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The European Banking Authority (EBA) has adopted a formal recommendation addressed to the Bulgarian National Bank (BNB) and the Bulgarian Deposit Insurance Fund (BDIF) notifying that they are breaching Article 1(3)(i) and Article 10 of Directive 94/19/EC (the Deposit Guarantee Schemes Directive - DGSD). The EBA also informs the two national authorities of the actions that they need to follow in order to comply with their obligations under EU legislation.

The European Banking Authority (EBA) published today a consultation paper on the implementation of its Guidelines on the security of internet payments. These Guidelines are the first output of the joint work undertaken by the EBA and the European Central Bank (ECB) on the security of payment services. The consultation will run until 14 November 2014.

The Joint Committee of the European Supervisory Authorities (ESAs) published today its bi-annual report on risks and vulnerabilities in the European Union's (EU) financial system. The report identifies a number of risks to financial stability in the EU, including prolonged weak economic growth in an environment characterised by high indebtedness, intensified search for yield in a protracted low interest rate environment, and uncertainties in global emerging market economies. The report also highlights risks related to conduct of business and Information Technologies (IT).

The EBA has today published the responses received from the Bulgarian authorities in relation to the cases of Corporate Commercial Bank AD (KTB) and Commercial Bank Victoria EAD (VCB). As the requirements of the recommendation adopted by the EBA have not been implemented, the EBA has formally notified the European Commission in accordance with Article 17(4) of Regulation (EU) No 1093/2010.