The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) Deposit Insurance Strengthening Project (P154219) EUROPE AND CENTRAL ASIA | Bulgaria | Finance, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2016 | Seq No: 6 | ARCHIVED on 10-Mar-2019 | ISR36007 | Implementing Agencies: Bulgarian Deposit Insurance Fund, Bulgarian Deposit Insurance Fund Key Dates Key Project Dates Bank Approval Date: 18-Mar-2016 Effectiveness Date: 28-Jun-2016 Planned Mid Term Review Date: 28-Feb-2018 Actual Mid-Term Review Date: 22-Feb-2018 Original Closing Date: 31-Dec-2018 Revised Closing Date: 31-Dec-2019 pdoTable 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 Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions The project implementation is on track. The WB granted extension of the closing date by 12 months and adjustment of one of the PDO indicators to allow for more time for achievement of the two remaining DLIs. The entire loan amount (EUR 300 mln) has been disbursed. Eight out of ten DLIs have been achieved. The team continues to monitor carefully progress towards achievement of the remaining DLIs. The next implementation support visit is to be held in the fall of 2019. 3/10/2019 Page 1 of 5 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 Moderate Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Substantial Moderate Moderate Technical Design of Project or Program Moderate Moderate Moderate Institutional Capacity for Implementation and Sustainability Moderate Moderate Moderate Fiduciary Moderate Moderate Moderate Environment and Social Low Low Low Stakeholders Moderate Moderate Moderate Other -- Low Low Overall Moderate Moderate Moderate Results PDO Indicators by Objectives / Outcomes Strengthen the financial capacity of the BDIF IN00669454 ►BDIF reserves reach the equivalent of 1 percent of covered deposits, in the absence of bank failures (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.75 -- 1.26 1.00 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2019 Strengthen the institutional capacity of the BDIF IN00669455 ►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 No -- Yes Yes Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2018 3/10/2019 Page 2 of 5 The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) Intermediate Results Indicators by Components Increase the Borrower’s reserves through premium collection from banks IN00669481 ►Risk-based premium collection (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Yes -- Yes Yes Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2018 IN00669486 ►Premium collected from banks (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 270,000,000.00 220,000,000.00 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2018 Make progress in asset recovery process from bankrupt banks IN00669482 ►Recoveries from bankrupt banks (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 0.00 236,330,000.00 Date 31-Dec-2015 -- 31-Jan-2019 31-Dec-2019 Strengthen the Borrower’s funding structure IN00669483 ►Long-term loan or back-stop funding facility mobilized by BDIF (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 300,000,000.00 300,000,000.00 Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2018 Improve the Borrower’s ability to anticipate and respond to problems in banking sector IN00669484 ►Updated BNB-BDIF MOU in place (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No -- Yes Yes Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2018 IN00669487 3/10/2019 Page 3 of 5 The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) ►Results of Asset Quality Review shared with BDIF (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No -- Yes Yes Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2018 Improve the Borrower’s ability to undertake depositor payout and bank resolution functions IN00669485 ►Public awareness strategy in place (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No -- Yes Yes Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2018 IN00669488 ►BDIF Contingency Plan in place (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No -- Yes Yes Date 31-Dec-2015 -- 31-Dec-2018 31-Dec-2018 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P154219 IBRD-85960 Effective USD 327.47 327.47 0.00 319.73 0.00 100% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P154219 IBRD-85960 Effective 18-Mar-2016 01-Apr-2016 28-Jun-2016 31-Dec-2018 31-Dec-2019 Cumulative Disbursements 3/10/2019 Page 4 of 5 The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) Restructuring History Level 2 Approved on 06-Dec-2018 Related Project(s) There are no related projects. 3/10/2019 Page 5 of 5