The main positive effect for our country as a member of the banking union would be the better conditions for regulation of our banking system.

It is time that the eurozone accession became a national goal for Bulgaria. For our country this is more important as a process to go through than as a result. This is what Levon Hampartzoumian, Chief Executive Officer of UniCredit Bulbank, said at the opening of the Sound of Money forum, which is organized by profit.bg.

"I still think that this is important, as is the successful completion of the banks' asset valuations at the end of this year and the beginning of the next one", Mr. Hampartzoumian added. He disagreed with Prof. Steve Hanke, who, during his visit to Bulgaria this week, commented that joining the eurozone would be disastrous for Bulgaria.

"During the past year the sound of money was somewhat muffled, but we should not make the old mistakes anymore. The challenges before the Bulgarian economy are big enough. It is clear that we cannot be an alternative to a powerful economy like China, but we can work for improvement of the business environment so that we have what to boast about rather than complain", Levon Hampartzoumian said.

During the Banks panel of the Sound of Money forum, the chief economist of UniCredit Bulbank, Kristofor Pavlov, drew the attention to the topic about the single supervisory mechanism in Europe and its potential benefits for Bulgaria.

"The main positive effect for our country as a member of the banking union would be the improved conditions for regulation of our banking system", Kristofor Pavlov explained. According to him, if Bulgaria is a member of the single supervisory mechanism, the feeling that there are special conditions for banks perceived as "government's favourites" will be gone, because all credit institutions would be treated equally.

Among the other effects for our country would be the greater security for the entire sector, as the banks will be much less vulnerable to external shocks. The banks that are in better health and better management will on their part be more effective and able to offer lower credit price, which will facilitate also the process of recovery of the economy.

More information for media:

UniCredit Bulbank, Identity & Communications Department

Viktoria Blajeva, Phone: + 359 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch

Magdalena Ivanova, Phone: + 359 2 9232 528, nbhebmfob/jwbopwbAvojdsfejuhspvq/ch