Lyubomir Datzov joins the Management Board of the Bulgarian Deposit Insurance Fund (BDIF) as a representative of the Association of Banks in Bulgaria (ABB). The provisions of the Law on Bank Deposit Guarantee provide for the ABB to nominate its own candidate to the fund’s governing body, and from the 13th November, 2023, this position is occupied by Lyubomir Datzov, who has a proven professional biography in the field of finance.
With the decision of the Executive Board of the ABB, Lyubomir Datsov becomes one of the five members of the Management Board of the Deposit Insurance Fund, who are elected for a 4-year term and, by law, are nominated by various institutions. The Chairman of the governing body is elected by the Council of Ministers, the deputy Chairman is appointed by the BNB, one of the members is nominated by the Association of Banks in Bulgaria, and the remaining two members are jointly elected by the Chairman and deputy Chairman of the fund’s board.
According to the requirements of the Law on Bank Deposit Guarantee, members of the fund’s Management Board must have higher economic or legal education and professional experience for at least 5 years in one of the following fields: banking, securities trading, accounting and finance. Lyubomir Datzov is a former Deputy Minister of Finance in two successive governments, a consultant on macroeconomics, banking and budget issues, from 2009 to 2015 he was a part-time assistant “Public Finance” at the Faculty of Economics of the Sofia University “St. Kliment Ohridski”, and in 2011 he was elected municipal councillor at the Municipality of Sofia. Since 2015, he has been a member of the Fiscal Council – the independent structure whose purpose is to monitor and analyse the budget framework with a view to maintaining sustainable public finances.
The Bulgarian Deposit Insurance Fund was established in 1999 by the Law on Bank Deposit Guarantee. Among its main functions are determining and collection of the annual premium contributions from the banks participating in the deposit insurance system and to pay out in full the guaranteed sums on the deposits of individuals and legal entities up to the legally determined amount of BGN 196 000. By law, the fund has the right to invest available funds in low-risk and highly liquid securities issued by first-class issuers and deposits at the Bulgarian National Bank. In addition, the institution is also responsible for the supervision of the banks’ insolvency process, protecting the interests of creditors and supervising the activities of assignees in bankruptcy in banks.
The Association of Banks in Bulgaria is an independent non-profit organization that represents the banks in the Republic of Bulgaria and works in full democracy, equality and solidarity, in accordance with local and international regulations in the field of banking. The association was established on the 9th of April, 1992 and currently has 17 full and 5 associate members. The ABB is a full member of the European Banking Federation (EBF) and an associate member of the European Payments Council (EPC). For its existence of more than thirty years, the Association succeeded in building and maintaining its authority as a key and correct partner of state bodies and institutions, as well as of the other structures with which it actively works.
