (

+)

MA

TU

RIT

Y B

RE

AK

DO

WN

(R

ES

IDU

AL

MA

TU

RIT

Y)

(3<

n<

=12)

1. F

ore

ign

cu

rren

cy loan

s; s

ecu

riti

es

an

d d

eposi

ts

o

utfl

ows

(-)

(Pri

ncip

al)

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utfl

ows

(-)

(Int

eres

t)

infl

ows

(+)

(Pri

ncip

al)

in

flow

s (+

) (I

nter

est)

2. A

ggre

gate

sh

ort

an

d l

on

g p

osi

tion

s in

forw

ard

s an

d f

utu

res

in

fore

ign

cu

rren

cies

vis-

a-vi

s th

e d

om

est

ic c

urr

en

cy (

incl

udin

g

the f

orw

ard

leg o

f cu

rren

cy s

waps)

(

a) S

hort

pos

ition

s (-

)

(b)

Lon

g po

sitio

ns (

+)

3. O

ther

o

utfl

ows

rela

ted

to r

epos

(-)

in

flow

s re

late

d to

rev

erse

rep

os (

+)

tr

ade

cred

it (-

)

trad

e cr

edit

(+)

o

ther

acc

ount

s pa

yabl

e (-

)

oth

er a

ccou

nts

rece

ivab

le (

+)

Sour

ce: B

NB

.

124


8.3.

Par

t II

I. C

ON

TIN

GE

NT

SH

OR

T-T

ER

M N

ET

DR

AIN

S O

N F

OR

EIG

N C

UR

RE

NC

Y A

SSE

TS

(NO

MIN

AL

VA

LU

E)

IN T

HE

FO

LL

OW

ING

12

MO

NT

HS

(m

illio

n E

UR

)

X.2

008

XI.2

008

XII

.200

8I.2

009

II.2

009

III.2

009

IV.2

009

V.2

009

VI.2

009

VII

.200

9V

III.2

009

IX.2

009

X.2

009

TO

TA

L

1. C

on

tin

gen

t li

abil

itie

s in

fore

ign

cu

rren

cy

(

a) C

olla

tera

l gua

rant

ees

on d

ebt f

allin

g du

e w

ithin

1 y

ear

(

b) O

ther

con

tinge

nt li

abili

ties

2. F

ore

ign

cu

rren

cy s

ecu

riti

es

issu

ed w

ith

em

bedded o

pti

on

s

(p

utt

able

bon

ds)

3.1

. U

ndra

wn

or

un

con

dit

ion

al

credit

lin

es

pro

vid

ed b

y:

(a)

othe

r na

tiona

l mon

etar

y au

thor

ities

; BIS

; IM

F; a

nd o

ther

inte

rnat

iona

l org

anis

atio

ns

oth

er n

atio

nal m

onet

ary

auth

oriti

es (

+)

B

IS (

+)

I

MF

(+

)

oth

er in

tern

atio

nal o

rgan

isat

ions

(+

)(b

) ba

nks

and

othe

r fi

nanc

ial i

nstit

utio

ns h

eadq

uart

ered

in th

e

rep

ortin

g co

untr

y (+

)(c

) ba

nks

and

othe

r fi

nanc

ial i

nstit

utio

ns h

eadq

uart

ered

out

side

t

he r

epor

ting

coun

try

(+)

3.2

. U

ndra

wn

or

un

con

dit

ion

al

credit

lin

es

pro

vid

ed t

o:

(a)

othe

r na

tiona

l mon

etar

y au

thor

ities

; BIS

; IM

F; a

nd o

ther

inte

rnat

iona

l org

anis

atio

ns

oth

er n

atio

nal m

onet

ary

auth

oriti

es (

-)

BIS

(-)

I

MF

(-)

o

ther

inte

rnat

iona

l org

anis

atio

ns (

+)

(b)

bank

s an

d ot

her

fina

ncia

l ins

titut

ions

hea

dqua

rter

ed in

the

r

epor

ting

coun

try

(-)

(c)

bank

s an

d ot

her

fina

ncia

l ins

titut

ions

hea

dqua

rter

ed o

utsi

de

the

rep

ortin

g co

untr

y (-

)4. A

ggre

gate

sh

ort

an

d lon

g p

osi

tion

s of

opti

on

s in

fore

ign

cu

rren

cies

vis-

a-vi

s th

e d

om

est

ic c

urr

en

cy

(a)

Shor

t pos

ition

s

(

i) B

ough

t put

s1

(ii)

Wri

tten

cal

ls2

(b)

Lon

g po

sitio

ns

(

i) B

ough

t ca

lls

(

ii) W

ritt

en p

uts

PR

O M

EM

OR

IA: In

-th

e-m

on

ey o

pti

on

s

(1)

At c

urre

nt e

xcha

nge

rate

s

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(2)

+ 5

% (

depr

ecia

tion

of 5

%)

(a)

Shor

t pos

ition

(b)

Lon

g po

sitio

n(3

) -

5 %

(ap

prec

iatio

n of

5%

)

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(4)

+10

% (

depr

ecia

tion

of 1

0%)

-91.

3-9

4.7

-93.

6-9

4.1

-94.

0-9

2.0

-93.

1-9

3.0

-86.

8-8

0.7

-76.

8-7

5.1

-77.

1

--

--

--

--

--

--

--9

1.3

-94.

7-9

3.6

-94.

1-9

4.0

-92.

0-9

3.1

-93.

0-8

6.8

-80.

7-7

6.8

-75.

1-7

7.1

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

(con

tinue

d)

125


8.3.

Par

t II

I. C

ON

TIN

GE

NT

SH

OR

T-T

ER

M N

ET

DR

AIN

S O

N F

OR

EIG

N C

UR

RE

NC

Y A

SSE

TS

(NO

MIN

AL

VA

LU

E)

IN T

HE

FO

LL

OW

ING

12

MO

NT

HS

(con

tinue

d) (

mill

ion

EU

R)

X.2

008

XI.2

008

XII

.200

8I.2

009

II.2

009

III.2

009

IV.2

009

V.2

009

VI.2

009

VII

.200

9V

III.2

009

IX.2

009

X.2

009

(con

tinue

d)

(a)

Shor

t pos

ition

(b)

Lon

g po

sitio

n(5

) -

10 %

(ap

prec

iatio

n of

10%

)

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(6)

Oth

er

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

MA

TU

RIT

Y B

RE

AK

DO

WN

(R

ES

IDU

AL

MA

TU

RIT

Y,

WH

ER

E A

PP

LIC

AB

LE

)(n

<=

1)

1. C

on

tin

gen

t li

abil

itie

s in

fore

ign

cu

rren

cy

(a)

Col

late

ral g

uara

ntee

s on

deb

t fal

ling

due

with

in 1

yea

r(b

) O

ther

con

tinge

nt li

abili

ties

2. F

ore

ign

cu

rren

cy s

ecu

riti

es

issu

ed w

ith

em

bedded o

pti

on

s

(p

utt

able

bon

ds)

3.1

. U

ndra

wn

or

un

con

dit

ion

al

credit

lin

es

pro

vid

ed b

y:

(a)

othe

r na

tiona

l mon

etar

y au

thor

ities

; BIS

; IM

F; a

nd o

ther

inte

rnat

iona

l org

anis

atio

ns

oth

er n

atio

nal m

onet

ary

auth

oriti

es (

+)

B

IS (

+)

I

MF

(+

)

oth

er in

tern

atio

nal o

rgan

isat

ions

(+

)(b

) ba

nks

and

othe

r fi

nanc

ial i

nstit

utio

ns h

eadq

uart

ered

in th

e

rep

ortin

g co

untr

y (+

)(c

) ba

nks

and

othe

r fi

nanc

ial i

nstit

utio

ns h

eadq

uart

ered

out

side

t

he r

epor

ting

coun

try

(+)

3.2

. U

ndra

wn

or

un

con

dit

ion

al

credit

lin

es

pro

vid

ed t

o:

(a)

othe

r na

tiona

l mon

etar

y au

thor

ities

; BIS

; IM

F; a

nd o

ther

inte

rnat

iona

l org

anis

atio

ns

oth

er n

atio

nal m

onet

ary

auth

oriti

es (

-)

BIS

(-)

I

MF

(-)

o

ther

inte

rnat

iona

l org

anis

atio

ns (

+)

(b)

bank

s an

d ot

her

fina

ncia

l ins

titut

ions

hea

dqua

rter

ed in

the

r

epor

ting

coun

try

(-)

(c)

bank

s an

d ot

her

fina

ncia

l ins

titut

ions

hea

dqua

rter

ed o

utsi

de

the

rep

ortin

g co

untr

y (-

)4. A

ggre

gate

sh

ort

an

d lon

g p

osi

tion

s of

opti

on

s in

fore

ign

cu

rren

cies

vis-

a-vi

s th

e d

om

est

ic c

urr

en

cy

(a)

Shor

t pos

ition

s

(

i) B

ough

t put

s

(

ii) W

ritt

en c

alls

(b)

Lon

g po

sitio

ns

(

i) B

ough

t ca

lls

(

ii) W

ritt

en p

uts

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-1.6

-14.

4-2

.2-5

.7-4

.3-1

4.6

-4.1

-13.

5-3

.2-4

.3-3

.6-2

.2-1

.6

--

--

--

--

--

--

--1

.6-1

4.4

-2.2

-5.7

-4.3

-14.

6-4

.1-1

3.5

-3.2

-4.3

-3.6

-2.2

-1.6

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

126


8.3.

Par

t II

I. C

ON

TIN

GE

NT

SH

OR

T-T

ER

M N

ET

DR

AIN

S O

N F

OR

EIG

N C

UR

RE

NC

Y A

SSE

TS

(NO

MIN

AL

VA

LU

E)

IN T

HE

FO

LL

OW

ING

12

MO

NT

HS

(con

tinue

d) (

mill

ion

EU

R)

X.2

008

XI.2

008

XII

.200

8I.2

009

II.2

009

III.2

009

IV.2

009

V.2

009

VI.2

009

VII

.200

9V

III.2

009

IX.2

009

X.2

009

(con

tinue

d)

PR

O M

EM

OR

IA: In

-th

e-m

on

ey o

pti

on

s

(1)

At c

urre

nt e

xcha

nge

rate

s

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(2)

+ 5

% (

depr

ecia

tion

of 5

%)

(a)

Shor

t pos

ition

(b)

Lon

g po

sitio

n(3

) -

5 %

(ap

prec

iatio

n of

5%

)

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(4)

+10

% (

depr

ecia

tion

of 1

0%)

(a)

Shor

t pos

ition

(b)

Lon

g po

sitio

n(5

) -

10 %

(ap

prec

iatio

n of

10%

)

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(6)

Oth

er

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

MA

TU

RIT

Y B

RE

AK

DO

WN

(R

ES

IDU

AL

MA

TU

RIT

Y,

WH

ER

E A

PP

LIC

AB

LE

)(1<

n<

=3)

1. C

on

tin

gen

t li

abil

itie

s in

fore

ign

cu

rren

cy

(a)

Col

late

ral g

uara

ntee

s on

deb

t fal

ling

due

with

in 1

yea

r(b

) O

ther

con

tinge

nt li

abili

ties

2. F

ore

ign

cu

rren

cy s

ecu

riti

es

issu

ed w

ith

em

bedded o

pti

on

s

(pu

ttable

bon

ds)

3.1

. U

ndra

wn

or

un

con

dit

ion

al

credit

lin

es

pro

vid

ed b

y:

(a)

othe

r na

tiona

l mon

etar

y au

thor

ities

; BIS

; IM

F; a

nd o

ther

inte

rnat

iona

l org

anis

atio

ns

oth

er n

atio

nal m

onet

ary

auth

oriti

es (

+)

B

IS (

+)

I

MF

(+

)

oth

er in

tern

atio

nal o

rgan

isat

ions

(+

)(b

) ba

nks

and

othe

r fi

nanc

ial i

nstit

utio

ns h

eadq

uart

ered

in th

e

rep

ortin

g co

untr

y (+

)(c

) ba

nks

and

othe

r fi

nanc

ial i

nstit

utio

ns h

eadq

uart

ered

out

side

t

he r

epor

ting

coun

try

(+)

3.2

. U

ndra

wn

or

un

con

dit

ion

al

credit

lin

es

pro

vid

ed t

o:

(a)

othe

r na

tiona

l mon

etar

y au

thor

ities

; BIS

; IM

F; a

nd o

ther

inte

rnat

iona

l org

anis

atio

ns

oth

er n

atio

nal m

onet

ary

auth

oriti

es (

-)

BIS

(-)

I

MF

(-)

o

ther

inte

rnat

iona

l org

anis

atio

ns (

+)

(b)

bank

s an

d ot

her

fina

ncia

l ins

titut

ions

hea

dqua

rter

ed in

the

r

epor

ting

coun

try

(-)

(c)

bank

s an

d ot

her

fina

ncia

l ins

titut

ions

hea

dqua

rter

ed o

utsi

de

the

rep

ortin

g co

untr

y (-

)

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-16.

6-7

.9-1

0.0

-20.

3-2

0.1

-22.

4-1

6.7

-8.0

-8.5

-17.

8-1

5.9

-13.

7-1

4.3

--

--

--

--

--

--

--1

6.6

-7.9

-10.

0-2

0.3

-20.

1-2

2.4

-16.

7-8

.0-8

.5-1

7.8

-15.

9-1

3.7

-14.

3

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

-

127


8.3.

Par

t II

I. C

ON

TIN

GE

NT

SH

OR

T-T

ER

M N

ET

DR

AIN

S O

N F

OR

EIG

N C

UR

RE

NC

Y A

SSE

TS

(NO

MIN

AL

VA

LU

E)

IN T

HE

FO

LL

OW

ING

12

MO

NT

HS

(con

tinue

d) (

mill

ion

EU

R)

X.2

008

XI.2

008

XII

.200

8I.2

009

II.2

009

III.2

009

IV.2

009

V.2

009

VI.2

009

VII

.200

9V

III.2

009

IX.2

009

X.2

009

(con

tinue

d)

4. A

ggre

gate

sh

ort

an

d lon

g p

osi

tion

s of

opti

on

s in

fore

ign

cu

rren

cies

vis-

a-vi

s th

e d

om

est

ic c

urr

en

cy

(a)

Shor

t pos

ition

s

(

i) B

ough

t put

s

(

ii) W

ritt

en c

alls

(b)

Lon

g po

sitio

ns

(

i) B

ough

t ca

lls

(

ii) W

ritt

en p

uts

PR

O M

EM

OR

IA: In

-th

e-m

on

ey o

pti

on

s

(1)

At c

urre

nt e

xcha

nge

rate

s

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(2)

+ 5

% (

depr

ecia

tion

of 5

%)

(a)

Shor

t pos

ition

(b)

Lon

g po

sitio

n(3

) -

5 %

(ap

prec

iatio

n of

5%

)

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(4)

+10

% (

depr

ecia

tion

of 1

0%)

(a)

Shor

t pos

ition

(b)

Lon

g po

sitio

n(5

) -

10 %

(ap

prec

iatio

n of

10%

)

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(6)

Oth

er

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

MA

TU

RIT

Y B

RE

AK

DO

WN

(R

ES

IDU

AL

MA

TU

RIT

Y,

WH

ER

E A

PP

LIC

AB

LE

)(3<

n<

=12)

1. C

on

tin

gen

t li

abil

itie

s in

fore

ign

cu

rren

cy

(a)

Col

late

ral g

uara

ntee

s on

deb

t fal

ling

due

with

in 1

yea

r(b

) O

ther

con

tinge

nt li

abili

ties

2. F

ore

ign

cu

rren

cy s

ecu

riti

es

issu

ed w

ith

em

bedded o

pti

on

s

(pu

ttable

bon

ds)

3.1

. U

ndra

wn

or

un

con

dit

ion

al

credit

lin

es

pro

vid

ed b

y:

(a)

othe

r na

tiona

l mon

etar

y au

thor

ities

; BIS

; IM

F; a

nd o

ther

inte

rnat

iona

l org

anis

atio

ns

oth

er n

atio

nal m

onet

ary

auth

oriti

es (

+)

B

IS (

+)

I

MF

(+

)

oth

er in

tern

atio

nal o

rgan

isat

ions

(+

)(b

) ba

nks

and

othe

r fi

nanc

ial i

nstit

utio

ns h

eadq

uart

ered

in th

e

rep

ortin

g co

untr

y (+

)(c

) ba

nks

and

othe

r fi

nanc

ial i

nstit

utio

ns h

eadq

uart

ered

out

side

t

he r

epor

ting

coun

try

(+)

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-73.

1-7

2.4

-81.

4-6

8.0

-69.

6-5

5.0

-72.

3-7

1.5

-75.

2-5

8.6

-57.

4-5

9.2

-61.

3

--

--

--

--

--

--

--7

3.1

-72.

4-8

1.4

-68.

0-6

9.6

-55.

0-7

2.3

-71.

5-7

5.2

-58.

6-5

7.4

-59.

2-6

1.3

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

-

128


8.3.

Par

t II

I. C

ON

TIN

GE

NT

SH

OR

T-T

ER

M N

ET

DR

AIN

S O

N F

OR

EIG

N C

UR

RE

NC

Y A

SSE

TS

(NO

MIN

AL

VA

LU

E)

IN T

HE

FO

LL

OW

ING

12

MO

NT

HS

(con

tinue

d) (

mill

ion

EU

R)

X.2

008

XI.2

008

XII

.200

8I.2

009

II.2

009

III.2

009

IV.2

009

V.2

009

VI.2

009

VII

.200

9V

III.2

009

IX.2

009

X.2

009

3.2

. U

ndra

wn

or

un

con

dit

ion

al

credit

lin

es

pro

vid

ed t

o:

(a)

othe

r na

tiona

l mon

etar

y au

thor

ities

; BIS

; IM

F; a

nd o

ther

inte

rnat

iona

l org

anis

atio

ns

oth

er n

atio

nal m

onet

ary

auth

oriti

es (

-)

BIS

(-)

I

MF

(-)

o

ther

inte

rnat

iona

l org

anis

atio

ns (

+)

(b)

bank

s an

d ot

her

fina

ncia

l ins

titut

ions

hea

dqua

rter

ed in

the

r

epor

ting

coun

try

(-)

(c)

bank

s an

d ot

her

fina

ncia

l ins

titut

ions

hea

dqua

rter

ed o

utsi

de

the

rep

ortin

g co

untr

y (-

)4. A

ggre

gate

sh

ort

an

d lon

g p

osi

tion

s of

opti

on

s in

fore

ign

cu

rren

cies

vis-

a-vi

s th

e d

om

est

ic c

urr

en

cy

(a)

Shor

t pos

ition

s

(

i) B

ough

t put

s

(

ii) W

ritt

en c

alls

(b)

Lon

g po

sitio

ns

(

i) B

ough

t ca

lls

(

ii) W

ritt

en p

uts

PR

O M

EM

OR

IA: In

-th

e-m

on

ey o

pti

on

s

(1)

At c

urre

nt e

xcha

nge

rate

s

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(2)

+ 5

% (

depr

ecia

tion

of 5

%)

(a)

Shor

t pos

ition

(b)

Lon

g po

sitio

n(3

) -

5 %

(ap

prec

iatio

n of

5%

)

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(4)

+10

% (

depr

ecia

tion

of 1

0%)

(a)

Shor

t pos

ition

(b)

Lon

g po

sitio

n(5

) -

10 %

(ap

prec

iatio

n of

10%

)

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

(6)

Oth

er

(a

) Sh

ort p

ositi

on

(b

) L

ong

posi

tion

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

1 P

ut o

ptio

n ≠

an o

ptio

n th

at g

ives

the

hold

er th

e ri

ght b

ut n

ot th

e ob

ligat

ion

to s

ell c

urre

ncie

s or

oth

er fi

nanc

ial i

nstr

umen

ts a

t the

exe

rcis

e pr

ice

with

in a

spe

cifi

ed p

erio

d or

dat

e.2 C

all o

ptio

n ≠

an o

ptio

n th

at g

ives

the

hold

er th

e ri

ght b

ut n

ot th

e ob

ligat

ion

to p

urch

ase

the

unde

rlyi

ng in

stru

men

t at t

he e

xerc

ise

pric

e on

or

befo

re a

spe

cifi

ed d

ate.

Sour

ce: B

NB

.

129


8.4.

Par

t IV

. M

EM

O I

TE

MS

(m

illio

n E

UR

)

X.2

008

XI.2

008

XII

.200

8I.2

009

II.2

009

III.2

009

IV.2

009

V.2

009

VI.2

009

VII

.200

9V

III.2

009

IX.2

009

X.2

009

1)

To b

e r

eport

ed w

ith

sta

ndard

peri

odic

ity a

nd t

imeli

ness

:

(a)

shor

t-te

rm d

omes

tic c

urre

ncy

debt

inde

xed

to th

e ex

chan

ge r

ate

(b)

fina

ncia

l ins

trum

ents

den

omin

ated

in fo

reig

n cu

rren

cy a

nd

se

ttle

d by

oth

er m

eans

(e.

g. in

dom

estic

cur

renc

y)

-

non

-del

iver

able

for

war

ds

-

shor

t po

sitio

ns

-

long

pos

ition

s

-

oth

er in

stru

men

ts 1

(c)

pled

ged

asse

ts

-

incl

uded

in r

eser

ve a

sset

s

-

incl

uded

in o

ther

for

eign

cur

renc

y as

sets

(d)

secu

ritie

s le

nt a

nd o

n re

po

-

lent

or

repo

ed a

nd in

clud

ed in

Sec

tion

I (-

)

-

lent

or

repo

ed b

ut n

ot in

clud

ed in

Sec

tion

I (-

)

-

bor

row

ed o

r ac

quir

ed a

nd in

clud

ed in

Sec

tion

I (+

)

-

bor

row

ed o

r ac

quir

ed b

ut n

ot in

clud

ed in

Sec

tion

I (+

)(e

) fi

nanc

ial d

eriv

ativ

e as

sets

(ne

t mar

ked

to m

arke

t)

-

for

war

ds

-

fut

ures

- s

wap

s

-

opt

ions

- o

ther

(f)

deri

vativ

es (

forw

ard;

futu

res;

or

optio

ns c

ontr

acts

) th

at h

ave

a

res

idua

l mat

urity

gre

ater

than

one

yea

r w

hich

are

sub

ject

to

mar

gin

calls

- a

ggre

gate

sho

rt a

nd lo

ng p

ositi

ons

in f

orw

ards

and

fut

ures

in

for

eign

cur

renc

ies

vis-

a-vi

s th

e do

mes

tic c

urre

ncy

(inc

ludi

ng

the

for

war

d le

g of

cur

renc

y sw

aps)

ï

sho

rt p

ositi

ons

(-)

ï

long

pos

ition

s (+

)

-

agg

rega

te s

hort

and

long

pos

ition

s of

opt

ions

in f

orei

gn

cur

renc

ies

vis-

a-vi

s th

e do

mes

tic c

urre

ncy

ï

sho

rt p

ositi

ons

(

i) b

ough

t pu

ts2

(

ii) w

ritt

en c

alls

3

ï

long

pos

ition

s

(i)

bou

ght

calls

(

ii) w

ritt

en p

uts

2)

To b

e d

iscl

ose

d l

ess

fre

qu

en

tly:

(a)

curr

ency

com

posi

tion

of r

eser

ves

(by

grou

ps o

f cur

renc

ies)

- c

urre

ncie

s in

SD

R b

aske

t

-

cur

renc

ies

not i

n SD

R b

aske

t

--

--

--

--

--

--

-

177.

217

7.4

169.

016

0.7

161.

715

7.8

158.

015

3.7

153.

515

3.5

152.

815

1.1

150.

3-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

177.

217

7.4

169.

016

0.7

161.

715

7.8

158.

015

3.7

153.

515

3.5

152.

815

1.1

150.

3-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

-

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

1419

2.4

1432

0.7

1271

3.1

1212

2.6

1201

3.1

1181

6.5

1179

1.9

1178

2.5

1189

5.4

1171

1.3

1212

8.8

1239

2.7

1266

7.2

1341

4.4

1346

2.7

1188

4.8

1116

2.1

1101

1.9

1088

5.3

1089

0.2

1084

9.9

1099

5.6

1081

5.0

1071

4.8

1081

1.2

1106

3.9

778.

085

8.0

828.

396

0.4

1001

.193

1.2

901.

793

2.5

899.

889

6.3

1413

.915

81.5

1603

.4

1 G

over

nmen

t sec

uriti

es is

sued

for

the

stru

ctur

al r

efor

m (

ZU

NK

).2 P

ut o

ptio

n ≠

an o

ptio

n th

at g

ives

the

hold

er th

e ri

ght b

ut n

ot th

e ob

ligat

ion

to s

ell c

urre

ncie

s or

oth

er fi

nanc

ial i

nstr

umen

ts a

t the

exe

rcis

e pr

ice

with

in a

spe

cifi

ed p

erio

d or

dat

e.3 C

all o

ptio

n ≠

an o

ptio

n th

at g

ives

the

hold

er th

e ri

ght b

ut n

ot th

e ob

ligat

ion

to p

urch

ase

the

unde

rlyi

ng in

stru

men

t at t

he e

xerc

ise

pric

e on

or

befo

re a

spe

cifi

ed d

ate.

Sour

ce: B

NB

.

130


2.10. BGN/USD EXCHANGE RATE

(BGN)

Monthly, average At end of period

2008 2009 2008 2009

January 1.32895 1.47896 1.31529 1.52608February 1.32634 1.52993 1.28953 1.54684March 1.25940 1.49588 1.23693 1.46966April 1.24138 1.48088 1.25858 1.47332May 1.25702 1.42592 1.26117 1.38731June 1.25762 1.39549 1.24069 1.38378July 1.24030 1.38842 1.25285 1.38339August 1.30662 1.37084 1.32734 1.37040September 1.36235 1.34422 1.36743 1.33568October 1.47004 1.32016 1.53314 1.32151November 1.53628 1.31143 1.53676 1.30189December 1.46042 1.38731

Source: BNB.

2.9. CENTRAL EXCHANGE RATES OF SOME CONVERTIBLE CURRENCIES

(BGN)

November 2009 EUR USD (100) JPY GBP CHF TRY

2 1.95583 1.32401 1.47110 2.16521 1.29585 0.882043 1.95583 1.33431 1.47889 2.17653 1.29345 0.884594 1.95583 1.32500 1.45631 2.18871 1.29414 0.885235 1.95583 1.31555 1.45631 2.18455 1.29405 0.883836 1.95583 1.31599 1.45134 2.18285 1.29397 0.886649 1.95583 1.30528 1.45080 2.18859 1.29499 0.88459

10 1.95583 1.30685 1.45404 2.17653 1.29397 0.8845111 1.95583 1.30068 1.44758 2.16616 1.29491 0.8850712 1.95583 1.31070 1.45610 2.16833 1.29474 0.8857513 1.95583 1.31546 1.46493 2.19448 1.29542 0.8878016 1.95583 1.30694 1.45936 2.18565 1.29585 0.8853117 1.95583 1.31484 1.47321 2.20686 1.29431 0.8870018 1.95583 1.30764 1.46625 2.19880 1.29422 0.8829919 1.95583 1.31591 1.48113 2.18810 1.29260 0.8824020 1.95583 1.32017 1.48315 2.17520 1.29303 0.8811623 1.95583 1.30667 1.47022 2.17133 1.29457 0.8730224 1.95583 1.30659 1.47532 2.16568 1.29439 0.8727525 1.95583 1.29671 1.48057 2.16568 1.29568 0.8718526 1.95583 1.29774 1.49643 2.14690 1.29542 0.8579327 1.95583 1.31105 1.51380 2.15139 1.29835 0.8566930 1.95583 1.30189 1.50715 2.14561 1.29774 0.85110

Monthly, average 1.95583 1.31143 1.47114 2.17586 1.29484 0.87868

Source: BNB.

131

12/2009 FISCAL SECTOR

3 Fiscal Sector

3.2. EXECUTION OF THE REPUBLICAN BUDGET*(million BGN)

2008 2009

III VI IX XII III VI VII VIII IX X

I. Revenue and grants 1. Tax revenue 2. Non-tax revenue and grants

II. Expenditure and transfers 1. Current expenses 2. Transfers

III. Contribution to the EU budget

IV. Deficit (-)/surplus (+) 1. Primary deficit/surplus 2. Internal deficit/surplus 3. Cash deficit/surplus

V. Cash deficit/surplus financing 1. Domestic and foreign financing (net) - foreign financing, net - domestic financing, net 2. Privatisation, acquisition of shares, requited funds, net - revenue from privatisation

* End of period data.

Sources: Data on the Republican Budget (National Methodology), MF.

3.1. CONSOLIDATED STATE BUDGET*(million BGN)

2008 2009

III VI IX XII III VI VII VIII IX X

1. Revenue and grants

2. Expenditure

3. Transfers

4. Contribution to the EU budget

5. Deficit/surplus

6. Financing 6.1. Domestic and foreign financing (net) - foreign financing, net - domestic financing, net 6.2. Privatisation, acquisition of shares, requited funds, net - revenue from privatisation

* End of period data.

Sources: Consolidated fiscal programme (National Methodology), MF.

6744.1 14031.2 20852.0 27317.0 6399.6 12954.5 14751.4 16581.6 18525.3 20542.7

-4804.7 -9890.0 -15397.3 -24595.7 -5637.0 -12358.1 -14700.7 -16569.0 -18545.1 -20469.7

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

-228.9 -359.2 -478.8 -720.1 -248.3 -412.5 -437.1 -491.4 -532.4 -618.8

1710.5 3781.9 4975.9 2001.1 514.3 183.8 -386.4 -478.8 -552.3 -545.7

1710.5 -3781.9 -4975.9 -2001.1 -514.3 -183.7 386.4 478.8 552.3 545.7-1727.0 -3821.1 -5388.4 -1891.3 127.4 447.8 1016.7 1095.4 1133.6 1117.7-520.1 -609.8 -436.7 -686.0 116.4 614.5 616.1 612.0 582.9 582.3

-1206.9 -3211.4 -4951.7 -1205.2 11.0 -166.7 400.7 483.3 550.7 535.4

16.5 39.2 412.5 -109.8 -641.8 -631.5 -630.3 -616.6 -581.4 -572.020.5 38.2 435.5 543.5 12.2 16.8 25.5 32.2 53.2 53.9

4607.5 9570.0 14404.2 18645.5 4264.0 8601.0 9789.4 10996.7 12252.2 13632.24099.6 8308.5 12340.1 16124.8 3765.9 7235.7 8303.1 9435.2 10587.7 11761.6507.9 1261.5 2064.1 2520.7 498.1 1365.2 1486.3 1561.5 1664.6 1870.5

3301.9 6375.4 9878.2 16288.5 3759.1 7971.8 9401.8 10581.2 11688.2 12775.81783.7 3466.7 5283.1 9160.1 1984.6 4269.3 5057.7 5531.9 6023.2 6505.51518.3 2908.7 4595.1 7128.5 1774.4 3702.5 4344.1 5049.2 5665.0 6270.3

228.9 359.2 478.8 720.1 248.3 412.5 437.1 491.4 532.4 618.8

1359.8 3187.4 4542.5 2204.0 524.0 549.6 384.3 374.6 493.8 712.71302.0 3105.2 4403.3 2051.0 465.2 467.3 264.7 240.5 359.8 570.31076.7 2835.4 4047.2 1636.8 256.6 216.5 -49.5 -75.8 31.6 237.664

-1076.7 -2835.4 -4047.2 -1636.8 -256.6 -216.5 49.5 75.8 -31.6 -237.7-1047.0 -2803.8 -4373.5 -1376.3 406.0 450.2 720.0 739.6 606.5 405.0-535.0 -616.5 -467.1 -732.9 54.4 546.6 540.1 534.4 500.1 498.7-512.1 -2187.3 -3906.4 -643.4 351.7 -96.4 179.8 205.2 106.4 -93.8

-29.7 -31.6 326.3 -260.4 -662.7 -666.6 -670.4 -663.8 -638.1 -642.7-9.4 -2.2 388.4 434.7 -2.4 -1.9 4.8 9.3 29.7 24.4

132


3.3. DOMESTIC GOVERNMENT DEBT*(million BGN)

2008

I II III IV V VI VII VIII IX X XI XII

* End of period data covering the debt issued by the Ministry of Finance, with operations related to this debt reported in the central republican budget.

Source: Government Debt Management bulletin of the MF.

I. Debt on government securities issued

II. Debt on government securities issued for structural reform

Domestic government debt, total

(million BGN)

2009

I II III IV V VI VII VIII IX X XI XII

I. Debt on government securities issued

II. Debt on government securities issued for structural reform

Domestic government debt, total

2808.1 2838.1 2722.9 2722.8 2762.8 2797.8 2682.8 2682.7 2697.6 2717.4 2720.9 2735.9

330.1 327.3 321.6 324.0 324.2 322.0 323.2 331.3 335.7 353.3 353.7 337.4

3138.2 3165.4 3044.5 3046.8 3087.1 3119.8 3006.0 3014.0 3033.3 3070.7 3074.6 3073.3

2585.9 2480.6 2495.1 2530.1 2500.0 2512.2 2479.8 2479.5 2510.7 2605.4

320.7 322.8 315.2 315.5 307.0 306.7 306.5 305.2 301.8 300.0

2906.7 2803.5 2810.2 2845.6 2807.1 2818.9 2786.3 2784.7 2812.5 2905.3

133

12/2009 REAL SECTOR

4 Real Sector

4.1. GDP BY COMPONENT OF FINAL DEMAND*

(million BGN, at prices of corresponding year)

2008 2009

I quarter II quarter I≠VI III quarter I≠IX IV quarter I≠XII I quarter II quarter I≠VI III quarter I≠IX

Final consumption

Personal Households Non-profit institutions serving households Government Collective

Gross fixed capital formation

Physical inventory change

Balance (exports ≠ imports)

Exports of goods and services Imports of goods and servicesStatistical discrepancy

Gross domestic product

* Preliminary data.

Source: NSI.

4.2. GDP BY ECONOMIC SECTOR*

(million BGN, at prices of corresponding year)

2008 2009

I quarter II quarter I≠VI III quarter I≠IX IV quarter I≠XII I quarter II quarter I≠VI III quarter I≠IX

Agriculture and forestryIndustryServices

Gross value added at base prices, total

Adjustments

GROSS DOMESTIC PRODUCT

Growth rate on corresponding period

of previous year, %

* Preliminary data.

Source: NSI.

12 444 13 292 25 736 14 311 40 046 16 297 56 343 12 633 13 368 26 000 13 529 39 530

11 390 11 949 23 339 13 029 36 368 14 173 50 541 11 410 11 796 23 205 12 178 35 383 10 344 10 741 21 085 11 774 32 859 12 342 45 201 10 260 10 379 20 640 10 890 31 529

63 59 122 86 208 76 284 65 64 129 86 215 983 1 148 2 131 1 170 3 301 1 755 5 056 1 084 1 353 2 437 1 202 3 639

1 054 1 343 2 397 1 281 3 678 2 124 5 802 1 223 1 572 2 795 1 351 4 146

4 101 5 547 9648 5 718 15366 6 888 22254 3 616 4 768 8384 3 609 11993

679 1 373 2 051 859 2 911 421 3 332 95 164 259 207 466

- 3 740 - 4 267 - 8 007 - 2 278 - 10 285 - 4 915 - 15 200 - 2 382 - 1 978 - 4 360 711 - 3 649

8 809 10 758 19 567 12 498 32 065 8 286 40 351 6 769 7 920 14 689 10 307 24 996 12 549 15 025 27 574 14 776 42 350 13 201 55 552 9 151 9 898 19 049 9 596 28 645

0 0 0 0 0 0 0 0 0 0 0 0

13 484 15 944 29 428 18 610 48 037 18 691 66 728 13 961 16 322 30 283 18 056 48 339

512 1 003 1 515 1 790 3 305 695 4 001 463 826 1 290 1 506 2 796 3 517 4 141 7 658 4 649 12 307 4 445 16 752 3 608 4 353 7 961 4 713 12 674 6 918 7 850 14 767 9 078 23 845 10 253 34 098 7 535 8 677 16 212 8 990 25 201

10 947 12 994 23 941 15 517 39 458 15 394 54 851 11 607 13 856 25 463 15 209 40 672

2 537 2 950 5 487 3 093 8 580 3 297 11 877 2 354 2 466 4 820 2 847 7 667

13 484 15 944 29 428 18 610 48 037 18 691 66 728 13 961 16 322 30 283 18 056 48 339

7.0 7.1 7.1 6.8 7.0 3.5 6.0 -3.5 -4.9 -4.2 -5.4 -4.7

134


4.3. ECONOMIC ACTIVITY

4.3.1. EMPLOYED UNDER LABOUR CONTRACT*

Payroll number** Change on previous month (%)

Total for the economy Total for the economy

Public Private Agriculture, forestryIndustry Servicessector sector and fishery

4.3.2. UNEMPLOYMENT

Unemployed registered at end of month% of

Total labour force

Youths (total)up to 29 years inclusive

Adults

2008

January 2 430 009 642 670 1 787 339 1.89 -10.50 2.19 2.23February 2 437 034 644 977 1 792 057 0.29 0.72 0.13 0.37March 2 450 120 650 755 1 799 365 0.54 7.37 0.13 0.53April 2 478 396 644 497 1 833 899 1.15 4.45 1.57 0.77May 2 488 387 643 226 1 845 161 0.40 2.87 -0.65 0.96June 2 503 699 641 887 1 861 812 0.62 0.28 0.10 0.95July 2 526 056 634 929 1 891 127 0.89 1.52 0.66 1.01August 2 519 257 631 933 1 887 324 -0.27 -0.67 -0.37 -0.19September 2 495 119 631 372 1 863 747 -0.96 -0.28 -0.99 -0.97October 2 481 344 631 670 1 849 674 -0.55 -1.08 -0.26 -0.70November 2 466 242 636 064 1 830 178 -0.61 -4.46 -1.35 0.00December 2 436 128 629 813 1 806 315 -1.22 -7.42 -2.01 -0.502009

January 2 437 868 632 692 1 805 176 0.07 2.09 1.20 -0.67February 2 428 217 637 466 1 790 751 -0.40 0.26 -1.20 0.06March 2 412 868 640 649 1 772 219 -0.63 8.12 -1.56 -0.42April 2 404 891 640 550 1 764 341 -0.33 7.77 -1.44 -0.02May 2 402 606 637 200 1 765 406 -0.10 3.09 -1.34 0.48June 2 402 243 631 492 1 770 751 -0.02 -0.21 -0.81 0.45July 2 398 168 625 093 1 773 075 -0.17 -0.43 -23.35 12.82August 2 374 967 618 584 1 756 383 -0.97 -1.28 -0.82 -1.01September 2 338 296 618 426 1 719 870 -1.54 -0.05 -0.65 -1.95

* Preliminary data.** Payroll number as of the last working day of the month.

Source: NSI.

2008

January 273 280 50 632 222 648 7.38February 268 756 49 650 219 106 7.26March 251 640 46 440 205 200 6.79April 241 075 43 976 197 099 6.51May 229 133 40 804 188 329 6.19June 221 089 38 920 182 169 5.97July 220 879 39 366 181 513 5.96August 218 303 38 527 179 776 5.89September 214 692 37 749 176 943 5.80October 216 644 37 529 179 115 5.85November 216 842 37 005 179 837 5.85December 232 289 39 291 192 998 6.272009

January 240 782 41 650 199 132 6.50February 247 759 43 526 204 233 6.69March 254 899 46 111 208 788 6.88April 260 693 48 247 212 446 7.04May 262 097 48 046 214 051 7.08June 270 136 49 080 221 056 7.29July 282 211 52 315 229 896 7.62August 291 852 53 760 238 092 7.88September 297 515 54 593 242 922 8.03October 304 915 56 637 248 278 8.23

Source: Employment Agency.

135

12/2009 REAL SECTOR

4.4. AVERAGE MONTHLY SALARY OF EMPLOYED UNDER LABOUR CONTRACT*

(BGN)

Total for the economy

Sectors by type of ownership Economic sectors

Public Private Agriculture, forestry Industry Servicessector sector and fishery

4.5. CHANGE IN CONSUMER PRICES

(%)

2008

January 479 551 453 334 460 497February 474 546 448 347 468 484March 500 593 465 379 498 506April 512 588 485 378 491 531May 503 592 471 374 500 510June 515 628 475 415 509 523July 517 619 482 417 506 528August 514 625 476 392 508 523September 538 693 484 407 522 554October 538 689 485 411 513 558November 542 688 490 391 524 559December 566 739 504 402 533 5932009

January 557 657 522 416 532 578February 553 651 517 423 535 568March 579 709 531 443 568 592April 593 696 554 449 564 616May 585 711 539 428 574 599June 587 707 543 459 581 596July 578 683 540 458 577 584August 576 679 538 445 579 580September 594 732 544 467 587 603

* Preliminary data.

Source: NSI.

On corresponding monthof previous yearOn previous month

On December of previous year

Consumer priceindex

Harmonized indexof consumer prices


Consumer priceindex


Consumer priceindex

2008

January 1.4 1.5 12.5 11.7 1.4 1.5February 1.1 1.0 13.2 12.2 2.5 2.6March 0.8 0.9 14.2 13.2 3.4 3.5April 0.9 0.7 14.6 13.4 4.2 4.3May 0.5 0.9 15.0 14.0 4.7 5.2June -0.2 0.5 15.3 14.7 4.6 5.7July 1.5 1.4 14.5 14.4 6.1 7.2August 0.1 -0.1 11.2 11.8 6.3 7.1September 1.1 0.9 11.0 11.4 7.4 8.0October 0.5 0.1 10.9 11.2 8.0 8.1November -0.1 -0.4 9.1 8.8 8.0 7.6December -0.2 -0.4 7.8 7.2 7.8 7.22009

January 0.8 0.4 7.1 6.0 0.8 0.4February 0.1 0.4 6.0 5.4 0.8 0.8March -0.2 -0.3 4.9 4.0 0.6 0.5April 0.7 0.5 4.8 3.8 1.3 1.0May -0.3 0.0 3.9 3.0 1.0 1.0June -0.4 0.1 3.7 2.6 0.6 1.2July -0.6 -0.1 1.6 1.0 0.0 1.0August -1.2 0.1 1.3 1.3 -0.1 1.1September 0.0 -0.2 0.2 0.2 -0.1 1.0October 0.1 0.2 -0.3 0.3 0.0 1.1

Source: NSI.

136


137


Methodological Notes

Overview and Institutional Sectors ................................................................................................... 138

1 Financial SectorMonetary Statistics ............................................................................................................................... 144Sector Table ......................................................................................................................................... 148Interest Rate Statistics ......................................................................................................................... 155

2 External SectorBalance of Payments ........................................................................................................................... 157Imports and Exports ............................................................................................................................ 163Gross External Debt ............................................................................................................................ 165International Investment Position of Bulgaria ................................................................................... 168International Reserves and Foreign Currency Liquidity Data Template of Bulgaria .................... 170

3 Fiscal Sector ..................................................................................................................................................... 173

4 Real Sector ......................................................................................................................................................... 173

138


Overview and Institutional SectorsBNB Monthly Bulletin includes data on the state and dynamics of the national economy. It fo-

cuses on financial and external sectors since information on these sectors is prepared at the BNB.Depending on availability, specificity, compatibility and comparability of data, tables and charts

may contain information on separate periods (months, quarters, years), as well as cumulative datasince early year.

INSTITUTIONAL SECTORS ACCORDING TO THE ESA951

1. Institutional units and sectors

The institutional unit is an elementary economic decision-making centre characterised by uni-formity of behaviour and decision-making autonomy in the exercise of its principal function.

In conclusion, the following are deemed to be institutional units:a) units which have a complete set of accounts and autonomy of decision:

(1) private and public corporations;(2) co-operatives or partnerships recognised as independent legal entities;(3) public producers which by virtue of special legislation are recognised as independent le-

gal entities;(4) non-profit institutions recognised as independent legal entities;(5) agencies of general government.

b) units which have a complete set of accounts and which are deemed to have autonomy of de-cision: quasi-corporations.

c) units which do not necessarily keep a complete set of accounts, but which by convention aredeemed to have autonomy of decision:

(1) households;(2) national resident units.

Institutional units must be combined into groups called institutional sectors or simply sectors,some of which are divided into sub-sectors. Each of the sectors and sub-sectors groups together theinstitutional units which have a similar type of economic behaviour. When the principal function ofthe institutional unit is to produce goods and services, it is necessary in deciding the sector to whichit should be allocated to distinguish first of all the type of producer it is belonging to.

Three types of producers are distinguished in the ESA:a) private and public market producers;b) private producers of goods and services for own final use;c) private and public other non-market producers.

Institutional units which are market producers are classified in the sectors Non-financial corpo-rations (S.11), Financial corporations (S.12) or Households (S.14). Institutional units which are pri-vate producers of goods and services for own final use are classified in the Households sector (S.14)together with the unincorporated enterprises owned by households. Institutional units which areother non-market producers are classified in the sector General Government (S.13) or Non-profitinstitutions serving households (S.15).

2. Description of the different sectors

S.11 Non-financial corporationsThe sector non-financial corporations consists of institutional units whose distributive and finan-

cial transactions are distinct from those of their owners and which are market producers whoseprincipal activity is the production of goods and non-financial services. The sector non-financialcorporations also includes non-financial quasi-corporations.

The institutional units covered are the following:a) private and public corporations which are market producers principally engaged in the

Overview

Generalprinciples

1 European System of Accounts (ESAí95), Council Regulation (EC) 2223/96 of 25 June 1996, Chapter II Units and Grouping of Units. The EuropeanSystem of Accounts is an international framework of accounts for a systematic and detailed description of the countryís economy, its components, aswell as its relationships with other economies developed by Eurostat. ESAí95 is fully compatible with SNAí93 (a joint paper of the IMF, UN, OECD,the European Commission and the World Bank).

139

12/2009 INSTITUTIONAL SECTORS

production of goods and non-financial services;b) co-operatives and partnerships recognised as independent legal entities which are market

producers principally engaged in the production of goods and non-financial services;c) public producers which by virtue of special legislation are recognised as independent legal

entities and which are market producers principally engaged in the production of goodsand non-financial services;

d) non-profit institutions or associations serving non-financial corporations, which arerecognised as independent legal entities and which are market producers principally en-gaged in the production of goods and non-financial services;

e) holding corporations controlling a group of corporations which are market producers, ifthe preponderant type of activity of the group of corporations as a whole ≠ measured onthe basis of value added ≠ is the production of goods and non-financial services;

f) private and public quasi-corporations which are market producers principally engaged inthe production of goods and non-financial services.

S.12 Financial corporationsThe financial corporations sector consists of all corporations and quasi-corporations which are

principally engaged in financial intermediation (financial intermediaries) and/or in auxiliary finan-cial activities (financial auxiliaries). Financial intermediation is the activity in which an institutionalunit acquires financial assets and at the same time incurs liabilities on its own account by engagingin financial transactions on the market. The assets and liabilities of the financial intermediarieshave different characteristics, involving that the funds are transformed or repackaged with respectto maturity, scale, risk and the like in the financial intermediation process. Auxiliary financial ac-tivities are activities closely related to financial intermediation but which are not financial interme-diation themselves.

The institutional units included in the financial corporations sector (S.12) are as follows:a) private or public corporations which are principally engaged in financial intermediation

and/or in auxiliary financial activities;b) co-operatives and partnerships recognised as independent legal entities which are princi-

pally engaged in financial intermediation and/or in auxiliary financial activities;c) public producers, which by virtue of special legislation are recognised as independent le-

gal entities, which are principally engaged in financial intermediation and/or in auxiliaryfinancial activities;

d) non-profit institutions recognised as independent legal entities which are principally en-gaged in financial intermediation and/or in auxiliary financial activities, or which are serv-ing financial corporations;

e) holding corporations if the group of subsidiaries within the economic territory as a wholeis principally engaged in financial intermediation and/or in auxiliary financial activities;

f) unincorporated mutual funds comprising investment portfolios owned by the group of par-ticipants, and whose management is undertaken, in general, by other financial corpora-tions. These funds are institutional units by convention, separate from the managing fi-nancial corporation;

g) financial quasi-corporations.2

The financial corporations sector is subdivided into five sub-sectors: the central bank (S.121);other monetary financial institutions (S.122); other financial intermediaries, except insurance corpora-tions and pension funds (S.123); financial auxiliaries (S.124); insurance corporations and pensionfunds (S.125).

S.121 Sub-sector: The central bankThe central bank sub-sector (S.121) consists of all financial corporations and quasi-corporations

whose principal function is to issue currency, to maintain the internal and external value of the cur-rency and to hold all or part of the international reserves of the country. The following financialintermediaries are classified in sub-sector S.121:

2 Unincorporated units principally engaged in financial intermediation and subject to regulation and supervision (in most cases classified in the othermonetary financial institutions sub-sector or the insurance corporations and pension funds sub-sector) are deemed to enjoy autonomy of decision and tohave autonomous management independent of their owners. Their economic and financial behaviour is similar to that of financial corporations.Therefore, they are treated as separate institutional units. Examples are branches of non-resident financial corporations.

140


a) the national central bank, also in the case where it is part of the European System of Cen-tral Banks;

b) central monetary agencies of essentially public origin (e.g. agencies managing foreign ex-change or issuing currency) which keep a complete set of accounts and enjoy autonomyof decision in relation to central government. Mostly these activities are performed eitherwithin central government or within the central bank. In these cases, no separate institu-tional units exist.

This sub-sector does not include agencies and bodies, other than the central bank, which regu-late or supervise financial corporations or financial markets. They are classified in sub-sector S.124.

S.122 Sub-sector: Other monetary financial institutionsThe other monetary financial institutions sub-sector (S.122) consists of all financial corporations

and quasi-corporations, except those classified in the central bank sub-sector, which are principallyengaged in financial intermediation and whose business is to receive deposits and/or close substi-tutes for deposits from institutional units other than monetary financial institutions, and, for theirown account, to grant loans and/or to make investments in securities.

MFIs cannot be described simply as ëbanksí, because they may possibly include some financialcorporations which may not call themselves banks, and some which may not be permitted to do soin some countries, while some other financial corporations describing themselves as banks may notin fact be MFIs. In general, the following financial intermediaries are classified in sub-sector S.122:

a) commercial banks, ëuniversalí banks, ëall-purposeí banks;b) savings banks (including trustee savings banks and savings banks and loan associations);c) post office giro institutions, post banks, giro banks;d) rural credit banks, agricultural credit banks;e) co-operative credit banks, credit unions;f) specialised banks (e.g. merchant banks, issuing houses, private banks).

The following financial intermediaries may also be classified in sub-sector S.122 where it is theirbusiness to receive repayable funds from the public whether in the form of deposits or in otherforms such as the continuing issue of bonds and other comparable securities. Otherwise, theyshould be classified in sub-sector S.123:

a) corporations engaged in granting mortgages (including building societies, mortgage banksand mortgage credit institutions);

b) mutual funds (incl. investment trusts, unit trusts and other collective investment schemes,e.g. undertakings for collective investment in transferable securities ≠ UCITS);

c) municipal credit institutions.Sub-sector S.122 does not include:a) holding corporations which only control and direct a group consisting predominantly of

other monetary financial institutions, but which are not other monetary financial institu-tions themselves. They are classified in sub-sector S.123;

b) non-profit institutions recognised as independent legal entities serving other monetary fi-nancial institutions, but not engaged in financial intermediation. They are classified insub-sector S.124.

S.123 Sub-sector: Other financial intermediaries except insurance corporations and pensionfunds

The other financial intermediaries except insurance corporations and pension funds sub-sector(S.123) consists of all financial corporations and quasi-corporations which are principally engagedin financial intermediation by incurring liabilities in forms other than currency, deposits and/orclose substitutes for deposits from institutional units other than monetary financial institutions, orinsurance technical reserves.

Sub-sector S.123 includes various types of financial intermediaries especially those which arepredominantly engaged in long-term financing. In most cases, this predominant maturity forms thebasis of a distinction from the other monetary financial institutions sub-sector. Based on the non-existence of liabilities in the form of insurance technical reserves, the borderline with the insurancecorporations and pension funds sub-sector can be determined.

In particular, the following financial corporations and quasi-corporations are classified in sub-sector S.123 unless they are MFIs:

141


a) corporations engaged in financial leasing;b) corporations engaged in hire purchase and the provision of personal or commercial fi-

nance;c) corporations engaged in factoring;d) security and derivative dealers (on own account);e) specialised financial corporations such as venture and development capital companies,

export/import financing companies;f) financial vehicle corporations created to be holders of securitized assets;g) financial intermediaries which receive deposits and/or close substitutes for deposits from

MFIs only;h) holding corporations which only control and direct a group of subsidiaries principally en-

gaged in financial intermediation and/or in auxiliary financial activities, but which are notfinancial corporations themselves.

Sub-sector S.123 does not include non-profit institutions recognised as independent legal entitiesserving other financial intermediaries except insurance corporations and pension funds, but not en-gaged in financial intermediation. They are classified in sub-sector S.124.

S.124 Sub-sector: Financial auxiliariesThe financial auxiliaries sub-sector (S.124) consists of all financial corporations and quasi-corpo-

rations which are principally engaged in auxiliary financial activities, that is to say activities closelyrelated to financial intermediation but which are not financial intermediation themselves.

In particular, the following financial corporations and quasi-corporations are classified in sub-sector S.124:

a) insurance brokers, salvage and average administrators, insurance and pension consultants,etc.;

b) loan brokers, securities brokers, investment advisers, etc.;c) flotation corporations that manage the issue of securities;d) corporations whose principal function is to guarantee, by endorsement, bills and similar

instruments;e) corporations which arrange derivative and hedging instruments, such as swaps, options

and futures (without issuing them);f) corporations providing infrastructure for financial markets;g) central supervisory authorities of financial intermediaries and financial markets when they

are separate institutional units;h) managers of pension funds, mutual funds, etc.;i) corporations providing stock exchange and insurance exchange;j) non-profit institutions recognised as independent legal entities serving financial corpora-

tions, but not engaged in financial intermediation or auxiliary financial activities.Sub-sector S.124 does not include holding corporations which only control and direct a group of

subsidiaries principally engaged in auxiliary financial activities, but which are not financial auxilia-ries themselves. They are classified in sub-sector S.123.

S.125 Sub-sector: Insurance corporations and pension fundsThe insurance corporations and pension funds sub-sector (S.125) consists of all financial corpo-

rations and quasi-corporations which are principally engaged in financial intermediation as the con-sequence of the pooling of risks.

The insurance contracts administered might relate to individuals and/or groups, whether or notparticipation results from a general obligation imposed by government. Furthermore, social insur-ance contracts are sometimes a considerable part of the contracts administered. Sub-sector S.125includes both captive insurance corporations and reinsurance corporations.

Sub-sector S.125 does not include:a) institutional units which fulfil each of the two criteria. They are classified in sub-sector

S.1314;b) holding corporations which only control and direct a group consisting predominantly of

insurance corporations and pension funds, but which are not insurance corporations andpension funds themselves. They are classified in sub-sector S.123;

c) non-profit institutions recognised as independent legal entities serving insurance corpora-

142


tions and pension funds, but not engaged in financial intermediation. They are classifiedin sub-sector S.124.

The insurance corporations and pension funds sub-sector may be subdivided into:a) insurance corporations;b) (autonomous) pension funds.

Autonomous pension funds are pension funds which have autonomy of decision and keep acomplete set of accounts. They are therefore institutional units. Non-autonomous pension funds arenot institutional units and remain part of the institutional unit that sets them up.

S.13 General governmentThe general government sector (S.13) includes all institutional units which are other non-market

producers whose output is intended for individual and collective consumption, and mainly financedby compulsory payments made by units belonging to other sectors, and/or all institutional unitsprincipally engaged in the redistribution of national income and wealth.

The institutional units included in sector S.13 are as follows:a) general government entities (excluding public producers organised as public corporations

or, by virtue of special legislation, recognised as independent legal entities, or quasi-cor-porations, when any of these are classified in the non-financial or financial sectors) whichadminister and finance a group of activities, principally providing non-market goods andservices, intended for the benefit of the community;

b) non-profit institutions recognised as independent legal entities which are other non-mar-ket producers and which are controlled and mainly financed by general government;

c) autonomous pension funds if the requirements of social security funds are met.The general government sector is divided into four sub-sectors: central government (S.1311);

state government (S.1312); local government (S.1313); social security funds (S.1314).

S.1311 Sub-sector: Central governmentThe central government sub-sector (S.1311) includes all administrative departments of the State

and other central agencies whose competence extends normally over the whole economic territory,except for the administration of social security funds. Included in sub-sector S.1311 are those non-profit institutions which are controlled and mainly financed by central government and whose com-petence extends over the whole economic territory.

S.1312 Sub-sector: State governmentThe state government sub-sector (S.1312) consists of state governments which are separate insti-

tutional units exercising some of the functions of government at a level below that of central gov-ernment and above that of the governmental institutional units existing at local level, except for theadministration of social security funds. Included in sub-sector S.1312 are those non-profit institu-tions which are controlled and mainly financed by state governments and whose competence is re-stricted to the economic territories of the states.

S.1313 Sub-sector: Local governmentThe local government sub-sector (S.1313) includes those types of public administration whose

competence extends to only a local part of the economic territory, apart from local agencies of so-cial security funds. Included in sub-sector S.1313 are those non-profit institutions which are con-trolled and mainly financed by local governments and whose competence is restricted to the eco-nomic territories of the local governments.

S.1314 Sub-sector: Social security fundsThe social security funds sub-sector (S.1314) includes all central, state and local institutional

units whose principal activity is to provide social benefits and which fulfil each of the following twocriteria:

a) by law or by regulation, certain groups of the population are obliged to participate in thescheme or to pay contributions;

b) general government is responsible for the management of the institution in respect of thesettlement or approval of the contributions and benefits independently from its role assupervisory body or employer.

There is usually no direct link between the amount of the contribution paid by an individual andthe risk to which that individual is exposed.

143


S.14 HouseholdsThe households sector (S.14) covers individuals or groups of individuals as consumers and pos-

sibly also as entrepreneurs producing market goods and non-financial and financial services (mar-ket producers) provided that, in the latter case, the corresponding activities are not those of sepa-rate entities treated as quasi-corporations. It also includes individuals or groups of individuals asproducers of goods and non-financial services for exclusively own final use.

Households as consumers may be defined as small groups of persons who share the same livingaccommodation, who pool some, or all, of their income and wealth and who consume certain typesof goods and services collectively, mainly housing and food. The criteria of the existence of familyor emotional ties may be added.

The principal resources of these units are derived from the compensation of employees, prop-erty income, transfers from other sectors or the receipts from disposal of market products or theimputed receipts from output of products for own final consumption.

The households sector includes:a) individuals or groups of individuals whose principal function is consumption;b) persons living permanently in institutions who have little or no autonomy of action or de-

cision in economic matters (e.g. members of religious orders living in monasteries, long-term patients in hospitals, prisoners serving long sentences, old persons living perma-nently in retirement homes). Such people are treated as comprising, together, a single in-stitutional unit, that is, a single household;

c) individuals or groups of individuals whose principal function is consumption and that twoproduce goods and non-financial services for exclusively own final use; only categories ofservices produced for own final consumption are included within the system: services ofowner-occupied dwellings and domestic services produced by paid employees;

d) sole proprietorships and partnerships without independent legal status ≠ other than thosetreated as quasi-corporations ≠ which are market producers;

e) non-profit institutions serving households, which do not have independent legal status orthose which do but are of only minor importance.

S.15 Non-profit institutions serving households

The non-profit institutions serving households sector (NPISHs) (S.15) consists of non-profit insti-tutions which are separate legal entities, which serve households and which are private other non-market producers. Their principal resources, apart from those derived from occasional sales, arederived from voluntary contributions in cash or in kind from households in their capacity as con-sumers, from payments made by general governments and from property income.

Where these institutions are not very important, they are not included in this sector, their trans-actions being mixed up with those of households (S.14).

The NPISHs sector includes the following main kinds of NPISHs that provide non-marketgoods and services to households:

a) trade unions, professional or learned societies, consumersí associations, political parties,churches or religious societies (including those financed but not controlled by govern-ments), and social, cultural, recreational and sports clubs;

b) charities, relief and aid organisations financed by voluntary transfers in cash or in kindfrom other institutional units. Sector S.15 includes charities, relief or aid agencies servingnon-resident units and excludes entities where membership gives right to a predeterminedset of goods and services.

S.2 Rest of the worldThe rest of the world (S.2) is a grouping of units without any characteristic functions and re-

sources; it consists of non-resident units insofar as they are engaged in transactions with residentinstitutional units, or have other economic links with resident units.

The distinction between the national economy and the rest of the world is based on the principleof residence. The national economy is limited to resident units, i.e. units which have a centre of eco-nomic interest on the economic territory of that country.3

3 These units (whether institutional, local kind-of-activity or of homogeneous production), known as resident units, may or may not have the nationalityof that country, may or may not be legal entities, and may or may not be present on the economic territory of the country at the time they carry out atransaction.

144


The economic territory includes territorial enclaves such as embassies, consulates, military andscientific bases situated in the rest of the world. The economic territory does not include extraterri-torial enclaves: foreign embassies or Institutions of the European Union or other internationalorganisations located on the geographic territory of the country.4 The term centre of economic inter-est indicates the fact that there exists some location within the economic territory on, or from, whicha unit engages, and intends to continue to engage, in economic activities and transactions on a sig-nificant scale, either indefinitely or over a finite but long period of time (a year or more).

It should be noted that the rule whereby the accounts for the rest of the world include onlytransactions carried out between resident institutional units and non-resident units is subject to thefollowing exceptions:

a) the services of transport (up to the border of the exporting country) provided by residentunits in respect of imported goods are shown in the rest of the world accounts with f.o.b.imports, even though they are produced by resident units;

b) transactions in foreign assets between residents belonging to different sectors are shownin the detailed financial accounts for the rest of the world; although they do not affect thecountryís financial position vis-‡-vis the rest of the world, they affect the financial relation-ships of individual sectors with the rest of the world;

c) transactions in the countryís liabilities between non-residents belonging to different geo-graphical zones are shown in the geographical breakdown of the rest of the world ac-counts. Although these transactions do not affect the countryís overall liability to the restof the world, they affect its liabilities to different parts of the world.

Financial SectorThe information presented in this section is from monetary, interest rate and other financial sta-

tistics.

I. GENERAL METHODOLOGICAL NOTES ON MONETARY

AND BANKING STATISTICS

1. Methodological Conceptions and Rules of Monetary Statistics Organization

Monetary statistics is collected and compiled according to the international statistical standardsand covers, to a great extent, the rules of international financial statistics. The most important stan-dards include:

� European System of Accounts (ESAí95) and System of National Accounts (SNAí93);� Regulation (EC) No. 2423/2001 concerning the consolidated balance sheet of the mon-

etary financial sector;� Guideline of the European Central Bank of 19 December 2008 amending Guideline

ECB/2007/9 on monetary, financial institutions and market statistics (recast);� Money and Banking Statistics Sector Manual: Guidance for the Statistical Classification

of Customers, ECB, 1998;� Monetary and Financial Statistics Manual, IMF, 2000.

Bulgaria is a subscriber to the Special Data Dissemination Standard (SDDS) developed by theIMF (see the National Summary Data Page on the BNB website: Statistics Section, Data Dissemi-nation Standards).

Main Rules:

a) Accounting rules ≠ the accounting rules followed by monetary financial institutions arepresented in the International Accounting Standards (IAS).5

4 The territories used by the Institutions of the European Union and international organisations thus constitute the territories of States sui generis. Thefeature of such states is that the only residents are the institutions themselves.

5 Unified national accounting standards harmonized with the international standards, valid until end-2002. After that the International AccountingStandards/International Financial Reporting Standards came into effect.

1

MonetaryStatistics

145


b) Reporting rules:� Valuation of assets and liabilities ≠ all financial assets and liabilities are reported at mar-

ket or close to market price. Financial instruments, however, as currency in circulation,deposits, capital and reserves, cash and loans are reported at nominal value.

� Revaluation of foreign currency positions ≠ exchange rates as of end of the period areapplied.

� Reporting of loans and provisions ≠ for the purposes of statistics loans are shown on agross basis until their writing off. Accrued provisions are classified under Other liabilities.

� Definition of the reporting period ≠ the reporting period finishes on the last calendar dayand if it coincides with a holiday, on the last business day of the month.

c) Economic territory and residency ≠ the economic territory of the country consists of thegeographic territory administrated by the government; within this territory, persons,goods and capital circulate freely. The economic territory includes the airspace, territorialwaters, and continental shelf lying in international waters over which the country has ex-clusive rights. Also it includes territorial enclaves, i.e. geographic territories situated in therest of the world and used, under international treaties or agreements between states, bygeneral government agencies of the country (embassies, consulates, military bases, scien-tific bases, etc.), and any free zones.

Residents of the country are defined as institutional units which have a center of economic inter-est6 within the economic territory of the country; their residence is on the same territory and theymanage a significant output in which they participate or intend to participate.

Branches of resident credit institutions abroad with a center of economic interest on the terri-tory of another country are treated as non-residents. Branches of foreign credit institutions licensedto operate in the country are residents and are included in money-creating sector (see Sector Table).

Borderline cases of residency:1) Bulgarian diplomatic, consular, commercial and other representations, as well as their

members and staff, and all Bulgarian citizens working for them who are staying abroad byan appointment of the Bulgarian government, regular servicemen on long-term commis-sion abroad and civil persons from the Ministry of Defence employed in missions, head-quarters and bodies of international organizations, as well as the members of their fami-lies are deemed residents. The foreign ones are classified as residents of their nativecountries.

2) The following persons are classified as resident units:� Bulgarian citizens staying abroad for education purposes, irrespective of the length of

their stay;� Bulgarian citizens staying abroad for medical treatment, irrespective of the length of their

stay.The concept of residency is consistent with the Bulgarian Foreign Exchange Law, ESAí95, and

IMF Balance of Payments Manual, 5th edition.d) Sector distribution ≠ ESAí95 standards of sector classification of institutional units are fol-

lowed. The main sectors by residency include: Resident Sector (S.1) and Rest of the World(S.2). The Resident Sector is divided into monetary financial sector, general governmentsector and non-government sector. Monetary financial sector covers the BNB (S.121) andother monetary financial institutions (S.122); general government sector (S.13) consists ofthree subsectors: central government (S.1311), local government (S.1313) and social secu-rity funds (S.1314); non-government sector includes non-financial public corporations(S.11001), non-financial private corporations (S.11002+S.11003), other financial intermedi-aries and auxiliaries except insurance companies and pension funds (S.123 and S.124), in-surance companies and pension funds (S.125), households (S.14) and non-profit institutionsserving households (S.15). Non-resident Sector is divided into European Union and Thirdcountries and international organisations .European union comprises Monetary Union (MU)and Non-MU, according to the participation of the EU countries in the Monetary Union.

e) Instrumental categories ≠ in the Monetary Survey and Analytical Reporting, indicators

6 An institutional unit has a centre of economic interest within a country when there exists some location ≠ dwellings, place of production or otherpremises, which the unit engages or intends to engage in economic activities and transactions for an indefinite period of time or for a definite but longerperiod of time (according to ESAí95 the period is a year or more).

146


are defined in conformity with ECB Regulation (EC) No. 2423/2001 concerning the con-solidated balance sheet of the monetary financial sector, the Monetary and Financial Sta-tistics Manual of the IMF in accordance with ESAí95 and SNAí93. Definitions of most ofthe instruments are given in the corresponding tables in Specific Methodological Notes.

f) Foreign currency distribution ≠ all indicators and instruments are in levs and foreign cur-rency, including euro of the forex component.

g) Maturity structure ≠ for the purposes of statistics financial assets and liabilities are pre-sented according to the original term to maturity (Regulation (EC) No. 2423/2001 andSNAí93).

2. Reporting AgentsMonetary financial institutions (MFIs) residing on the territory of the Republic of Bulgaria.

These are the BNB and other MFIs. Other MFIs comprise all credit institutions,7 including foreignbanksí branches registered in Bulgaria, as well as money market funds.8 Of all credit institutions, 24are banks licensed to conduct bank operations in Bulgaria and abroad and five are foreign banksíbranches. The number of money market funds is four.

Resident monetary financial institutions (MFIs) are included in the MFIs list of EU accessioncountries. This list is maintained by the ECB on the website http://www.ecb.int.

3. Basic Framework of Monetary StatisticsReporting agents submit reports pursuant to Article 42 of the Law on the Bulgarian National

Bank and Article 69 of the Law on Credit Institutions.Data are collected electronically via BNBís virtual network with the other MFIs.Monetary statistics framework includes two levels of data compilation and presentation:

ï On the first level, the accounting data received from individual reporting agents are ag-gregated in analytical reporting containing comprehensive balance sheet data on the BNBand other MFIs. Analytical reporting of the BNB and analytical reporting of other MFIsaim to provide data classified by residency, sector and instrument.

ï On the second level, data from analytical reporting are consolidated into a monetary sur-vey. The monetary survey is the main form of monetary statistics and contains a lot ofimportant indicators necessary for macroeconomic analysis. It reveals the mechanism ofmultiplying the monetary base into aggregate money supply serving transactions in thenational economy. Its structure is built so as to facilitate the analysis of broad money andits sources. The monetary survey is accompanied by a detailed presentation of the mainelements (by sector and instrument).

4. Principles of Data Processing� Aggregation ≠ summing up data by balance of all institutional units within a sector or

subsector, or of all assets and liabilities in the framework of a particular indicator. Forsectors and subsectors, data on financial assets and liabilities are aggregated in instru-ments (i.e. loans classified by sector of debtor and deposits classified by sector of credi-tor). Further aggregation is used to combine the instruments into indicators.

� Consolidation ≠ it refers to elimination of stocks and flows that occur between institu-tional units, residents of the country, where they are grouped. The institutional units con-sisting of a head office and branches report consolidated data through elimination ofclaims and obligations between them. (This rule does not apply to consolidation of databetween a head office and non-resident branches.) Further consolidation is made in themonetary survey between MFIs.

� Netting ≠ the general principles set in the international statistical standards; data shouldbe collected and compiled on a gross basis. Despite this fact, some categories of data inthe monetary survey are also presented in net form due to their use for analytical needs.In the monetary survey and analytical reporting, the following items are presented in net

7 Data on non-operating banks is available on the BNB website for the February 2004 ≠ January 2007 reference period in the Monthly Sectoral Survey ofNon-operating Commercial Banks table.

8 Included in the scope since February 2007.

147


form: foreign assets, claims on the central government, other items; while gross claims onand gross liabilities to non-residents, central government and other unclassified assets and li-abilities are also shown.

5. Policy of Revisions and Statistical ProcessingRevisions of published data are made in the following cases:

� error in data;� change in accounting or statistical standard.

Revisions are marked by the sign r and an explanatory text. In case of change in the standard,historical data is also revised starting from the moment of occurrence of the event or change in thestandard.

Upon occurrence or creation of prerequisites for publishing a new indicator ≠ sector, instrument,etc. ≠ historical time series are constructed by using statistical methods as of the moment of indica-tor occurrence (where appropriate conditions exist).

6. PublicationsMonthly data are as of the end of the reporting period and are published before the end of the

month following the reporting period according to the Statistical Data Release Calendar (availableon the BNB website: http://www.bnb.bg). Monthly statistical data are also included in periodicalpublications of the central bank: annual and semiannual reports of the BNB, monthly bulletins.Publications are available on paper and on the website of the BNB.

148


Appendix: Sector Table 9

Sectors in Bulgariaís monetarystatistics Definitions

S.12

Fin

anci

al c

orpo

ratio

ns

Central bank

Other monetaryfinancial

institutions

Other financialintermediaries andauxiliaries, exceptinsurance compa-nies and pension

funds

Insurance compa-nies and pension

funds

A financial corporation whose principal function is to issue currency, tomaintain the internal and external value of the national currency and to hold theinternational reserves of the country.

9 Institutional sectors in Bulgariaís monetary statistics totally meet ECB requirements under strict consistency with ESAí95.10 NPIs controlled and mainly financed by General government are classified in the general government sector.

Financial corporations, except those classified in the central banksubsector, which are principally engaged in financial intermediation and whosebusiness is to receive deposits and/or close substitutes for deposits from insti-tutional units other than monetary financial institutions, and, for their own ac-count, to grant loans and/or to make investments in securities. These are: a)credit institutions - banks and electronic money institutions, and b) moneymarket funds.

Money market funds are collective investment undertakings of which theunits are, in terms of liquidity, close substitutes for deposits and which prima-rily invest in money market instruments and/or in MMF shares/units and/orother transferable debt instruments with a residual maturity of up to and in-cluding one year and/or in bank deposits and/or which pursue a rate of returnthat approaches the interest rates of money market instruments.

1. Financial corporations, which are principally engaged in financial inter-mediation by undertaking liabilities in a form, other than:

a) money, deposits and/or close substitutes of deposits of institutional units,other than monetary financial institutions;

b) insurance and pension reserves.Here are included investment funds, corporations, secializing in lending, leasingcorporations, financial houses, loans offices, etc.

2. Financial corporations ≠ auxiliaries, which are closely connected with fi-nancial intermediation but are not financial intermediaries.

Here are included stock exchanges, exchange bureaux, consultants, bro-kers, etc.

Financial corporations, which are principally engaged in financial interme-diation as the consequence of taking insurance and pension risks (and whichincur liabilities in the form of insurance and pension reserves).

Mon

ey-c

reat

ing

sect

orM

oney

-hol

ding

sec

tor

Non-financialcorporations

Households

Non-financial corporations, which are market producers, and whose mainactivity is the production of goods and non-financial services.

Individuals or groups of individuals as consumers and possibly also as en-trepreneurs producing market goods and non-financial and financial services(market producers). The sector includes individuals or groups of individuals asproducers of goods and non-financial services for exclusively own final use.

The sector also includes sole proprietorship and partnership without inde-pendent legal status which are market producers.

Non-profit institutions which are separate legal entities, whose main activ-ity is connected with servicing, supporting and assisting households. Theirprincipal resources, apart from those derived from occasional sales, are de-rived from voluntary contributions in cash or in kind from households in theircapacity as consumers, from payments made by general government sector10

and from property income. Here are included trade unions, political parties,foundations, associations, churches or religious societies, social, cultural andsports clubs.

Non-profit institutionsserving households

(NPISHs)

149


Sectors in Bulgariaís monetarystatistics Definitions

S.13

Gen

eral

gov

ernm

ent

Central govern-ment

All institutional units, which offer public services, deal with distribution ofnational income and guarantee the operation of social and economic system.These are ministries, institutions and other central agencies, non-budget fundsand administrative departments of the state whose competence extends nor-mally over the whole economic territory, except for the administration of socialsecurity funds. Here are included those non-profit institutions which are con-trolled and mainly financed by central government and whose competence ex-tends over the whole economic territory.

Local government

All institutional units, which offer public services, deal with distribution ofnational income and guarantee the operation of social and economic systemlocally. This is the local administration, whose competence extends to the eco-nomic territory, except for the administration of social security funds.

Here are included those non-profit institutions which are controlled andmainly financed by local government bodies and whose competence is re-stricted to the economic territory of the local government.

Central and local institutional units whose main activity is to provide socialbenefits and which fulfill each of the following two criteria: 1) by law or byregulation certain groups of population are obliged to participate in thescheme or to pay contributions; 2) general government is responsible for themanagement of the institution in respect of the settlement or approval of thecontributions and benefits independently from its role as supervisory body oremployer.

Social securityfunds

Mon

ey-n

eutr

al s

ecto

rM

oney

-hol

ding

sec

tor

11 Including institutions of the European Union and international organisations.

All non-resident units11 which are engaged in transactions with resident in-stitutional units, or have other economic links with resident units. This sector'saccounts provide an overall view of the economic relationships linking the na-tional economy with the rest of the world. The sector includes such institu-tional units, which are physically located on the territory of the country. It isdivided into two sub-sectors: The European Union and Third countries andinternational organizations. The European Union is divided into MonetaryUnion and EU member states non-participating in the Monetary Union, in-cluding EU institutions.

S.2

Res

t of

the

wor

ld

Eur

opea

n U

nion

Third countries andinternationalorganisations

Non

-res

iden

t se

ctor

MU

Non-MU

150


II. SPECIFIC METHODOLOGICAL NOTES

The monetary statistics is presented in dynamics in a monetary survey, analytical reporting ofthe BNB and analytical reporting of other MFIs, and in some additional tables which contain moredetailed information. The principle of the organization of all tables is the following: the data is bro-ken down by sector, indicator, national and foreign currency, including euro, instrument and matu-rity, while the indicators on the asset side are grouped by sector and instrument and on the liabilityside ≠ by instrument and degree of callability.

Simultaneously monthly sectoral surveys of the BNB and other MFIs are compiled and pub-lished. These are static tables presenting the relevant assets and liabilities indicators in a way whichallows identification of the sector affiliation of the balance sheets items.

Monetary statistics (dynamic or static) is compiled on the basis of the monthly reporting of theBNB and other MFIs.

In order to preserve the confidentiality12 and prevent disclosure of individual information abouta given reporting agent, some indicators are presented on a more aggregated level.

Tables 1.3.1≠1.3.4: Monetary Survey and Analytical ReportingThe structure of the monetary survey may be expressed by the following mathematical identity:net foreign assets + net domestic assets = broad money + long-term liabilitiesNet domestic assets include domestic credit, fixed assets and other items (net).The analytical reporting of the BNB and other MFIs follows the format of the monetary survey.

Indicators

Net Foreign Assets13 ≠ a balance between gross foreign assets and liabilities of the Monetary fi-nancial sector. Gross foreign assets are reported by instrument and include Bulgariaís internationalreserves and other foreign assets of the BNB and other MFIs. Gross foreign liabilities reflect liabili-ties of the MFIs to the foreign sector. A split of gross foreign assets and liabilities of the BNB ismade in Table 1.3.5: Foreign Assets and Liabilities of the BNB.

Domestic credit ≠ incorporates credit to the consolidated general government sector and non-government sector.

Credit to the consolidated general government sector includes net claims on the central govern-ment and gross claims on local government, and social security funds. Credit to the non-govern-ment sector includes gross claims on non-financial corporations, financial corporations, householdsand NPISHs.

Fixed assets ≠ movable or immovable non-financial assets which monetary financial institutionsintend to use over a period longer than one year in their main activity.

Other items (net) ≠ consolidates all components of the balance sheets of the BNB and otherMFIs which are not included in the instruments displayed above. They include Relations betweenother MFIs (net), Relations between the BNB and other MFIs (net) and Other assets and liabilities(net). Accrued and overdue interest, derivatives, depreciation, provisions, as well as assets and li-abilities which are not included elsewhere are part of the Other assets and liabilities (net) item (apart of them is presented in Tables 1.3.7 and 1.3.8: Memoranda to the Analytical Reporting of theBNB and other MFIs). The balance on the Relations between the MFIs (net) item reflects the floatas a result of netting of claims and liabilities between MFIs.

Broad money (money supply) comprises liabilities with money character of MFIs to the residentsector with the exception of the liabilities to the central government and the Monetary financial sec-tor (money-holding sectors: see Sector Table). Monetary aggregate instruments are grouped by li-quidity and are presented by currency and sector.

The following monetary aggregates are used: M1, M2, and M3. The M1 monetary aggregate,commonly referred to as narrow money, includes the most liquid instruments used in settlements(currency outside MFIs and overnight deposits in national and foreign currency). The M2 mon-etary aggregate comprises quasi-money and the M1 monetary aggregate. Quasi-money comprisesdeposits with agreed maturity of up to two years and deposits redeemable at notice of up to three

12 Article 25 of the Law on Statistics.13 Monetary gold, special drawing rights holdings/allocations, claims on interest and interest liabilities in Net foreign assets are specific items for the BNB

only.

151


months (including savings deposits). The least liquid financial instruments include repos, shares/units of MMFs and debt securities issued up to two years, also called marketable instruments. Theyare denominated in national and foreign currency and together with M2 form the broadest mon-etary aggregate, M3, commonly referred to as money supply (broad money).

Long-term liabilities and monetary financial institutions ≠ include liabilities of monetary financialinstitutions with maturity of over two years or with a notice of over three months, as well as capitaland reserves. Capital and reserves comprise the statutory fund of the banking system, reserves andfinancial result.

Main Indicators

Assets side:1. Repos ≠ funds extended under agreements for reverse repurchases of securities where one

of the parties receives funds against securities sold under a firm commitment to purchasethe same or similar securities at a particular price on a fixed future date.

2. Loans ≠ financial assets arising to provide borrowers with funds, goods or services. Loanterms (fixed by the creditor or negotiated) are set in a non-transferable document. A loanis an unconditional debt which shall be repaid upon maturity and shall generate income inthe form of interest (see Table 1.3.6: Loans to Non-financial Corporations and House-holds and NPISHs).

3. Securities other than shares ≠ includes securities other than shares and other equity whichgive the holder the unconditional right to fixed income or contractually determined in-come in the form of coupon payments and/or stated fixed sum at a stated date or datesstarting from the issue date till the date set as maturity/redemption date. These securitiesdo not grant the holder any ownership rights and interest over the issuing company. Alsoincluded are instruments with the same characteristics but with options for conversioninto shares or other forms of ownership. The Securities other than shares indicator coversvarious types of bonds and other debt securities of bond nature (which can be discount orpromissory notes accepted by other MFIs or other commercial paper, used as a form ofshort-term investments). Compensatory instruments held by credit institutions are alsoincluded in the Non-financial Public Enterprises sector.14

4. Shares and other equity ≠ holdings of securities which represent property rights in corpo-rations. These securities generally entitle the holders to a share in the profit of corpora-tions and to a share in their own funds in the event of liquidation. MMFs shares/units arealso included here.

Liabilities side:1. Currency outside MFIs is currency into circulation less other MFIsí vault cash.2. Deposits are funds accepted by monetary financial institutions payable at sight, without

any notice, at notice or under other preliminary agreed payment conditions. Deposits areagreed upon between the parties by negotiating the terms of keeping deposit accounts,interest amount (if the agreement provides for interest accrual), terms of payment andsanctions for the parties in case of failure to perform their obligations. These are liabilitiesof the financial institution.� Overnight deposits include deposits without agreed maturity and which are immedi-

ately convertible into currency or transferable on demand through bankerís order orby cheque without significant restrictions or penalties. One-day deposits are also in-cluded in this item.

� Deposits with agreed maturity are not immediately available as they have an agreedterm prior to withdrawal. These deposits cannot be used in settlements and are notconvertible into currency without any significant restrictions or penalties. They arebroken down by maturity: up to two years and over two years. These include loans re-ceived with the exception of those from the IMF.

� Deposits redeemable at notice include savings deposits and other deposits redeemableat notice. Savings deposits are non-transferable deposits without specified maturity

14 Compensatory instruments include compensatory bills and housing compensatory bills issued under the Law on Compensation of the Owners of Na-tionalized Properties and registered compensatory bills issued under the Law on the Restitution of Ownership and the Use of Agricultural Lands.These instruments are issued by the government and are freely transferable. Pursuant to the Law on Public Offering of Securities, these are referred toas securities.

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used for safekeeping of funds of households against issuance of a personal savingsbook or analogous document. These include lending for house purchase, childrenísdeposits and other deposits. Other deposits redeemable at notice are non-transferabledeposits without specified maturity which cannot be converted into cash without anynotice. Their conversion into cash is not possible or they can be converted into cashprior to the term of the notice but by imposing a sanction. Non-transferable depositswith specified maturity which can be converted into cash prior to maturity only at no-tice are also included here.

3. Repos include cash received against securities sold by monetary financial institution undera firm commitment to purchase the same (or similar) securities at a particular price on afixed future date.

4. Money market funds shares/units include shares/unit issued by money market funds.5. Debt securities issued include securities other than shares and other equity issued by credit

institutions, generally traded in the secondary market, that do not grant the holder anyownership rights over the issuerís equity. Non-marketable instruments issued (which havenot been initially placed through a stock exchange or other official marketplace) and sub-sequently becoming marketable also belong to this item.

Table 1.3.5: Foreign Assets and Liabilities of the BNBThe table displays claims and liabilities of the BNB to non-residents forming the positions of

Foreign assets and Foreign liabilities.

Instruments

BNB Foreign AssetsCentral bankís foreign claims are divided into two groups according to their liquidity ≠ Interna-

tional reserves and Other foreign assets:1. International reserves include the most liquid foreign assets. Under a currency board (in-

troduced on 1 July 1997) international foreign exchange reserves shall be equal to the as-sets of the Issue Department included in the BNB consolidated balance sheet (describedin Article 28, paragraph 3 of the Law on the BNB).International foreign reserves are divided into three sub-sectors: non-resident banks, non-resident governments and other non-residents including the following indicators:� Cash ≠ banknotes and coins held in freely convertible foreign currency;� SDR holdings15;� Monetary gold consisting of gold bullion in standard form in vault and monetary gold

deposited with foreign banks. From 1 July 1997 up to 31 January 2005, pursuant to Ar-ticle 28, paragraph 3, item 6 of the Law on the BNB, the stock of monetary gold is val-ued at BGN 500 per troy ounce or market value if lower. From 1 February 2005 on-wards, monetary gold is valued at market value.

� Deposits ≠ funds in freely convertible currency held by the BNB on accounts with for-eign central banks graded by degree of liquidity (overnight deposits, deposits withagreed maturity, deposits redeemable at notice);

� Repos include funds received in the BNB against a sale of securities with a commit-ment of reverse repurchase of the same or similar securities at a particular price on afixed future date;

� Securities other than shares ≠ debt instruments held by the BNB, issued by non-residentbanks, financial institutions and governments, whereof liabilities are assigned one ofthe two highest ratings by two internationally recognized credit rating agencies, andwhich are payable in freely convertible currencies with the exception of debt instru-ments given or received as collateral;

� Reserve position in the IMF ≠ Bulgariaís unconditional right to draw funds from theIMF. This indicator reflects the payment of forex component in Bulgariaís quota andindicates the balance between the quota and the cash of IMF in national currency.16

15 Special Drawing Rights are reserve assets established by the IMF to supplement its member countriesí official reserves. The value of SDR is set on thebasis of a basket of reference currencies (the euro, the British pound, the US dollar and the Japanese yen).

16 The reserve position can be raised to the amount of funds in national currency used by the IMF in transactions with other member states.

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� Interest receivable includes claims on accrued interest. The specificity associated withthe currency board suggests that interest receivables and interest payable are reportedas part of the International reserves, correspondingly as part of Bulgariaís foreign li-abilities. Therefore, they are not reported as part of Other assets and Other liabilities asin other reporting units.

2. Other foreign assets include less liquid claims on non-residents which after the introduc-tion of the currency board are reported as part of assets of the Banking Department. Thisposition is divided into two sectors (non-resident governments and other non-residents) andincludes the following instruments:� Securities other than shares ≠ debt securities which are not included in international

reserves;� Shares and other equity represent capital investment in international financial institu-

tions (e.g. BIS, Basel); MMFs shares/units are also included here ≠ these holdings ofsecurities give the owner the right of a share in the capital of a money market fund.

BNB Foreign LiabilitiesForeign liabilities of the BNB reflect the central bankís liabilities to the non-resident sector

grouped into non-resident banks, non-resident governments and other non-residents. Following theintroduction of the currency board, foreign liabilities comprise only Bulgariaís liabilities to the IMFand include the following instruments:

� Loans ≠ interest-bearing credits with a fixed term received from IMF common funds;� Accrued interest payable ≠ this item includes interest payable to the IMF;� SDR allocations17.

Table 1.3.6: Loans to Non-financial Corporations, Households and NPISHsThis table reveals information on loans (their residual value) by type, currency and sector

granted by credit institutions. Loans are reported under the Claims on non-government sector itemin the monetary survey and analytical reporting.

Types of Loans

1. By maturity� Short-term loans ≠ loans with an original maturity of one year or less, including over-

draft.� Loans with maturity of over one to five years ≠ loans with an original maturity exceed-

ing one year but less than five years.� Loans with maturity of over five years ≠ loans with an original maturity exceeding five

years.2. By quality

� Regular loans ≠ loans classified as ëstandard exposuresí and ëwatch exposuresí (exclud-ing restructured loans) as per Ordinance No. 9 of the BNB.

� Bad and restructured loans18 ≠ the total amount of balance sheet loans exposures,which are classified as non-performing exposures, loss exposures and restructuredloans (regardless of the group they are classified in) as per Ordinance No. 9 of BNB,is included.

3. By purpose� Consumer loans ≠ these are loans extended to households. Consumer loans are used to

buy goods and services for personal use by households.� Loans for house purchase ≠ these are loans extended to households against security

(mortgage, guarantee, etc.) to finance real estate construction or purchase of homes.Also included are loans for home improvements.

� Other loans include loans extended to households for business purposes, training, etc.These are loans made to physical persons with commercial, production or other pur-poses (e.g. financial leasing, agricultural loans, etc.)

4. By manner of disbursement� Overdraft ≠ overdrafts are loans made by credit institutions when funds on customer

17 Long-term liability to the IMF, counterpart of the Special Drawing Rights.18 Until 30 June 2006 the indicator includes overdue principal, which is not paid.

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current accounts are insufficient to meet ordered payments. Payment is automaticupon receipt of funds on current accounts. Included are both overdrafts with pre-agreed interest terms and amounts and without pre-agreed terms.

� Loans, other than overdraft.

Tables 1.3.7 and 1.3.8: Memoranda to the Analytical Reporting of the BNB and Other MFIsThe memoranda show accrued interest and interest arrears on claims and liabilities by type of

instrument, derivatives as well as all adjusting balance sheet items employed in accounting practices(i.e. depreciation and provisions).

Description of Items

Accrued interest is interest receivable/payable accrued that has not matured, recorded on a cur-rent accrual basis. According to the analytical reporting this interest is recorded in the Other assetsand Other liabilities item in the monetary survey. A specificity of the BNB analytical reporting isthat interest accrued on international reserves and IMF loans is recorded in the Foreign assets item,correspondingly the Foreign liabilities item.

Provisions include allocated provisions for impairment loss (currently the specific provisions onassets), as well as provisions recognized as liabilities in accordance with IAS and Bulgariaís effectivelegislation. For statistical purposes, assets subject to provisioning are stated on a gross basis and theallocated provisions are included in the Other liabilities item. (See General Methodological Notes)

Depreciation represents a kind of adjustment to depreciable long-term tangible and intangibleassets. In the published information, long-term assets are reported on a gross basis and accrueddepreciation is recorded in the Other liabilities item.

Derivatives include the gross fair value of all derivatives held by monetary financial institutionsand reported in the balance sheet.

Tables 1.4.1 and 1.4.2: Monthly Sectoral Survey of the BNB and Other MFIsMonthly sectoral surveys show on a gross basis the claims and liabilities of other MFIs and of

the BNB so that asset and liability balance sheet items can be identified by sector. Tables are staticand contain information on end-of-month balances. Presented data is in compliance with the mainprinciples of sectoral classification and aggregation of instruments into indicators.

1. Sectoral classification ≠ the main principles set out in ESAí95 have been complied with.All items that are not classified by sector as well as MFIsí own claims and liabilities arereported in a separate column as not allocated.

2. Financial indicators ≠ the scope and content of the indicators are described underneathrespective tables. Some items are more aggregated in comparison with monetary surveyand analytical reporting, where a part of the instruments in the liability side is presentedwith additional breakdowns according to their inclusion in the monetary aggregates.

Specific Features of Monthly Sectoral Survey of the BNB

For the purposes of the table, BNB foreign claims are grouped by sector where foreign assets,included in international reserves, and other foreign assets of the central bank are presented to-gether. Cash in foreign currency, Special Drawing Rights holdings and monetary gold are repre-sented in the Not allocated column. Foreign assets grouped according to their liquidity as interna-tional reserves or other foreign assets are represented in Table 1.3.6: BNB Foreign Assets and Li-abilities.

Tables 1.5.1 and 1.5.2: Monetary Aggregates and Their Counterparts ≠ ECB PresentationThe tables present monetary aggregates and their counterparts according to the European Cen-

tral Bank format.Besides stocks at the end of the reference period, tables also include data about real transactions.A real transaction is a creation, purchase, sale or liquidation of a financial asset or liability. It

can be calculated by taking the difference between stock positions on end-period reporting datesand then removing all changes which are not consequence of real transactions. These arereclassifications by sector and instrument, adjustments of reporting errors, price revaluation of se-

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curities, write-downs and write-offs of loans, exchange rate adjustments.Real transaction = Stock position at the end of the reporting period ≠ Stock position at the end of

the previous reporting period ≠ Exchange rate adjustments ≠ Other revaluations (Write-downs/write-offsof loans, price revaluation of securities).

Tables 1.11.1 to 1.11.3: Classified risk exposures and allocation of specific provisions forcredit risk of the banking system and banks by groupThe changes in the reporting form for classified risk exposures and allocation of specific provi-

sions for credit risk reflect the changes in BNB Ordinance π 9 on Evaluation and Classification ofRisk Exposures of Banks and the Allocation of Provisions to Cover Credit Risk, in force as of 30June 2008 (Darjaven Vestnik, issue 38 of 11 April 2008).

The statistics of the interest rates, applied by the monetary financial institutions (excluding theBNB and the money market funds), prepared by the BNB, is based on a harmonized methodologyfor the euro area countries specified in Regulation (EO) π 63/2002 of the European Central bankof 20 December 2001 (≈—¬/2001/18).19 This statistics presents information on deposits and loans ofthe Non-financial Corporations and Households and NPISHs sectors.20

The interest rate statistics comprises also interbank interest rates and yield to maturity on gov-ernment securities.

I. LOANS AND DEPOSITS OF THE NON-FINANCIAL CORPORATIONS AND

HOUSEHOLDS AND NPISHS SECTORS

Types of interest rates and methods of calculation

The interest rates are effective annual rates. They are average weighted with the volumes of newbusiness throughout the reporting period or with the outstanding amounts as of the end of the re-porting period. They include all interest payments on deposits and loans, excluding other chargesrelated to these instruments. The interest rate statistics also presents an annual percentage rate ofcharge which is the total cost of the loan to the borrower expressed as an annual percentage of theamount of the extended loan (Consumer Credit Directive 87/102/EEC amended and comple-mented by Directives 90/88/≈≈— and 98/7/EC).

The annual percentage rate of charge comprises all the interest payments on a loan, as well as allfees, commissions and other charges a client must pay in order to obtain the loan. It is calculatedonly for consumer loans and loans for house purchase.

Interest rate statistics provides interest rates and volumes on new business and outstanding

amounts:

ï Outstanding amounts ≠ all liabilities of the reporting agents (monetary financial institu-tions) to their customers on deposits and repurchase agreements, and all claims of the re-porting agents on loans;

ï New business ≠ every new agreement between the customer and the reporting agent. Newagreements are contracts which set for the first time the interest rate, maturity and otherconditions on the deposit, repurchase agreement or loan. A new agreement is also everyrenegotiation of the interest rate, maturity and/or other conditions of an existing contractwhen the possibility for this renegotiation has not been previously provided for in it, aswell as the renegotiation of the maturity with the active involvement of the customer.

Breakdown by sector

The interest rate statistics covers the Non-financial Corporations and Households and NPISHssectors.

Breakdown by instrument

ï Overnight deposits21 ≠ deposits without fixed maturity which are immediately convertiblein currency and/or transferable at demand by cheque, bankerís order, or the like withoutany significant delay, restriction or penalty. These include also deposits of up to one day;

Interest RateStatistics

19 Statistics on interest rates applied by monetary financial institutions to deposits and loans vis-a-vis households and non-financial corporations.20 Non-profit institutions serving households.21 Interest rates and volumes on new business and on outstanding amounts for these instruments coincide.

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ï Deposits with agreed maturity ≠ deposits that are not immediately available as they have anagreed term or other restrictions on their withdrawal. These deposits may not be used insettlements and they are not convertible into currency without any significant restrictionsor penalties. Time deposits and other deposits with similar characteristics are includedhere (amounts deposited as a security for open letters of credit, amounts pledged as col-lateral, amounts blocked in relation to legal proceedings and other amounts blocked indeposit accounts, etc.);

ï Loans ≠ claims on funds lent by reporting agents to borrowers, as well as claims trans-ferred from third parties. Loans classified as ësubstandard exposuresí, ënon-performingexposuresí and ërestructured loansí (regardless of the group they are classified in) underBNB Ordinance No. 9 are not included in the scope of interest rate statistics. Loans aredivided in two subcategories: overdraft22 and loans other than overdraft.23

Breakdown by currency ≠ BGN.Breakdown by purpose of loans ≠ for the Households and NPISHs sector only.

ï Consumer loans ≠ loans used mainly for buying goods and services for personal use byhouseholds;

ï Loans for house purchases ≠ these are loans extended to households to finance real estateconstruction or purchase of homes. Loans for home improvements are included as well.

ï Other loans ≠ all other loans extended to households, loans for training and treatment areincluded. Loans for commercial or production purposes and also loans to NPISHs are re-ported in this indicator.

Breakdown by agreed size of the loan ≠ for the Non-financial corporations sector only;ï loans of up to an amount of EUR 1 million expressed as its BGN equivalent (the limit of

EUR 1 million refers to every individual loan);ï loans of over an amount of EUR 1 million expressed as its BGN equivalent (the limit of

EUR 1 million refers to every individual loan).Breakdown by agreed period

ï Original maturity ≠ the initially agreed period of time in which the loan may not be repaidand the deposit ≠ redeemed without some kind of penalty;

ï Period of initial rate fixation ≠ the predetermined period of time at the start of a loan con-tract during which the value of the agreed interest rate may not change;

Reporting period ≠ a calendar month. End-of-month information is presented for the purposeof interest rate statistics on outstanding amounts. Information for the purpose of interest rate statis-tics on new business includes all new agreements concluded during the reporting period.

Data source ≠ banks (reporting agents) resident on the territory of the Republic of Bulgaria andforeign bank branches licensed for banking operations in Bulgaria.

II. INTERBANK MARKET

Scope

ï Interbank market indices ≠ LEONIA, SOFIBOR, EONIA and EURIBOR;ï Base interest rate (BIR).

Data processing

ï Monthly data on indices are calculated as simple average of daily data.ï Since 1 February 2005, according to a resolution of the Governing Council of the BNB,

the BIR equals the simple average of the values of the index LEONIA for the businessdays of the preceding month (base period).

Reporting period ≠ a calendar month.Data source

ï Bank Policy Directorate ≠ for the Bulgarian interbank money market (www.bnb.bg/Fi-nancial Markets).

ï ECB ≠ for EONIA and EURIBOR (www.ecb.int).

22 See footnote 21.23 Repo claims of the reporting units are included in the loans other than overdraft indicator.

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III. YIELD TO MATURITY ON GOVERNMENT SECURITIES. LONG-TERM INTEREST

RATE FOR CONVERGENCE ASSESSMENT PURPOSES

Scope

ï Secondary market yield to maturity on interest-bearing government securities.ï Long-term interest rate for convergence assessment purposes (LTIR) ≠ determined on

the basis of the secondary market yield to maturity of a long-term government bond(benchmark bond) issued by the Ministry of Finance (Central Government sector) anddenominated in the national currency. For more information, please see www.bnb.bg/Sta-tistics/Interest Rate Statistics/Long-term Interest Rate for Convergence Purposes (LTIR).

Data processing

ï The yield to maturity of government securities is calculated as an average weighted effec-tive yield to maturity on individual transactions between primary dealers of governmentsecurities during the reporting period.

ï The monthly value of the LTIR is the simple average of its daily values.Reporting period ≠ a calendar month.Data source ≠ Fiscal Services Department (www.bnb.bg /Fiscal Services).

IV. CONTACTS

Should you have any questions on the methodology applied by the Bulgarian National Bank oron data published, please do not hesitate to contact Mrs. Violeta Peicheva, Head of Division, andMrs. Tsvetanka Grigorova, expert, Monetary and Banking Statistics Division via e-mail [email protected] or by mail to the following address:

Bulgarian National BankStatistics DirectorateMonetary and Banking Statistics Division1 Knyaz Alexander I Square1000 Sofia,Bulgaria

External Sector

Information on the external sector includes four major categories:(a) balance of payments;(b) trade in goods;(c) debt indicators;(d) exchange rates.

The Bulgarian National Bank is in charge of the compilation of Bulgariaís balance of payments.The legal framework of the balance of payments compilation in Bulgaria is provided for in Article42 of the Law on the Bulgarian National Bank (published in the Darjaven Vestnik, issue 46 of 10June 1997). Data for the purposes of the BOP compilation are collected on the basis of Article 42of the Law on the Bulgarian National Bank as well as pursuant to Articles 7≠10 of the Foreign Ex-change Law (published in the Darjaven Vestnik, issue 83 of 21 September 1999; amended, issue 60of 2003). The data are processed by the Balance of Payments and External Debt Division withinthe BNB Statistics Directorate keeping its confidentiality. At present, the Bulgarian National Bankcompiles and publishes analytical presentation as well as standard presentation of the balance ofpayments in accordance with the Fifth Edition of the Balance of Payments Manual (IMF, 1993) andthe Guideline of the European Central Bank.25

24 Revised methodological notes as of 15 October 2008.25 Guideline of the European Central Bank on the Statistical Reporting Requirements of the European Central Bank in the Field of Balance of Payments

Statistics, the International Reserves Template and International Investment Position Statistics (ECB/2004/15).

Balance ofPayments24

2

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The balance of paymentsí methodology is conceptually related to that of the System of NationalAccounts (SNA). The items of the balance of payments correspond closely to the relevant catego-ries of the Rest of the World account in the SNA.

There is a close relationship between the International Investment Position and the balance ofpayments as well. The BOP financial account reveals economyís transactions in external financialassets and liabilities which affect the amount of external financial assets and liabilities reported un-der the international investment position.

I. Accounting Principles and Conventions

The basic convention applied in constituting Bulgariaís balance of payments is the implementa-tion of the double entry system. Credit, with a positive sign, includes: exports of goods and services,income receivable, offsets to unrequited real and financial resources received (transfers), increasesin financial liabilities, decreases in financial assets. Debit, with a negative sign, includes: imports ofgoods and services, income payable, offsets to unrequited real and financial resources provided, in-creases in financial assets, decreases in financial liabilities.

The time of recording the balance of payments transactions is the time of the change in ownership.Transaction valuations are based on market prices. If the actual market prices are not available,

the average market prices are used as approximation.Valuation changes in Bulgariaís external assets and liabilities due to valuation adjustments are

not included in the balance of payments.The units of account for the balance of payments of Bulgaria are euro, lev and US dollar. The

conversion into the unit of account is based on the exchange rate at the time of transaction. If notavailable, or inapplicable due to other practical reasons, the average exchange rate for the report-ing period is used.

II. Balance of Payments Components

The balance of payments components are compiled using basically the International Transac-tions Reporting System (ITRS), which includes (i) banksí reports, and (ii) reports of enterpriseswhich have bank accounts opened abroad (pertaining to the residentsí international transactions).These reports cover all components of the balance of payments table. In addition, the data on indi-vidual BOP components collected via ITRS are substituted by data from other sources: (i) directinvestment enterprise survey, (ii) reports by other institutions, (iii) reports by enterprises whichhave received (extended) financial loans by (to) non-residents, and (iv) reports by enterprises onother liabilities and claims (other than financial loans) to non-residents.

In the analytical presentation, the balance of payments components are classified in the follow-ing major categories:

A. Current Account

The current account comprises the acquisition and provision of goods and services, income, andcurrent transfers between Bulgaria and the rest of the world. The flows recorded on the credit siderepresent that part of the gross domestic product, which is provided to the rest of the world (exportsof goods and services), as well as the provision of factors of production expressed by income re-ceived or receivable ≠ compensation of employees, and investment income (interest, dividends,etc.). Offsets to unrequited real and financial resources received (transfers) are also recorded.

The flows on the debit side represent the gross product created in the rest of the world and ac-quired by the national economy (imports of goods and services), as well as the acquisition of factorsof production expressed by income paid or payable. Offsets to unrequited real and financial re-sources provided are also recorded.

ï The Goods component of the BOP current account covers movable goods for which changes inownership between residents and non-residents occurred. Data on imports and exports FOB (free onboard) are based on customs declarations, as the codes used are in compliance with the HarmonisedSystem for Description and Coding of Commodities of the World Customs Organisation, introduced in1988 and supplemented in 1992. With the January 2006 data the Bulgarian National Bank and the Na-tional Statistics Institute started to apply jointly the methodology for compilation of imports at FOBprices and receipts and payments regarding the freight transportation, developed by them.26 The meth-

26 The 2002 to 2005 data are based on this methodology for compilation of imports at FOB prices and of receipts and payments regarding freight trans-portation.

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odology is based on the analysis of the CIF/FOB correlations for the imports of goods depending on theimport delivery categories, as well as on the mode of transportation and nationality of the carrier.

The geographical breakdown of the Goods item of the BOP is based on the following principles:For the intra EU trade in goods:ï In case of imports (or arrivals), a partner country is the country (or the Member State) of

consignment of the goods.ï In case of exports (or dispatches), a partner country is the country (or the Member State) of

final destination of the goods.For the trade with third countries (outside the EU):ï In case of imports, a partner country is the country of origin of the goods.ï In case of exports, a partner country is the country of final destination of the goods.Data sources: The source of data between the beginning of 2003 and the end of 2006 was the

Customs Agency and for preceding years ≠ the Information Services (at the Information Comput-ing Center Directorate). The Bulgarian National Bank and the National Statistical Institute re-ceived the exports and imports data, supplemented them with other information and processedthem further. With the application of the Intrastat system (introduced with the Law on Statistics ofIntracommunity Merchandise Trade, published in the Darjaven Vestnik, issue 51 of 2006) sinceJanuary 2007 brought about changes in the way data on the foreign trade of Bulgaria with the restof the EU member states were reported.

The introduction of the Intrastat system led to changes in the schedule of data receiving andprocessing. The information on exports (dispatches) and imports (arrivals) of goods is reported bythe Intrastat operators (the firms obliged to provide information) to the National Revenue Agencywithin 10 days after the close of the reporting month. These data are sent to the National StatisticalInstitute for further processing. The NSI reports to the Eurostat aggregated monthly data (withoutbreakdowns by trade partner and by type of goods) within 42 days after the close of the reportingmonth. The detailed intratrade data on dispatches and arrivals of goods are reported to Eurostatwithin 70 days after the close of the reporting month.

The BNB receives aggregated data from the NSI (without breakdowns by trade partner and bytype of goods) on the country trade with the other EU member states within 35 days after the closeof the reporting month, and these data are supplemented by the data of the Customs Agency ontrade with third countries. Therefore, only aggregated data on exports and imports are published inthe report on the balance of payments for the reporting month. The BNB receives detailed data ondispatches and arrivals of goods from the NSI within 60 days after the close of the reporting month.

As a result of these changes the schedule for foreign trade data reporting by the BNB is the fol-lowing:

ï Preliminary aggregated data (without breakdowns by trade partner and by type of goods)for the reporting month are published within 42 days after the close of the reportingmonth in the balance of payments table.

ï Preliminary detailed data (with breakdowns by trade partner and by type of goods) forthe reporting month are submitted to users not earlier than 73 days after the close of thereporting month.

ï The published series of data on Bulgarian imports and exports on the BNB website areupdated not earlier than 73 days after the close of the reporting month.

The BNB and the NSI coordinate import and export data before publishing them.ï The Services component comprises transportation, travel, and other services.

The Bulgarian National Bank derives the data on freight transportation from foreign trade dataand the data on passenger transportation from travel data on the basis of estimates.

With the January 2006 data the BNB introduced a new methodology for compilation of receiptsand payments regarding the freight transportation. The freight transportation receipts are set up onthe basis of estimated receipts of resident carriers related to the country exports of goods. The pay-ments are calculated as an estimation of the payments made by residents on behalf of non-residentcarriers related to the country imports of goods. The receipts and payments are estimated accord-ing to mode of transportation and nationality of the carrier. With the introduction of the Intrastatsystem with the January 2007 data, changes in the way of compilation of receipts and payments re-garding the freight transportation of Bulgaria with the rest of the EU Member States took place.

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Due to the delay in receiving the detailed data on trade of Bulgaria with the rest of the EU Mem-ber States from the NSI, as of the date of publication of the preliminary balance of payments reportfor the corresponding month (42 days after the close of the reporting period) the preliminary com-pilation of receipts and payments of freight transportation is based on data for preceding years.These estimates are subject to revisions after receiving the preliminary detailed data (with break-down by trade partner and by type of goods) on trade with the rest of the EU Member States forthe reporting month.

Travel covers goods and services, including those related to health and education, acquired bytravellers for business and personal purposes. The data on travel are based on data from the Minis-try of Internal Affairs on the number of travellers crossing the borders and on estimates of percapita expenditures, the latter based on the methodology for estimation of the receipts and expen-ditures from travel services ≠ Methodology for Estimation of the Receipts and Expenditures fromTravel in the Bulgarian Balance of Payments (the Bulgarian National Bank, Ministry of Trade andTourism, 18 November 1999). The 2007 data about the number of foreigners who visited the coun-try are based on information provided by the NBPS and on NSI estimates. The BNB has been un-dertaking Border Survey among Traveling Bulgarians and Foreigners in order to update the method-ology for estimation of the Travel item after the end of the survey.

Other Services item covers receipts and payments related to services other than transportationand travel (communication, construction, financial, insurance, leasing, cultural, sport and recrea-tional services, etc.).

The major sources of information on this item are the banksí reports and the reports of enter-prises having accounts abroad.

ï Income consists of two categories: (i) compensation of employees, and (ii) investment income.Compensation of Employees covers wages, salaries and other benefits paid to non-resident workersin Bulgaria or received by resident workers abroad. The compensation of employees also comprisesincome due to illegal employment. The BNB estimates this flow in accordance with the Methodol-ogy for Estimation of Flows due to Illegal Employment (14 March 2006).27 Investment Income coversreceipts and payments of income associated with external financial assets and liabilities: on directinvestment (dividends and reinvested earnings), portfolio investment, other investment, and on re-serve assets (deposit accounts).

The major sources of information on the Income component are the banksí reports and the re-ports of enterprises, the Ministry of Finance, and the Bulgarian National Bank.

ï Transfers are all real resources and financial items provided without a quid-pro-quo from oneeconomy to another. Current Transfers directly affect the level of disposable income of an economy,and the consumption of goods and services. That is, current transfers reduce the income and con-sumption potential of the donor and increase the income and consumption potential of the recipi-ent. Receipts from EU preaccession and accession funds, private personsí money transfers, as wellas gifts, grants, inheritances, prizes won from lotteries, pensions, current taxes, social security con-tributions, etc. are included in the Current Transfers.

Sources: The Bulgarian National Bank obtains information on current transfers from the Minis-try of Finance, the Bulgarian Red Cross, the Agency for Foreign Aid, and from the reporting sys-tem of banks on transactions between residents and non- residents.

B. Capital Account

The Capital Account consists of two categories: (i) capital transfers, and (ii) acquisition or dis-posal of intangible, non-financial assets. If in kind, a capital transfer consists of (i) a transfer of own-ership of fixed assets, or (ii) forgiveness of a liability by a creditor when no counterpart is receivedin return. If in cash, a transfer is capital when it is linked to, or conditional on, the acquisition ordisposal of fixed assets (for example, an investment grant).

Sources: The Bulgarian National Bank receives information on the capital account from theMinistry of Finance (for capital transfers from the EU funds), from the quarterly reports of the en-terprises in the non-financial sector, the monthly reports of the notaries and others.

27 Data are based on this methodology since April 2001.

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C. Financial Account

The Financial Account comprises all transactions (actual and imputed) in the external financialassets and liabilities of an economy. The external assets and liabilities are primarily classified ac-cording to the type of investment. The Financial Account includes (i) direct investment, (ii) portfo-lio investment, and (iii) other investment.

ï Direct investment covers direct investment abroad, direct investment in reporting economy andmergers and aqcuisitions. Direct investment is a category of international investment in which a resi-dent of one economy ≠ a direct investor ≠ acquires a lasting interest (at least 10% of the ordinaryshares or the voting power) in an enterprise resident in another economy ≠ a direct investment en-terprise. The direct investment includes both the initial transaction, through which the relationshipbetween the direct investor and the direct investment enterprise is established, and all subsequenttransactions between them. The direct investment covers transactions relating to changes in the di-rect investorís share in the equity capital of the direct investment enterprise, intercompany debttransactions, as well as the share of the direct investor in the undistributed earnings/loss of the di-rect investment enterprise. Direct investment is reported on a directional basis: direct investmentabroad ≠ as an asset, and direct investment in the reporting country ≠ as a liability.

ï The Mergers and Aqcuisitions subitem shows the transactions related to mergers and acquisi-tions. The purpose of its inclusion was to eliminate the influence of such deals over the reportedforeign direct investment data. The international practice shows that these transactions have hardlyany real impact on the production capacities and employment and the conclusions drawn from theinterpretation of foreign direct investment data in which data on mergers and acquisitions are in-cluded might be misleading about investment flows, developments, branch and geographical struc-ture.28

Sources: The Bulgarian National Bank receives monthly data on direct investments in Bulgariafrom the Privatisation Agency, from the Central Depository, from the reporting system of banks ontransactions between residents and non-residents, from notaries and registry offices; quarterly datafrom the Financial Supervision Commission, from the direct investment enterprises, from the Na-tional Statistical Institute, from the Banking Supervision Department of the BNB, from the insur-ance companies and pension insurance companies; annual data from the NSI on foreign direct in-vestment stock in enterprises from the non-financial sector.

For data on direct investments abroad, the Bulgarian National Bank uses information from FDIdeclaration forms, from quarterly reports of non-financial sector enterprises and from the reportingsystem of banks on transactions between residents and non-residents.

ï Portfolio Investment includes portfolio investment assets and portfolio investment liabilities.Portfolio Investment covers transactions in shares and equity of the investorís share in the capi-

tal is less than 10 per cent, transactions in bonds, notes, money market and other tradable securi-ties.

The major source of information on the liabilities side of the Portfolio Investment is the data pro-vided by the Ministry of Finance, the Bulgarian National Bank, banks, enterprises holding bankaccounts abroad, and the Central Depository.

Data on the assets side of the Portfolio Investment are provided by banks (regarding portfolioinvestments both on the account of banks and on their customersí account), the Bulgarian NationalBank and the Ministry of Finance.

ï Other Investment includes trade credits, loans, currency and deposits, and other assets and li-abilities.

According to the balance of payments conventions, trade credit arises from the direct extensionof credit from a supplier to a buyer, i.e. this is a credit extended by a trade partner without issue oftradable securities.

Information on trade credits is provided mainly by the quarterly reports of residents on theirclaims on/liabilities to non-residents.

The Loans item includes received and paid principals on long- and short-term loans betweenresidents and non-residents if no issue of tradable securities is involved with these loans. Transac-tions concerning disbursements and repayments of principals on IMF loans and disbursements on

28 See European Central Bank, Eurostat, Foreign Direct Investment Task Force Report, March 2004, paragraph 332.

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loans on BOP support are not included in the Loans item. They are recorded under the correspond-ing items of the E. Reserves and Related Items group.

Data on loans are based on information received from the Ministry of Finance, the BulgarianNational Bank, the banks and directly from the enterprises that have extended loans or receivedcredits from abroad. The latter report quarterly data to the BNB because of which the monthly dataon Loans, Other sectors (assets and liabilities) are revised each quarter.

The Currency and Deposits component shows the changes in the residentsí currency and depos-its held abroad on the assets side, and the changes in the liabilities of the resident banks to non-resi-dents in national and foreign currency on the liabilities side. Following the basic accounting princi-ple and conventions set in the Balance of Payments Manual (IMF, 1993), when compiling this item,the Bulgarian National Bank excludes any changes therein due to exchange rate changes.

The Other Assets and Other Liabilities items include all transactions on miscellaneous accountsreceivable and payable not included elsewhere and transactions in arrears.

D. Net Errors and Omissions

The Net Errors and Omissions component is an offsetting item. This component exists in theBOP presentation as the data collection system used by the Bulgarian National Bank is not a closedone but a combination of various sources of information. Unlike other statistical reports, e.g. mon-etary statistics, data collection required for the balance of payments compilation could not be lim-ited to the financial statements of banks as the only source of information.

The fluctuations in the Net Errors and Omissions, both in sign and in size, are mainly due to: (i)revisions of export and import data, (ii) the improvement of the methodology for compiling indi-vidual balance of paymentsí components, and (iii) the existence of objective obstacles to collectingdata on particular balance of paymentsí items.

E. Reserves and Related Items

Reserve Assets include the external assets available to and controlled by the central bank (gov-ernment) for direct financing of balance of payments imbalances. The reserve assets comprisemonetary gold, SDRs, reserve position in the International Monetary Fund, foreign exchange assets(including currency and deposits, and securities), and other claims. The entries under this categorypertain to transactions on BNB external holdings which are administered by the Issue Department.Data on reserve assets changes included in the BOP table excludes valuation adjustments, due toexchange rate fluctuations and price revaluation.

In the analytical presentation of the balance of payments, this group includes also the Use ofFund Credit and the Exceptional Financing items. The exceptional financing comprises the BOPsupport as well as deferred/rescheduled payments and payments on arrears, associated with balanceof payments difficulties. In accordance with the methodology for accounting exceptional financingtransactions (Balance of Payments Manual, Fifth Edition (IMF, 1993), p. 454), the principal repay-ments on the BOP support credits are included in the Financial Account in Other Investment Li-abilities ≠ Loans ≠ General Government.

III. Periodicity, Frequency and Timeliness of the Balance of Payments Publications

The Bulgarian National Bank compiles and publishes the balance of payments of the Republicof Bulgaria on a monthly basis. In accordance with its schedule, the Bulgarian National Bank pub-lishes the balance of payments data within six weeks (42 calendar days) after the close of the refer-ence period.

IV. Data Revision Policy

Revisions to published BOP estimates are typical of many balance of payments compilation sys-tems. With the revision publication, the users are duly informed about the revised data on the cor-responding items.29 The data revision policy pursued by the Bulgarian National Bank is based onthe following principles:

(i) With the report for the first month of the quarter, the monthly data for the whole current yearare revised. With the reports for the second and the third months of the quarter, only data for theprevious month are revised.

29 The annual data on foreign direct investment in Bulgaria are revised 15 months after the close of the reporting period (after the annual NSI data onthe non-financial sector are received in the BNB).

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(ii) When on-going changes are made due to additional information collected, as well as result-ing from elimination of errors, the Bulgarian National Bank duly informs the users through themonthly press releases, as well as through the notes at the end of the balance of payments table.

(iii) When significant revisions are made due to changes in the methodology for reporting ofcertain BOP components or for any other reasons, the Bulgarian National Bank publishes in ad-vance information on the changes to facilitate data users.

V. Data Dissemination

The Bulgarian National Bank disseminates the monthly balance of payments data on its website ≠http://www.bnb.bg

The data are published also in semi-annual and annual reports of the Bulgarian National Bank.Data are simultaneously provided to all interested parties.

VI. Contacts

If you have any questions on the methodology applied by the Bulgarian National Bank or on thepublished balance of payments data, please do not hesitate to send them to Emil Dimitrov, Direc-tor of the Statistics Directorate, and to Liliana El Haddad, Head of the Balance of Payments andExternal Debt Division, via e-mail at [email protected] and [email protected], or bymail to the following address:

Bulgarian National BankBalance of Payments and External Debt Division1, Knyaz Alexander I Square1000 Sofia, Bulgaria

I. Data Sources

The data source between the beginning of 2003 and the end of 2006 was the Customs Agency,and for preceding years ≠ the Information Services (at the Informational Computing Center Direc-torate). The Bulgarian National Bank and the National Statistical Institute received the exports andimports data, supplemented them with other information and processed them further. Until the endof 2006 all enterprises which exported or imported goods were obliged to declare these activitiesthrough customs declarations.

Since 1 January 2007 the enterprises trading with other EU member states report according tothe Intrastat system (introduced with the Law on Statistics of Intercommunity Merchandise Trade,published in the Darjaven Vestnik, issue 51 of 2006). In compliance with this Law, enterpriseswhose turnover exceeds the threshold set by the National Statistical Institute (NSI), submit Intrastatdeclarations to the National Revenue Agency (NRA). The Agency is obliged to perform controlover the coverage of the enterprises and to keep track of the fulfilment of their duties under theIntrastat system, as well as to control the authenticity of the provided data. The data from theIntrastat declarations are submitted to the NSI for further processing.

The imports from, and exports to, third countries (non-EU member states), as well as the move-ment of goods within the EU, which is under customs control, are still reported through customsdeclarations, and the Customs Agency submits the data to the NSI for processing. The NSI com-bines these data with the Intrastat data, processes them and after performing additional estimatesprovides the data to the users, including the Bulgarian National Bank.

II. Data Timelines

The BNB receives from the NSI aggregated data (without breakdowns by trade partner and typeof goods) on the country trade with the other EU member states within 35 days after the close ofthe reporting month. The detailed data on dispatches and arrivals of goods are provided by the NSIwithin 60 days after the close of the reporting month, and the data on the turnover of trade withthird countries are provided by the NSI at the latest on the 29th day of the month following the re-porting one.

III. Principles of Reporting

Exports are reported at FOB prices and imports at CIF prices. For the purposes of the balanceof payments statistics, however, total imports are re-calculated at FOB prices. The coding systemused for commodities is based on the Harmonised Commodity Description and Coding System ofthe World Customs Organisation, introduced in 1988 and supplemented in 1992.

Imports andExports

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Based on the common BNB and NSI methodology, since 1999 exports and imports are recordedafter the Special Trade System, where the date of transactionsí registration is that of the customsdeclarationsí clearance, or of the month of dispatches or arrivals within the Intrastat system. Thecriteria for the description of partner countries are as follows: imports ≠ by country of commoditiesíorigin; exports ≠ by country of consignment, that is, the latest known country where the commodi-ties are to be delivered. For the purposes of consistency with the statistical time series on importsand exports by major trading partner and region, the BNB has also applied these criteria to the datafollowing 1 January 2007.

In accordance with their common methodology, before publishing the imports and exports data,the BNB and the NSI coordinate the gross figures for imports, exports and trade balance.

IV. Import and Export Tables

A. End-use tables

For the purposes of the economic analysis the BNB publishes tables by end-use based on theharmonised system four-digit codes and grouped according to the purpose and end-use of the re-spective commodity. The basic principles of commoditiesí distribution in the respective groups are:purpose of use, on the one hand, and degree of processing, on the other. The tables are monthly,quarterly and annual.

B. Major trading partner and region tables

The tables include only the most important countries and regions for the Bulgarian exports (im-ports). The subdivision of EU member states into ëEU-15í and ëEU-new member statesí is accord-ing to the practice and requirements of the Eurostat system and the ECB. The tables are monthly,quarterly and annual.

C. Main trade region and end-use tables

The tables represent a cross-section of the countryís import and export data by region and bycommodity. The tables are quarterly and annual.

D. Import and export currency structure tables

The tables indicate the relative share of the different currencies in the export and import trans-actions. The tables are quarterly and annual.

In all published tables exports are reported at FOB prices, and imports at CIF prices.


The import and export data are available on the website of the BNB (www.bnb.bg). The foreigntrade data are included in the BNB official semiannual and annual reports.

Time series for the exports and imports by end-use and major trading partner and region havebeen published on the website of the BNB since 1995. These series could be searched by period(month, quarter, year) and by end-use (trade partner). Along with this, quarterly and annual majortrade region and end-use tables and import and export currency structure tables (till December2006) are available there.

VI. Timelines of Publications

The data series on the countryís exports and imports published on the website of the BNB areupdated not earlier than 73 days after the close of the reporting month. Within 42 days after theclose of the reporting month, aggregated import and export data (without breakdowns by tradepartner and by type of goods) are published in the balance of payments table.

VII. Data Revision Policy

In accordance with its data revision policy, the BNB makes monthly revisions of its data for thelast three months, and quarterly revisions of the data for the whole current year. However, in casesof incomplete and/or low quality incoming data, the Bulgarian National Bank may revise the importand export data more frequently.

VIII. Contacts

For further information on the methodology applied by the Bulgarian National Bank or on theforeign trade data published, you may contact Mrs Liliana El Haddad, Head of the Balance of Pay-ments and External Debt Division, via e-mail at [email protected] (tel. +359 2 9145 1439),or Ms Ana Murdjeva, expert, at [email protected] (tel. +359 2 9145 1965).

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In reporting Bulgariaís gross external debt, the Bulgarian National Bank follows the interna-tional standards and requirements set out in the External Debt Statistics: Guide for Compilers andUsers, 2003 prepared by several international organisations and issued by the IMF31 and in the Bal-ance of Payments Manual, IMF, 5th edition, 1993. On the one hand, this ensures international datacompatibility, and consistency between the external debt statistics and the balance of payments, in-ternational investment position and national accounts, on the other hand. Data on gross externaldebt are an important information source for particular balance of payments items and the interna-tional investment position.

The BNB compiles and disseminates monthly statistical data on the gross external debt by insti-tutional sector:

Publications comprise monthly data on: (1) gross external debt amount (2) gross external debtservice and (3) disbursements. Additional analytical external debt data by creditor is disseminatedquarterly.


When compiling debt statistics, the BNB follows the international definition of gross external

debt ≠ ëGross external debt, at any given time, is the outstanding amount of those actual current,and not contingent, liabilities that require payment(s) of principal and/or interest by the debtor atsome point(s) in the future and that are owed to non-residents by residents of an economy.32

The main criterion for a liability to be included in the gross external debt of the country is thatit is issued by a resident and is owed to a non-resident,33 regardless of whether it is issued on do-mestic or international, money or capital markets. The same principle is applied to transactions:only those between residents and non-residents are recorded. In the debt tables the BNB recordsonly the amount of tranches actually disbursed.

The stock of liabilities is recorded at nominal, not at market value even in the case when theyare in the form of tradable securities. The gross external debt of Bulgaria is reported in euro.

The distinction between short-term and long-term debt is based on the original, not residual ma-

turity of the liability. The long-term debt includes all liabilities with original maturity of over oneyear, as well as all disbursements related to direct investment,34 and the short-term debt, liabilities withoriginal maturity of one year or less. All principal and interest arrears are recorded as short-term debt.

II. Gross External debt Components

¿. By Institutional Sector

The structure of the Gross External Debt table by institutional sector is in compliance with therequirements of the External Debt Statistics: Guide for Compilers and Users, 2003, prepared by sev-eral international organisations and published by the IMF.35

The main components of the Gross External Debt tables classified by institutional sector areGeneral government, Monetary authorities, Banks and Other sectors. In accordance with the inter-national statistical standards, debt liabilities related to direct investment (intercompany lending) arepresented separately. The classification by institutional sector is in compliance with the Fifth editionof the Balance of Payments Manual (1993). Within the sectors, the external debt liabilities are clas-sified by maturity: short-term and long-term and by instrument.

General Government

General government debt includes: (1) central government debt, (2) local government debt, (3)debt of social security funds and (4) debt of all non-market non-profit institutions that are control-led and mainly financed by government units. Public corporations and unincorporated enterprisesthat function as if they were corporations (so called quasi-corporations) are explicitly excludedfrom the General government sector and are allocated to Banks or Other sectors as appropriate. Thedebt liabilities of the General government sector are long-term and are classified by instrument:

30 Revised methodological notes as of 24 February 2009.31 External Debt Statistics: Guide for Compilers and Users, IMF, 2003 (Bank for International Settlements, The Commonwealth Secretariat, Eurostat, In-

ternational Monetary Fund, Organisation for Economic Cooperation and Development, The Paris Club Secretariat, The United Nations Conferenceon Trade and Development, World Bank).

32 External Debt Statistics: Guide for Compilers and Users, p. 7, paragraph 2.3.33 For a definition of a resident and non-resident, see the Balance of Payments Manual, IMF, 5th edition, 1993, paragraphs 57≠58.34 External Debt Statistics: Guide for Compilers and Users, paragraphs 3.14 and 7.5.35 See footnote 29.

GrossExternal

Debt30

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Bonds and notes and Loans. Liabilities for which no issue of tradable securities is involved are re-ported under Loans. Loans received by the central government from the IMF are also reported un-der Loans. The central government liabilities on securities issued on the international markets arereported under Bonds and notes, as the item comprises the entire stock of the issue. The part of theissue (Brady bonds, Eurobonds and Global bonds) held by residents at the end of the review periodis reported with a negative sign in the Bonds and notes held by residents item. Government securitiesissued by the government on the domestic market and purchased by non-residents are also reportedunder the Bonds and notes item.

Data sources: The main source of data is the Register of Government and Government Guaran-teed Debt of the Ministry of Finance (prior to 31 December 2002 the source of that data was theSystem for Debt Registration, Service and the Management of the Ministry of Finance and the Bulgar-ian National Bank). Other sources are Government and Government Guaranteed Debts Deposi-tory Directorate with the BNB, the Central Depository AD and the banks.

Monetary Authorities

In accordance with the international methodology on external debt statistics included herein arethe external liabilities of the BNB. The data is derived from the Register of Government and Govern-ment Guaranteed Debt of the Ministry of Finance.

Banks

Short-term liabilities of the banks include short-term loans, non-residentsí deposits with domes-tic banks as well as other payables to non-residents. Deposits in foreign currencies and in levs ofnon-residents with domestic banks are included in the Deposits subitem. The net increase in depos-its in the banking system is reported in the Gross External Debt Disbursements table, and the net de-posit withdrawal ≠ in the External Debt Service tables, as a principal payment under the Depositssubitem. In accordance with the External Debt Statistics: Guide for Compilers and Users, depositsrelated to contingent liabilities are excluded.36 Long-term liabilities include loans and bonds andnotes issued by the banks and held by non-residents.

Data sources: Data on the amount and transactions on external loans are received monthly di-rectly from the banks through a statistical form on their external liabilities. The Money and BankingStatistics Division with the Statistics Directorate of the BNB provides monthly data for the Depositsand Other liabilities items. The source for the data on the Bonds and notes item is the Central De-pository.

Other Sectors

In the Other sectors item, the debt of private and state-owned non-bank enterprises (includingGovernment guaranteed debt) as well as external liabilities of the households are reported.

Short-term liabilities of Other sectors include short-term loans, trade credits as well as otherpayables to non-residents. Long-term liabilities include loans and bonds and notes issued by thecompanies and held by non-residents.

Data sources: Data on financial loans are collected through the statistical Form SPB-4 Report onthe Financial Credit Liabilities of Residents to Non-residents that covers data on the stock and thevarious types of transactions on the credit. As the Foreign Exchange Law envisages quarterly re-porting of these liabilities, for the first two months of each quarter the BNB publishes estimationson the non-bank enterprises based on the debt service schedules provided by companies on theloans extended to them and on estimations. Under the Trade credits subitem, the respective liabili-ties of residents to non-residents37 are reported excluding trade credit liabilities towards foreign di-rect investors. Such data are collected from the BNB through Form SPB-6B Report on the liabilitiesof residents to non-residents. As the Foreign Exchange Law envisages quarterly reporting of these li-abilities, for the first two months of each quarter the BNB publishes estimations of the trade creditsstock. Data on liabilities of the resident physical persons are collected through the annual statisticalForm SPB-8 Report on the Assets and Liabilities of Resident Physical Persons to Non-residents.

36 External Debt Statistics: Guide for Compilers and Users, IMF 2003, paragraph 2.10.37 For a definition of trade credits, see Balance of Payments Manual, IMF, 5th edition, 1993, Chapter XX, paragraph 414, as well as External Debt Statis-

tics: Guide for Compilers and Users, Chapter Three, paragraph 133.

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Direct Investment: Intercompany Lending

In accordance with the international methodology on external debt statistics, a distinction ismade between liabilities owed to direct investors (Intercompany loans) and such owed to othercreditors. Liabilities related to direct investment relationship are separately identified (equity li-abilities arising from direct investment, i.e. equity capital and reinvested earnings except non-par-ticipating preferred shares are excluded from external debt). Disbursements related to direct invest-ment are included in the long-term external debt.

B. By Creditor

In accordance with the structure recommended by the External Debt Statistics: Guide for Com-pilers and Users, quarterly external debt stock tables by creditor sector are prepared.

C. Public and Publicly Guaranteed External Debt and Private Non-guaranteed External Debt

In accordance with paragraphs 5.5≠5.6 of the External Debt Statistics: Guide for Compilers andUsers, IMF 2003, the public and publicly guaranteed external debt comprises the debt of the generalgovernment sector, the monetary authorities sector, the public banks, the public non-financialenterprises, as well as the government guaranteed debt of the private sector. The private non-guar-anteed external debt comprises banks and non-financial enterprisesí debt, which is not included inthe public and publicly guaranteed external debt. The data are monthly.

III. Periodicity, Frequency and Timeliness of the Gross External Debt Publications

The Bulgarian National Bank compiles and publishes data on the stock of the gross externaldebt of Bulgaria, the debt service payments and the disbursements on a monthly basis. The exter-nal sector debt indicators, including external debt indicators, are also disseminated monthly.

The Bulgarian National Bank publishes the data according to its advance release calendar. In caseof a change, the BNB informs the users on the new release date at least a week before the advance date.


The data revisions policy of the Bulgarian National Bank is based on the following principles:(i) Each monthly publication includes revisions of the data for the previous three months, and

each quarterly publication includes revisions of the monthly data for the whole current year.(ii) When on-going changes are made due to additional information collected, as well as result-

ing from elimination of errors, the Bulgarian National Bank timely informs the users through themonthly press releases, as well as through the notes at the end of the Gross External Debt tables.

(iii) When significant revisions are made due to changes in the methodology for reporting ofcertain external debt components or for other reasons, the Bulgarian National Bank publishes ininformation on the changes advance to facilitate data users.


The Bulgarian National Bank publishes monthly gross external debt data on the website of theBulgarian National Bank: www.bnb.bg. The data are also published in the semi-annual and annualreports of the Bulgarian National Bank. Data are simultaneously provided to all interested parties.

VI. Contacts

If you have any questions on the methodology applied by the Bulgarian National Bank or on thegross external debt data published, please do not hesitate to contact Emil Dimitrov, Director of theStatistics Directorate, via e-mail at [email protected] and Liliana El Haddad, Head of theBalance of Payments and External Debt Division, at [email protected], or by mail to thefollowing address:


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The Bulgarian National Bank is in charge of the compilation of the International InvestmentPosition (IIP) of the country. Data for the purposes of the IIP compilation are collected on thebasis of Article 42 of the Law on the Bulgarian National Bank, as well as on the basis of the For-eign Exchange Law. These data are processed by the Balance of Payments and External DebtDivision within the Statistics Directorate of the BNB in compliance with confidentiality rules.The IIP statement is compiled in general conformity with the international standards prescribedby the Fifth Edition of the Balance of Payments Manual (IMF, 1993) and the International Invest-ment Position ≠ A Guide to Data Sources (IMF, 2002) and the Guideline of The European CentralBank (ECB/2004/15).39 The IIP statement is compiled and published quarterly.

There is a close relationship between the International Investment Position and the balance ofpayments. The BOP financial account measures economyís transactions in external financial assetsand liabilities which affect the stock of external financial assets and liabilities reported in the inter-national investment position.

The international investment position and the gross external debt are conceptually related to theSystem of National Accounts (SNA). The IIP items correspond to the Rest of the World account ofthe SNA.


Time of recording of transactions in international investment position is the end of the referenceperiod.

Stocksí valuations are based on market prices. If the actual market prices are not available, theaverage market prices are used as an approximation.

Valuation changes of the countryís external assets and liabilities are included in the internationalinvestment position.

The units of account for the international investment position of Bulgaria are the EUR and theBGN. The conversion into the unit of account is made using the exchange rate at the end of the re-porting period.

II. International Investment Position Components

The IIP is the balance sheet of the countryís stocks of external financial assets and liabilities atthe end of a specific period. The primary type of classification in the IIP statement is the distinctionbetween assets and liabilities. The second level of classification by function is fully consistent withthe BOP financial account. The functional types of assets and liabilities are (i) direct investment, (ii)portfolio investment, (iii) financial derivatives and (iv) other investment. Included in assets are alsothe reserve assets held by the monetary authorities. The third level of classification is by investmentinstrument. Instruments recorded as portfolio investment and other investment are further subdi-vided by domestic sector, while the components of other investment are also cross-classified byoriginal maturity.

International investment position components are classified into the following major categories:

¿. Direct Investment

Direct investment is a category of international investment in which a resident of one economy ≠ adirect investor ≠ holds a lasting interest (at least 10 per cent of the ordinary shares or voting power)in an enterprise resident in another economy ≠ a direct investment enterprise. The direct investmentincludes both the initial transaction, through which the relationship between the direct investor andthe direct investment enterprise is established, and all subsequent transactions between them. The di-rect investment covers transactions related to changes in the direct investorís share in the equity capi-tal of the direct investment enterprise, intercompany debt transactions, as well as the share of the di-rect investor in the undistributed earnings/loss of the direct investment enterprise. Claims on and li-abilities to affiliated enterprises are shown separately, following the directional principle.

Sources and methods: The information on the FDI stocks is derived from monthly, quarterlyand annual reports of the financial and the non-financial sector. For particular elements of the FDIposition available stock data are used. Other elements of the FDI position for which BNB has nodata on stocks available are estimated as accumulation of balance of payments flows to stocks atthe end of previous reporting period.

InternationalInvestmentPosition ofBulgaria38

38 Revised methodological notes as of 30 December 2008.39 Guideline of the European Central Bank on the Statistical Reporting Requirements of the European Central Bank in the Field of Balance of Payments

Statistics, The International Reserves Template and International Investment Position Statistics (ECB/2004/15).

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For data on direct investments abroad the Bulgarian National Bank uses the information fromdeclaration forms on direct investment abroad, quarterly reports on non-financial sector enterprisesand monthly reports on international transactions of the banks. Later, the stocks of Bulgarian directinvestment abroad are updated with data from an annual survey conducted by the BNB.

The Bulgarian National Bank receives monthly data on direct investment in the country fromthe Central Depository, the banks' reports on international transactions, the notaries and the Priva-tisation Agency; quarterly data from the Banking Supervision Department's reports on capital andincome of foreign-owned banks, the reports on intercompany debt of direct investment enterprisesand data from the Bulgarian National Bank surveys regarding major nonfinancial foreign direct in-vestment enterprises. Direct investment equity stocks in Bulgaria for the non-financial sector de-rived from balance of payments' flows are supplemented or replaced with the data provided by theNSI's annual survey on foreign direct investment stocks. The Bulgarian National Bank compilesdata with a geographical and economic breakdown for both foreign direct investment in Bulgariaand abroad.

B. Portfolio Investment

Portfolio investment stocks comprise holdings of and liabilities on equity securities and debt se-curities; the latter are subdivided into bonds and notes (with an original maturity of one year ormore) and money market instruments (with an original maturity of less than one year).

Sources and methods: Portfolio investment assets of monetary authorities and the general gov-ernment do not constitute a part of the reserve assets and are compiled on the basis of informationprovided by the Accounting Department of the Bulgarian National Bank and by the Ministry of Fi-nance.

The banksí holdings of securities are compiled on the basis of reporting forms containing bal-ance sheet data, while the other sectorsí portfolio investment assets are reported by the custodians.

The stocks of portfolio investment liabilities cover securities issued by residents and held by non-residents. The main source of information on the portfolio investment liabilities in equity and debtsecurities are (i) the Central Depository which provides monthly stocks information on portfolioinvestment by sector and (ii) the banks' reports on Bulgarian securities issued abroad and held byresidents. The Ministry of Finance, the Bulgarian National Bank and the banks are the mainsources of stock information on the portfolio investment liabilities in debt securities of the mon-etary authorities and the general government.

C. Financial Derivatives

Assets and liabilities in financial derivatives cover financial derivative instruments such as for-wards, futures, swaps, options, etc. The main source of information are the banks.

D. Other Investment

Other investment covers the stocks of assets and liabilities related to short- and long-term tradecredits and loans, currency and deposits and other assets and liabilities (accounts receivable andpayable).

According to the fifth edition of the Balance of Payments Manual, trade credits consist of claimsand liabilities arising from the direct extension of credit by suppliers and buyers for transactions ingoods and services and advance payments for work in progress (or to be undertaken) that is associ-ated with such transactions.

The Loans item includes received and paid principals on short- and long-term loans betweenresidents and non-residents if no issue of a tradable security is involved with these loans. The Cur-rency and Deposits component presents, on the assets side, the changes in the residentsí currencydeposits held abroad, and on the liabilities side ≠ the changes in the liabilities of the resident banksto non-residents in domestic and foreign currency. The Other assets and Other liabilities itemsinclude all transactions on miscellaneous accounts receivable and payable not included elsewhere,and transactions in arrears.

Sources and methods: The sources of information for trade credits are: quarterly Statistical FormSPB-6A for the assets, and quarterly Statistical Form SPB-6B for trade credits liabilities reported bythe non-financial sector. Stocks data on the Loans item are received by the Ministry of Finance, theBulgarian National Bank, the banks and directly by the enterprises that have lent to or borrowed fromabroad.

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E. Reserves and Related Items

According to the fifth edition of the Balance of Payments Manual, reserve assets consist of thoseexternal assets that are readily available to and controlled by monetary authorities for direct financ-ing of payments imbalances and/or for other purposes. The reserve assets comprise monetary gold,SDRs, the reserve position in the IMF, foreign exchange assets (consisting of currency and depos-its and securities) and other claims. Under the provisions of the currency board, the reserve assets ofthe Bulgarian National Bank are equal to the assets of the Issue Department as presented in its bal-ance sheet.

III. Periodicity, Frequency and Timeliness of the International Investment Position

Publications

The Bulgarian National Bank compiles and publishes the international investment position ofBulgaria on a quarterly basis. The schedule of the Bulgarian National Bank is to publish the datawithin three months after the close of the reference period.


The policy on revisions pursued by the Bulgarian National Bank is based on the following principles:(i) Each publication includes revisions of the data for the previous reporting period.(ii) When on-going changes are made due to additional information collected, as well as re-

sulting from elimination of errors, the Bulgarian National Bank timely informs the usersthrough monthly press releases.

(iii) When significant revisions are made due to changes in the methodology for reporting ofcertain IIP components or other reasons, the Bulgarian National Bank publishes in ad-vance information on the changes to facilitate data users. With the revisions publication,users are timely acquainted with the revised data on relevant items.


The Bulgarian National Bank disseminates quarterly international investment position data onits website: www.bnb.bg.

Data are also published in the semi-annual and in the annual official reports of the BulgarianNational Bank.

VI. Contacts

If you have any questions on the methodology applied by the Bulgarian National Bank or on thebalance of payments data published, please do not hesitate to send them to Mr Emil Dimitrov, Direc-tor, Statistics Directorate, via e-mail at [email protected], to Liliana El Haddad, Head of theBalance of Payments and External Debt Division, via e-mail at [email protected], or by mailto the following address:


The Bulgarian National Bank is in charge of the compilation of the International Reserves andForeign Currency Liquidity Data Template (the Data Template) of Bulgaria. These data are processedby the Balance of Payments and External Debt Division within the Statistics Directorate of theBNB.

I. Concepts of the Data Template

The data template on international reserves and foreign currency liquidity is compiled in ac-cordance with the IMFís International Reserves and Foreign Currency Liquidity Guidelines for a DataTemplate (IMF, 2001) as well as with the Fifth Edition of the Balance of Payments Manual (IMF,1993). The framework of the Data Template is built on two related concepts: (1) International Re-serves (Reserve Assets) and (2) Foreign Currency Liquidity. The Fifth Edition of the Balance ofPayments Manual sets forth the definition of the countryís international reserves: ëthose external as-sets that are readily available to and controlled by monetary authorities for direct financing of pay-ment imbalances, for indirectly regulating the magnitudes of such imbalances through interventionin exchange markets to affect the currency exchange rate, and/or for other purposesí (para-

InternationalReserves and

ForeignCurrency

Liquidity DataTemplate of

Bulgaria

171


graph 424). The concept of the foreign currency liquidity data template is broader than that of in-ternational reserves. It refers to the amount of foreign exchange resources that is readily availableto the authorities to meet a sudden increase in the demand for foreign exchange and the potential(net) drains on foreign currency resources resulting from short-term foreign currency liabilities andoff-balance-sheet activities of the authorities.

II. Key Features of the Data Template

¿. Institutional Coverage

In accordance with the currency board arrangement, the Bulgarian National Bank is the onlyinstitution holding official international reserves in Bulgaria. The template covers the BulgarianNational Bank as monetary authorities which manage and hold the international reserves and thecentral government (excluding social security funds) which accounts for most of the official foreigncurrency obligations.

B. Financial Activities Covered

The Data Template covers only instruments in foreign currencies. Foreign assets in non-convert-ible currencies, as well as all other assets that do not meet reserve assets concept are excluded.

C. Valuation Principles and Conversion

International reserves are revalued daily at market exchange rates. Securities positions are re-valued daily at the market price of the instruments concerned on the previous working day. Gold isrevalued daily at the current market price, whichever is lower. Interest is accrued daily and classi-fied under item 1(A). Data are converted into national currency or euro equivalents (the lev islinked to the euro at a fixed exchange rate) on the basis of official exchange rates announced by theBulgarian National Bank daily. The reserve data template is calculated and revalued monthly.

III. Structure of the Data Template

The Data Template consists of four sections:

(1) Official reserve assets and other foreign currency assets broken down by major compo-

nents, viz. convertible foreign currency

A. Official reserve assets (securities, currency and deposits); IMF reserve position; SDRs, goldand other (accrued interest).

B. Other foreign currency assets (central government deposits with local banks, gold not in-cluded in the official reserves, Brady bonds collateral).

This section covers stocks data. The definition of these data is consistent with the methodologyespoused in the Fifth Edition of the IMFís Balance of Payments Manual. Under Article 42 of theLaw on the Bulgarian National Bank, the BNB compiles the balance of payments of Bulgaria, amajor functional category of which are the reserve assets.

The types of foreign assets that are included in the official reserves of the BNB are explicitlydefined by Article 28 of the Law on the BNB. The Law on the BNB (Article 49) also stipulates thatdata on foreign reserves have to be disseminated on a weekly basis.

Other foreign currency assets refer to foreign currency assets of the BNB that are not included inthe official reserves, as well as such assets held by the government (excluding social security funds).

Sources: Data on official reserve assets and on other foreign currency assets are based on theaccounting records of the BNB. International reserves and foreign currency liquidity template datacan be reconciled with the annual reserve assets data shown in the International Investment Posi-tion both published on the BNB website (www.bnb.bg) as well as with the assets data in the monthlyBalance Sheet of the Issue Department and with the BNB Analytical Reporting table both pub-lished on the BNB website (www.bnb.bg). Data on central government deposits with local banks areprovided by banks through Money and Banking Statistics Division within the Statistics Directorateof the BNB.

(2) Predetermined short-term drains on foreign currency assets

This section covers foreign currency flows related to predetermined payments of principal andinterest associated with loans and securities up to and including one year. Unlike data on externaldebt and international investment position which are based on residency concept (i.e. only liabilitiesto non-residents irrespective of currencies involved should be included), data included in Section IIrelate only to liabilities in foreign currencies irrespective of the residency of the holder.

172


Source: Data on predetermined short-term drains on foreign currency assets are based on Min-istry of Finance projections on principal and interest payments on loans and securities denominatedin foreign currencies in the 12-month period ahead.

(3) Contingent short-term drains on foreign currency assets

Section III covers contingent foreign currency flows which refer to contractual obligations thatmight give rise to potential future outflows or inflows of foreign currency assets. By definition, con-tingent drains cover off-balance-sheet activities.

Source: Ministry of Finance.

(4) Memo items

This section covers stocks and flows not disclosed in the previous sections but relevant for as-sessing the foreign currency official reserves and liquidity positions (financial instruments denomi-nated in foreign currency and settled in domestic currency) as well as the currency composition ofofficial reserves.

Sources: the Ministry of Finance provides monthly stock data on securities issued for the struc-tural reform (ZUNK) which are denominated in foreign currency and settled in levs. Data on thecurrency composition of official reserves are provided by the BNB.

IV. Periodicity and Timeliness of the Data Template Publications

The Bulgarian National Bank compiles and publishes International Reserves and Foreign Cur-rency Liquidity Data Template of Bulgaria on a monthly basis within three weeks after the close ofthe reference period.

V. Data Revision Policy

Revisions to published official reserve assets and international reserves and foreign currency li-quidity data are not a common practice. Data on official reserve assets are based on the accountingrecords of the BNB and are revised only if the accounting records are revised. The policy on revi-sions pursued by the Bulgarian National Bank is based on the following principles:

(i) As for the International Reserves and Foreign Currency Liquidity data, each monthlypublication may include revisions of the data for the previous month.

(ii) When on-going changes are made due to additional information collected, as well as re-sulting from elimination of errors, the Bulgarian National Bank timely informs the usersthrough monthly press releases and through the notes at the end of the Data Templatetable.

VI. Data Dissemination

The Bulgarian National Bank disseminates the monthly official reserve assets and internationalreserves and foreign currency liquidity data on its website: www.bnb.bg. Data are presented in mil-lions of EUR.

Data are also published in the semi-annual and in the annual official reports of the Bulgarian Na-tional Bank.

VII. Contacts

If you have any questions on the methodology applied by the Bulgarian National Bank or on theofficial reserve assets and international reserves and foreign currency liquidity data published, pleasedo not hesitate to send them to Emil Dimitrov, Director of the Statistics Directorate, via e-mail [email protected], and Liliana El Haddad, Head of the Balance of Payments and ExternalDebt Division, via e-mail at [email protected], or by mail to the following address:


173

12/2009 REAL SECTOR

Fiscal Sector

Information on the fiscal sector is classified into three categories:(a) government sector operations (government sector);(b) government operations (republican budget);(c) domestic government debt.Fiscal sector includes all ministries, agencies, extra-budgetary funds, individual units of social se-

curity and other institutions of the central government, municipalities, as well as enterprises fi-nanced and controlled by them.

The consolidated state budget covers data on the government sector and includes the republicanbudget, the budgets of social security, legal authorities, universities financed by the government, theBulgarian Academy of Sciences, municipalities, as well as extra-budgetary funds and accounts. Thegovernment sector corresponds to the methodology requirements of the European System of Ac-counts, 1995.

The republican budget includes the central republican budget (the budget of the Ministry of Fi-nance), budgets of other ministries and agencies, regional authorities and the National Audit Of-fice. Together with the budgets of the social security, legal authorities, universities financed by thegovernment, Bulgarian Academy of Sciences and their extra-budgetary accounts it forms the gov-ernment sub-sector. The institutional coverage of this sub-sector corresponds to the methodology ofthe European System of Accounts.

Real Sector

Tables of the real sector are arranged in the following groups:(a) macroeconomic indicators (national accounts);(b) labour market;(c) price indicators.Real sector covers a few groups of institutional units ≠ residents on the economic territory of

Bulgaria. These include ënon-financial corporationsí whose main activity is production and sale ofgoods and non-financial services for the purpose of making profit; ënon-profit institutions servinghouseholdsí which provide goods and services free of charge or at economically insignificant prices;ëhouseholdsí ≠ residents in Bulgaria regardless of their type and amount. Real sector also includesunincorporated production units, as well as those with single-entry accounting owned by localphysical persons.

This section of the BNB Monthly Bulletin includes data on:ï gross domestic product ≠ by component of final demand (under the method of end-of-use ex-

penditure) and by economic sector (under the production method).In accordance with the requirements of the European System of Accounts, 1995, holding gains

are excluded from GDP data, i.e. changes in its value due to price fluctuations are excluded. Datanot reconciled with Supply ≠ Use final tables of the NSI are preliminary. Due to a change in themethodology for calculation of personal consumption of households and exports (imports) of goodsand services components, data for the third quarter and the January ≠ September 1999 period arepartially comparable with relevant data for 1997, 1998, and the first half of 1999.

ï labour market ≠ employed under labour contract (public and private sectors), changes in theirnumber (by economic sector), number of unemployed (total, young people, adults) and unemploy-ment rate, average wage of employed (by type of ownership and by economic sector). From early2001 the NSI publishes monthly data on employment and average wage in the second month fol-lowing the end of the relevant calendar quarter.

ï consumer price changes ≠ total and by major commodity and services group.

4

3

174


Resolutions of the BNBGoverning Council

17 November The BNB Budget for 2010 was adopted.

The BNB Report for the January to June 2009 period was approved.

10 December Ordinance on Amendment of BNB Ordinance No. 16 on Payment Institutions and Payment SystemOperators Licensing was adopted.

Ordinance on Amendment of BNB Ordinance No. 27 on the Balance of Payments Statistics wasadopted.

175

12/2009 BNB PUBLICATIONS

BNB Publications

Periodical PublicationsAnnual Reports of the BNBReports, January ≠ June of corresponding yearMonthly BulletinGovernment Securities Market (quarterly bulletin)Banks in Bulgaria (quarterly bulletin)Economic Review (quarterly bulletin)

Aperiodical PublicationsBUS 7092 Settlement in the BNB, BUS 5392 Payment through Immediate Cash CollectionBanking Laws and OrdinancesJ. Miller, S. Petranov Banking in the Bulgarian EconomyJ. Miller The Bulgarian Banking SystemOrdinance of Payments120 Years Bulgarian National Bank, 1879≠1999Catalogue of the Art Collection of the Bulgarian National Bank (1999)Catalogue of Bulgarian Banknotes (2004)Catalogue of Bulgarian Coins (2004)The Art of Central Banking in Eastern Europe in the 90sNikolay Nenovsky Exchange Rates and Inflation: France and Bulgaria in the Interwar Period and Contribution of AlbertAftalion (1874≠1956) (2006)Catalogue Coins (2009)Catalogue Banknotes (2009)Oleg Nedyalkov, Lyudmila Dimova The Bulgarian National Bank and Its Role in Bulgarian Economic Development,1879≠2009 (2009)Nikolay Boshev (ed.) 130 Selected Works from the BNB Collection. Sofia, BNB, 2009, 144 p.

Discussion Papers

DP/1/1998 The First Year of the Currency Board in BulgariaVictor Yotzov, Nikolay Nenovsky, Kalin Hristov, Iva Petrova, Boris Petrov

DP/2/1998 Financial Repression and Credit Rationing under Currency Board Arrangement for BulgariaNikolay Nenovsky, Kalin Hristov

DP/3/1999 Investment Incentives in Bulgaria: Assessment of the Net Tax Effect on the State BudgetDobrislav Dobrev, Boyko Tzenov, Peter Dobrev, John Ayerst

DP/4/1999 Two Approaches to Fixed Exchange Rate CrisesNikolay Nenovsky, Kalin Hristov, Boris Petrov

DP/5/1999 Monetary Sector Modeling in Bulgaria, 1913–1945Nikolay Nenovsky, Boris Petrov

DP/6/1999 The Role of a Currency Board in Financial Crises: The Case of BulgariaRoumen Avramov

DP/7/1999 The Bulgarian Financial Crisis of 1996−1997Zdravko Balyozov

DP/8/1999 The Economic Philosophy of Friedrich Hayek (The Centenary of His Birth)Nikolay Nenovsky

DP/9/1999 The Currency Board in Bulgaria: Design, Peculiarities and Management of Foreign Exchange CoverDobrislav Dobrev

DP/10/1999 Monetary Regimes and the Real Economy(Empirical Tests before and after the Introduction of the Currency Board in Bulgaria)Nikolay Nenovsky, Kalin Hristov

DP/11/1999 The Currency Board in Bulgaria: The First Two YearsJeffrey B. Miller

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DP/12/2000 Fundamentals in Bulgarian Brady Bonds: Price DynamicsNina Budina, Tsvetan Manchev

DP/13/2000 Currency Circulation after Currency Board Introduction in Bulgaria(Transactions Demand, Hoarding, Shadow Economy)Nikolay Nenovsky, Kalin Hristov

DP/14/2000 Macroeconomic Models of the International Monetary Fund and the World Bank(Analysis of Theoretical Approaches and Evaluation of Their Effective Implementation in Bulgaria)Victor Yotzov

DP/15/2000 Bank Reserve Dynamics under Currency Board Arrangement for BulgariaBoris Petrov

DP/16/2000 A Possible Approach to Simulate Macroeconomic Development of BulgariaVictor Yotzov

DP/17/2001 Banking Supervision on Consolidated Basis (in Bulgarian only)Margarita Prandzheva

DP/18/2001 Real Wage Rigidity and the Monetary Regime ChoiceNikolay Nenovsky, Darina Koleva

DP/19/2001 The Financial System in the Bulgarian EconomyJeffrey Miller, Stefan Petranov

DP/20/2002 Forecasting Inflation via Electronic Markets Results from a Prototype ExperimentMichael Berlemann

DP/21/2002 Corporate Image of Commercial Banks (1996–1997) (in Bulgarian only)Miroslav Nedelchev

DP/22/2002 Fundamental Equilibrium Exchange Rates and Currency Boards:Evidence from Argentina and Estonia in the 90'sKalin Hristov

DP/23/2002 Credit Activity of Commercial Banks and Rationing in the Credit Market in Bulgaria(in Bulgarian only)Kalin Hristov, Mihail Mihailov

DP/24/2002 Balassa – Samuelson Effect in Bulgaria (in Bulgarian only)Georgi Choukalev

DP/25/2002 Money and Monetary Obligations: Nature, Stipulation, FulfilmentStanislav Natzev, Nachko Staykov, Filko Rosov

DP/26/2002 Regarding the Unilateral Euroization of BulgariaIvan Kostov, Jana Kostova

DP/27/2002 Shadowing the Euro: Bulgaria's Monetary Policy Five Years onMartin Zaimov, Kalin Hristov

DP/28/2002 Improving Monetary Theory in Post-communist Countries – Looking Back to CantillonNikolay Nenovsky

DP/29/2003 Dual Inflation under the Currency Board: The Challenges of Bulgarian EU Accession(in Bulgarian only)Nikolay Nenovsky, Kalina Dimitrova

DP/30/2003 Exchange Rate Arrangements, Economic Policy and Inflation: Empirical Evidence for Latin AmericaAndreas Freytag

DP/31/2003 Inflation and the Bulgarian Currency BoardStacie Beck, Jeffrey B. Miller, Mohsen Saad

DP/32/2003 Banks – Firms Nexus under the Currency Board: Empirical Evidence from BulgariaNikolay Nenovsky, Evgeni Peev, Todor Yalamov

DP/33/2003 Modelling Inflation in Bulgaria: Markup Model (in Bulgarian only)Kalin Hristov, Mihail Mihailov

DP/34/2003 Competitiveness of the Bulgarian EconomyKonstantin Pashev

DP/35/2003 Exploring the Currency Board Mechanics: a Basic Formal ModelJean-Baptiste Desquilbet, Nikolay Nenovsky

177

12/2009 BNB PUBLICATIONS

DP/36/2003 A Composite Tendency Indicator for Bulgaria’s Industry (in Bulgarian only)Tsvetan Tsalinsky

DP/37/2003 The Demand for Euro Cash: A Theoretical Model and Monetary Policy ImplicationsFranz Seitz

DP/38/2004 Credibility Level of the Bulgarian Exchange Rate Regime, 1991–2003: First Attempt at Calibration(in Bulgarian only)Georgi Ganev

DP/39/2004 Credibility and Adjustment: Gold Standards Versus Currency BoardsJean-Baptiste Desquilbet, Nikolay Nenovsky

DP/40/2004 The Currency Board: “The Only Game in Town” (in Bulgarian only)Kalin Hristov

DP/41/2004 The Relationship between Real Convergence and the Real Exchange Rate: the Case of BulgariaMariella Nenova

DP/42/2004 Effective Taxation of Labor, Capital and Consumption in Bulgaria (in Bulgarian only)Plamen Kaloyanchev

DP/43/2004 The 1911 Balance of Payments of the Kingdom of Bulgaria (in Bulgarian only)Martin Ivanov

DP/44/2004 Beliefs about Exchange Rate Stability: Survey Evidence from the Currency Board in BulgariaNeven T. Valev, John A. Carlson

DP/45/2005 Opportunities of Designing and Using the Money Circulation Balance (in Bulgarian only)Metodi Hristov

DP/46/2005 The Microeconomic Impact of Financial Crises: The Case of BulgariaJonathon Adams-Kane, Jamus Jerome Lim

DP/47/2005 Interest Rate Spreads of Commercial Banks in Bulgaria (in Bulgarian only)Mihail Mihailov

DP/48/2005 Total Factor Productivity Measurement: Accounting of Economic Growth in Bulgaria(in Bulgarian only)Kaloyan Ganev

DP/49/2005 An Attempt at Measurement of Core Inflation in Bulgaria (in Bulgarian only)Kalina Dimitrova

DP/50/2005 Economic and Monetary Union on the HorizonDr Tsvetan Manchev, Mincho Karavastev

DP/51/2005 The Brady Story of Bulgaria (in Bulgarian only)Garabed Minassian

DP/52/2005 General Equilibrium View on the Trade Balance Dynamics in BulgariaHristo Valev

DP/53/2006 The Balkan Railways, International Capital and Banking from the Endof the 19th Century until the Outbreak of the First World WarPeter Hertner

DP/54/2006 Bulgarian National Income between 1892 and 1924Martin Ivanov

DP/55/2006 The Role of Securities Investor Compensation Schemes for the Development of the Capital Market(in Bulgarian only)Mileti Mladenov, Irina Kazandzhieva

DP/56/2006 The Optimal Monetary Policy under Conditions of Indefiniteness (in Bulgarian only)Nedyalka Dimitrova

DP/57/2007 Two Approaches to Estimating the Potential Output of BulgariaTsvetan Tsalinski

DP/58/2007 Informal Sources of Credit and the “Soft” Information Market (Evidence from Sofia)Luc Tardieu

DP/59/2007 Do Common Currencies Reduce Exchange Rate Pass-through?Implications for Bulgaria’s Currency BoardSlavi T. Slavov

178


DP/60/2007 The Bulgarian Economy on Its Way to the EMU: Economic Policy Results from a Small-scaleDynamic Stochastic General Equilibrium FrameworkJochen Blessing

DP/61/2007 Exchange Rate Control in Bulgaria in the Interwar Period: History and Theoretical ReflectionsNikolay Nenovsky, Kalina Dimitrova

DP/62/2007 Different Methodologies for National Income Accounting in Central and Eastern EuropeanCountries, 1950–1990Rossitsa Rangelova

DP/63/2008 A Small Open Economy Model with a Currency Board Feature: the Case of BulgariaIordan Iordanov, Andrey Vassilev

DP/64/2008 Potential Output Estimation Using Penalized Splines: the Case of BulgariaMohamad Khaled

DP/65/2008 Bank Lending and Asset Prices: Evidence from BulgariaMichael Frömmel, Kristina Karagyozova

DP/66/2008 Views from the Trenches: Interviewing Bank Officials in the Midst of a Credit BoomNeven Valev

DP/67/2008 Monetary Policy Transmission: Old Evidence and Some New Facts from BulgariaAlexandru Minea, Christophe Rault

DP/68/2008 The Banking Sector and the Great Depression in Bulgaria, 1924–1938:Interlocking and Financial Sector ProfitabilityKiril Danailov Kossev

DP/69/2008 The Labour Market and Output in the UK – Does Okun's Law Still Stand?Boris Petkov

DP/70/2008 Empirical Analisys of Inflation Persistence and Price Dynamics in BulgariaZornitsa Vladova, Svilen Pachedjiev

DP/71/2009 Testing the Weak-form Efficiency of the Bulgarian Stock MarketNikolay Angelov

DP/72/2009 Financial Development and Economic Growth in Bulgaria (1991–2006)An Econometric Analysis Based on the Logic of the Production FunctionStatty Stattev

DP/73/2009 Autonomy vs. Stability: the Relationship between Internal and External Money in Bulgaria(1879–1912)Luca Fantacci

DP/74/2009 The Size of the Shadow Economy in Bulgaria: A Measurement Using the Monetary MethodHildegart Ahumada, Facundo Alvarado, Alfredo Canavese, Nicolás Grosman

DP/75/2009 Efficiency of Commercial Banks in Bulgaria in the Wake of EU АccessionKiril Tochkov, Nikolay Nenovsky

DP/76/2009 Structural Current Account Imbalances: Fixed Versus Flexible Exchange Rates?Slavi T. Slavov

DP/77/2009 Econometric Forecasting of Bulgaria’s Export and Import FlowsGrigor Stoevsky

DP/78/2009 Explanations for the Real Exchange Rate Development in the New EU Member States in TransitionGalina Boeva

DP/79/2009 The Great Depression in the Eyes of Bulgaria’s Inter-war Economists(How History of Economic Thought Could Matter for Today’s Policy Advice)Stefan Kolev

179

12/2009 BANKSí HEAD OFFICES

Banks Licensed to Conduct Bank Operations in Bulgaria and Abroad

Banksí Head Offices(as of 30 November 2009)

Allianz Bank Bulgaria

79 Knyaginya Maria-Louisa Blvd.1202 Sofiatel. 02/9215###; 9215404code BUIN9561

Bulgarian-American Credit Bank

16 Krakra Str.1504 Sofiatel. 02/9658358; 9658345code BGUS9160

Bulgarian Development Bank

(former Encouragement Bank)1 Dyakon Ignatii Str.1000 Sofiatel. 02/9306333code NASB9620

Central Cooperative Bank

103 Rakovski Str.1000 Sofiatel. 02/9266266code CECB9790

CIBANK

(former Economic and Investment Bank)

2 Slavyanska Str.1000 Sofiatel. 02/9399240; 9399111code BUIB9888

Corporate Commercial Bank

10 Graf Ignatiev Str.1000 Sofiatel. 02/9809362; 9375601code KORP9220

D Commerce Bank

8 Tsar Osvoboditel Blvd.1000 Sofiatel. 02/9894444code DEMI9240

DSK Bank

19 Moskovska Str.1036 Sofiatel. 02/9391220code STSA9300

Emporiki Bank ≠ Bulgaria

2 Knyaginya Maria-Louisa Blvd.TSUM, fifth floor1000 Sofiatel. 02/9171717; 8951204code BINV9480

Eurobank EFG Bulgaria

(former Postbank)14 Tsar Osvoboditel Blvd.1048 Sofiatel. 02/8166000code BPBI9920

First Investment Bank

37 Dragan Tsankov Blvd.1797 Sofiatel. 02/91001code FINV9150

International Asset Bank

81≠83 Todor Alexandrov Blvd.1303 Sofiatel. 02/8120234; 9204303code IABG9470

Investbank

83A Bulgaria Blvd.1404 Sofiatel. 02/8186123; 8186124code IORT9120

MKB Unionbank

30≠32 General Totleben Blvd.1606 Sofiatel. 02/9153333; 9153315code CBUN9195

Municipal Bank

6 Vrabcha Str.1000 Sofiatel. 02/9300111; 9300##code SOMB9130

NLB Sofia

(former West≠East Bank)36 Dragan Tsankov Blvd.Interpred, Bl. B, No. 1051040 Sofiatel. 02/9702415; 9702420code WEBK9310

Piraeus Bank Bulgaria

3 Vitosha Blvd.1407 Sofiatel. 02/9805654; 9690760code PIRB9170

ProCredit Bank (Bulgaria)

131 Hristo Botev Blvd.1233 Sofiatel. 02/8135100; 8135808code PRCB9230

Raiffeisenbank, Bulgaria

18≠20 Nikolay Gogol Str.1504 Sofiatel. 02/91985101code RZBB9155

Soci¥et¥e G¥en¥erale Expressbank

92 Vladislav Varnenchik Blvd.9000 Varnatel. 052/686100; 02/9370476code TTBB9400

Texim Private Entrepreneurial Bank

107 Knyaginya Maria-Louisa Blvd.1202 Sofiatel. 02/9359301code TEXI9545

Tokuda Bank

84 Ami Boue¥ Str.1612 Sofiatel. 02/4037900; 9392101code CREX9260

UniCredit Bulbank

(former Bulbank)7 Sveta Nedelya Sq.1000 Sofiatel. 02/9232111code UNCR9660

United Bulgarian Bank

5 Sveta Sofia Str.1040 Sofiatel. 02/811###; 8112800; 8112330code UBBS9200

180


Published by the Bulgarian National Bank1000 Sofia, 1, Knyaz Alexander I SquareTel.: (+359 2) 9145 1351, 9145 1978; 9145 1209Fax: (+359 2) 980 2425, 980 6493Website: www.bnb.bg

© Bulgarian National Bank, 2009

ISSN 1310 ≠ 3067

This issue includes materials and data received up to 14 December 2009.

The contents of the BNB Monthly Bulletin may be quoted or reproduced without further permission.Due acknowledgment is requested.

Elements of the 1999 issue banknote with a nominal value of 5 levs are used in cover design.

Foreign Banksí Branches

Alpha Bank ≠

Bulgaria Branch

15≠17 Vasil Levski Blvd.1142 Sofiatel. 02/8103500; 8103595code CRBA9898

BNP Paribas S.A.

Sofia Branch

2 Tsar Osvoboditel Blvd.1000 Sofiatel. 02/9218640; 9218650code BNPA9440

Citibank N. A. ≠

Sofia Branch

2 Knyaginya Maria-Louisa Blvd.,TSUM, fifth floor1000 Sofiatel. 02/9175100; 9175101code CITI9250

ING Bank N.V.

Sofia Branch

49¬ Bulgaria Blvd., entr. A, seventh floor1404 Sofiatel. 02/9176400code INGB9145

T.C. Ziraat Bank

Sofia Branch

19 Sveta Nedelya Sq.1000 Sofiatel. 02/9800087code TCZB9350

Regional Investment Bank ≠

Bulgaria Branch

4 Bratya Shkorpil Str.9000 Varnatel. 052/668482

Documents

December 2009 - БНБ · 2019. 4. 20. · LIBOR London Interbank Offered Rate LTIR Long-term Interest Rate M1 Narrow money M2 M1 and quasi-money M3 Broad money MF Ministry of Finance