1 “... an overview of the most recent initiatives taken by the Bulgarian National Bank (BNB) to address...”

2 “... for success. The Bulgarian National Bank (BNB), in its capacity as bank supervisor and regulator...”

3 “..., initiated reforms to Bulgarian National Bank (BNB) supervision and introduced a new bank resolution function...”

4 “... years, and is being tightened further in 2006. The Bulgarian National Bank (BNB) introduced successively...”

5 “... program, aimed at stabilization and significant improvements in fiscal and monetary statistics. Bulgarian...”

6 “... and that the real economy is slowing down. Executive Directors have commended the Bulgarian authorities...”