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News: Bulgaria>> Losses of Bulgarian banks will reach about BGN 3.7 bn

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Current date: 2010-02-09 09:33

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Losses of Bulgarian banks will reach about BGN 3.7 bn

Finances: Tuesday, 2009-11-10 20:20
Article by: klassa.bg

The losses of the Bulgarian banking sector, as a result of written off of assets, due to the recession, will reach about BGN 3.7 bn, or approximately 6 % of GDP 2008, according to UniCredit Group`s latest survey on the banking sector development in Central and Eastern Europe (CEE).

According to Kristofor Pavlov, who presented yesterday part of the analysis focused on the Bulgarian banking sector, these losses would be absorbed in a period of three years, starting from 2009, as the burden of written off debts will be heaviest in 2010.

"We believe that a recapitalization of banks on a consolidated level will not be needed with the current losses level in the loan portfolios of the financial institutions," said Pavlov...

Scope: Bulgaria
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