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, Competitiveness and Innovation Global Practice | IBRD/IDA | Investment Project Financing | FY 2016 | Seq No: 5 | ARCHIVED on 09-Aug-2018 | ISR33673 | 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-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  Satisfactory Overall Implementation Progress (IP)  Satisfactory  Satisfactory Overall Risk Rating  Moderate  Moderate Implementation Status and Key Decisions The project implementation remains generally on track. The entire loan amount (EUR 300) has been disbursed, with the final tranche of EUR 20 mln disbursed to BDIF in March 2018. Seven out of ten disbursement linked indicators (DLIs) have been fulfilled. The team monitors carefully the 8/9/2018 Page 1 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) implementation of remaining three DLIs. The next implementation support visit is planned for September 2018. 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 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) 8/9/2018 Page 2 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) Baseline Actual (Previous) Actual (Current) End Target Value 0.75 1.11 1.28 1.50 Date 31-Dec-2015 31-May-2017 30-Jun-2018 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 Y Y Date 31-Dec-2015 14-Jul-2017 30-Jun-2018 31-Dec-2018 Overall Comments Intermediate Results Indicators PHINDIRITBL  Risk-based premium collection (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Y Y Y Y Date 31-Dec-2015 14-Jul-2017 14-Jul-2017 31-Dec-2018 PHINDIRITBL  Premium collected from banks (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 170,000,000.00 170,000,000.00 220,000,000.00 Date 31-Dec-2015 14-Jul-2017 14-Jul-2017 31-Dec-2018 8/9/2018 Page 3 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) PHINDIRITBL  Recoveries from bankrupt banks (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 300,000,000.00 Date 31-Dec-2015 14-Jul-2017 14-Jul-2017 31-Dec-2018 PHINDIRITBL  Long-term loan or back-stop funding facility mobilized by BDIF (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 300,000,000.00 300,000,000.00 300,000,000.00 Date 31-Dec-2015 14-Jul-2017 14-Jul-2017 31-Dec-2018 PHINDIRITBL  Updated BNB-BDIF MOU in place (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N Y Y Y Date 31-Dec-2015 14-Jul-2017 14-Jul-2017 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 Y Y Date 31-Dec-2015 14-Jul-2017 14-Jul-2017 31-Dec-2018 8/9/2018 Page 4 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P154219) PHINDIRITBL  Public awareness strategy in place (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N N Y Date 31-Dec-2015 14-Jul-2017 14-Jul-2017 31-Dec-2018 PHINDIRITBL  BDIF Contingency Plan in place (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N N Y Date 31-Dec-2015 14-Jul-2017 14-Jul-2017 31-Dec-2018 Overall Comments 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-2018 Cumulative Disbursements 8/9/2018 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. 8/9/2018 Page 6 of 6 Public Disclosure Copy