The day of Saint Nicholas, the Wonderworker /December 6, 2007/ is also the professional holiday of bankers. According to legends, before being canonized, the saint lived as a moneylender and helped the poor, giving away his wealth unnoticed. He defended the innocent and his words helped them strengthen their faith. Tradition requires a fish meal to be present at the table on this day, as Bulgarians believe that it would bring health and well-being to their families.

The Day of St. Nicholas was declared banker's holiday by a decision of the Bulgarian National Bank and the Association of Commercial Banks in 1992. In the banking sector, this day is linked with evaluating achievements and challenges that financial institutions would face next year. The stress tests conducted in the banking system this year in relation to requirements on the path of Bulgaria to the euro area were undoubtedly one of the major challenges for the sector. Teodora Petkova – Chief Executive Officer for Bulgaria of one of the largest European banks, presented to Radio Bulgaria her viewpoint for verification and told us that:

“The results of asset quality checks and stress tests show no surprises. I dare say that the banking sector as a whole is stable and well-regulated. It works in accordance with established rules and is harmonized with European standards. Of course, there are banks that need to take some steps towards more stability, but overall the exercise had been fairly conservative, as is the model itself. Therefore, I do not think that the results which identified partial capital shortfalls at some banks are a reason to think that the system is not stable and I think its stability is guaranteed in the next year, despite the fact that we are working at unprecedentedly low interest rates and we need to change. The banks are professional enough and will benefit from the good capitalization we have and the ability to provide sustainability and better experience for our clients in 2020.”

Savings of Bulgarian citizens make up to 70% of the gross domestic product of the country. In this sense, the issue of the state of deposits and interest rates on them concerns all citizens and is constantly on the agenda of society.

“Savings in the banking system reach more than 80 billion levs and most of them are savings of individuals,” Ms Petkova points out. “The fact that low interest rates pose the risk of not paying interest on individual deposits, but we are still far from the moment when deposits of individuals would fall under negative interest rates. I don't expect that.”

Teodora Petkova has rich experience in the banking sector. In addition to being a manager of Unicredit Bulbank, she is a member of the ABB Board. A month ago, she received recognition by the Confederation of Employers and Industrialists in Bulgaria, who presented the prestigious business awards “Mr. and Mrs. Economics”. Teodora Petkova sees her award "Mrs. Economics", not so much as a personal victory, but as an acknowledgment that the management team of the bank is working the way it should. According to her, the most important quality for being a successful manager is to have a good team and the ability to listen to them. It is also important to be prepared to admit that sometimes your ideas are not the best and you can help in the realization of the ideas of others. Ms. Petkova wished a nice holiday to the bankers in Bulgaria: “I would like to congratulate all my colleagues and wish them to go to work with a smile and do what they love. And most importantly, I wish them personal health, health in the family, healthy business and state!”

English: Alexander Markov