Bulgaria - Deposit Insurance Strengthening Project : P154219 - Implementation Status Results Report : Sequence 01

Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) Deposit Insurance Strengthening Project (P154219) EUROPE AND CENTRAL ASIA | Bulgaria | Finance & Markets Global Practice | IBRD/IDA | Investment Project Financing | FY 2016 | Seq No: 1 | ARCHIVED on 15-Jun-2016 | ISR24153 | Implementing Agencies: Bulgarian Deposit Insurance Fund Key Dates Key Project Dates Bank Approval Date:18-Mar-2016 Effectiveness Date:-- Planned Mid Term Review Date:-- Actual Mid-Term Review Date:-- Original Closing Date:31-Dec-2018 Revised Closing Date:31-Dec-2018 Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to strengthen the financial and institutional capacity of the Bulgarian Deposit Insurance Fund(BDIF) so as to enable it to meet its deposit insurance and bank resolution obligations. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  --  Satisfactory Overall Implementation Progress (IP)  --  Satisfactory Overall Risk Rating  --  Moderate Implementation Status and Key Decisions WB Loan is expected to become effective by end June 2016, following parliamentary ratification of the Guarantee Agreement, and the approval of Project Operations Manual (both on track) 6/15/2016 Page 1 of 6 Public Disclosure Copy  Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  Moderate  --  Moderate Macroeconomic  Moderate  --  Moderate Sector Strategies and Policies  Substantial  --  Substantial Technical Design of Project or Program  Moderate  --  Moderate Institutional Capacity for Implementation and Sustainability  Moderate  --  Moderate Fiduciary  Moderate  --  Moderate Environment and Social  Low  --  Low Stakeholders  Moderate  --  Moderate Other  --  --  -- Overall  Moderate  --  Moderate Results Project Development Objective Indicators PHINDPDOTBL  BDIF reserves reach the equivalent of 1.5 percent of covered deposits, in the absence of bank failures (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.75 -- -- 1.50 Date 31-Dec-2015 -- -- 31-Dec-2018 PHINDPDOTBL  BDIF performing its legally mandated technical functions, including in any future bank failures in which its resources are utilized (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- -- Y 6/15/2016 Page 2 of 6 Public Disclosure Copy  Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) Date 31-Dec-2015 -- -- 31-Dec-2018 Overall Comments Intermediate Results Indicators PHINDIRITBL  Risk-based premium collection (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- -- Y Date 31-Dec-2015 -- -- 31-Dec-2018 PHINDIRITBL  Premium collected from banks (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- -- 465000000.00 Date -- -- -- 31-Dec-2018 PHINDIRITBL  Recoveries from bankrupt banks (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- -- 750000000.00 Date -- -- -- 31-Dec-2018 6/15/2016 Page 3 of 6 Public Disclosure Copy  Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) PHINDIRITBL  Long-term loan or back-stop funding facility mobilized by BDIF (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- -- 300000000.00 Date -- -- -- 31-Dec-2018 PHINDIRITBL  Updated BNB-BDIF MOU in place (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- -- Y Date 31-Dec-2015 -- -- 31-Dec-2018 PHINDIRITBL  Results of Asset Quality Review shared with BDIF (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- -- Y Date 31-Dec-2015 -- -- 31-Dec-2018 PHINDIRITBL  Public awareness strategy in place (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- -- Y Date 31-Dec-2015 -- -- 31-Dec-2018 6/15/2016 Page 4 of 6 Public Disclosure Copy  Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) PHINDIRITBL  BDIF Contingency Plan in place (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N -- -- Y Date 31-Dec-2015 -- -- 31-Dec-2018 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed Not P154219 IBRD-85960 USD 327.47 327.47 0.00 0.00 327.47 0% Effective Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date Not P154219 IBRD-85960 18-Mar-2016 31-Mar-2016 -- 31-Dec-2018 31-Dec-2018 Effective Cumulative Disbursements 6/15/2016 Page 5 of 6 Public Disclosure Copy  Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/15/2016 Page 6 of 6 Public Disclosure Copy