Please read this License Agreement ("Agreement") carefully before clicking the "I Accept the Terms & Conditions" button.

By clicking the "I Accept the Terms & Conditions" button, you are agreeing to be bound by the terms and conditions of this Agreement to use the APIs in the Sandbox.

If you do not agree to the terms of this Agreement, do not click on the "I Accept the Terms & Conditions" button and do not add the API to the list of APIs your application will access.

1. Definitions

When used in this Agreement with the initial letters capitalized, in addition to the terms defined elsewhere in this Agreement, the following terms have the following meanings:

∙ API means the UNITED BULGARIAN BANK’S (UBB) application programming interface;

∙ Intellectual Property Rights means all patents, copyright and related rights, trademarks, logo, service marks, trade, design rights, business and domain names, rights in trade dress or get-up, rights in goodwill or to sue for passing off, rights in designs, database rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications for, and renewals or extensions of, such rights, and all similar or equivalent rights or forms of protection in any part of the world.

∙ Sandbox is the software testing environment that enables the isolated execution of software or programs for independent evaluation, monitoring or testing. 

2. License

UBB grants you a limited,  non-transferable, non-exclusive, as-is, non sub licensable license

to use the API for the sole purpose of developing and testing your applications.

3. Restrictions

You shall not- 

∙ change or delete any copyright, trademark, tradename or other proprietary notices, legends, symbols, or labels appearing on or in the API;

∙ Disclose, share  or divulge any of the API specifications to any third party;

∙ Represent in any way that your application is approved, recommended or endorsed by us;

∙ Disable, or by pass any security protocols or measures or technical limitations of the APIs; 

∙ Modify, decompile, reverse engineer or otherwise alter the APIs;

∙ Participate or engage in any activity which restricts, hinders, impedes, interrupts or harms the API in any way or permits unauthorised access to the API;

∙ Use the API and the content thereon for any purpose other than those expressly permitted by these Terms of Use

UBB reserves the right to modify, suspend or discontinue, temporarily or permanently, the APIs, with or without notice and without liability to you.

4. Intellectual Property

Intellectual Property Rights 

4.1 We retain all Intellectual Property Rights with respect to UBB API’s,  including content and documentation and these may not be copied, transmitted or reproduced without our  prior consent. All Intellectual Property Rights and other rights in connection with the Portal  (including without limitation, information, graphics, software, text, sounds, images, trade marks, service marks, trade names and logos) are vested in us or our licensors.   You agree that you shall not obtain any Intellectual Property Rights, title or interest in the Portal other than in accordance with these Terms of Use.

4.2  You undertake not to do anything which would bring UBB or any of it trademarks, trade names, logos, or branding into disrepute or harm the reputation and goodwill of UBB.

4.3 You acknowledge and agree that we may independently develop or create applications, content or other services or products that may be similar to and/or compete with your applications and nothing in these Terms of Use shall prevent us from exploiting any such commercial opportunities.

5. Term and Termination

This Agreement shall remain in effect until terminated by you or UBB. 

UBB may, in its sole discretion, at any time and for any or no reason, suspend or terminate this Agreement with or without prior notice.

This Agreement will terminate immediately, without prior notice from UBB, in the event that you fail to comply with any provision of this Agreement. You may also terminate this Agreement by deleting the Application on our API.

Upon termination of this Agreement, you shall cease all use of the APIs on the Sandbox.

6. Severability

If any provision of this Agreement is held to be unenforceable or invalid, such provision will be changed and interpreted to accomplish the objectives of such provision to the greatest extent possible under applicable law and the remaining provisions will continue in full force and effect.

7. Amendments to this Agreement

UBB reserves the right, at its sole discretion, to modify or replace this Agreement at any time. What constitutes a material change will be determined at our sole discretion.

8. Applicable law and jurisdiction

The provisions of the Bulgarian law shall apply to this Agreement. Disputes betwen UBB and you related to, or arising from this Agreement shall, unless settled amicably between UBB and you, be brought for resolution before the competent Bulgarian court in Sofia, Bulgaria.

Stress testing should be part of the banking sector day-to-day routine

The Chief Executive Officer of UBB AD, Mr. Dimitrios Anagnostopoulos, took part in the 3-rd Annual Credit Risk Management Conference, organized by ICAPBulgaria
“Credit risk management is the most important element in the banking business” - that is what the CEO of UBB AD, Mr. Dimitrios Anagnostopoulos, said during the 3-rd Annual Credit Risk Management Conference, organized by ICAPBulgaria and held yesterday in Sofia. “Flexibility is the key to minimizing the negative effect in a situation of crisis and achievement of timely recovery, while stress testing is extremely important and should be part of the everyday routine activity of banks”, the top manager explicitly stated.
According to Mr. Anagnostopoulos there is no universal solution to risk management. “Individual organizations should take into consideration all risk management characteristics, in order to choose the model that suits them best. Yet the proper functioning of such model will be tested upon occurrence of a specific event.” The event that Mr. Anagnostopoulos elaborated on was the financial crisis of Y2008. 
As main characteristics of the market before the crisis he pointed out the uncontrolled and unsustainably high growth, the disregard of the need of sector analyses and stress tests for entire industries. “Creativity” regarding financial products, conducted on some markets, as well as the spread of the risk “infection” due to the globalization, was emphasized among the other characteristics.
The non- performing loans are the essence of credit risk management while their increase - one of the characteristics of a crisis, Mr. Dimitrios Anagnostopoulos said. He gave examples of different countries with different levels of market maturity and different rates of non-performing loans. “Despite some common trends, the non-performing loans increase rate and the remedial actions are fundamentally different with respect to where each country is at in terms of risk management”.
“Crises will always happen as we live in business cycles, but we have to assess what we have done right and what we have not”, Mr. Anagnostopoulos added. “Clearly, we had badly analyzed the possible scenarios and we had not identified correctly what might happen and how serious its impact might be. We had badly assessed impact even afterwards- long after the beginning of the crisis we were making attempts at understanding what part of it had penetrated the banking sector and we could not believe the extent of the threat on it. That is why the interbank collapse occurred”, the CEO of UBB AD commented. Mr. Anagnostopoulos highlighted one of the main disadvantages being the inadequate stress tests conducted on clients’ portfolios. “Stress tests are not something that should be performed when there is a problem. These tests have to be performed repeatedly, on a daily basis, the business should get used to live with those”, he added adamantly.
As important factors for successful credit risk management Mr. Dimitrios Anagnostopoulos underlined the availability of adequate management structure and the target role of the risk manager, who should be well positioned in terms of strategy and operationally integrated in the organization’s business.
Mr. Dimitrios Anagnostopoulos took over the CEO post of UBB AD in May 2012. He has extensive experience in the banking sector as his previous position has been Chief Risk Officer and member of the Board of Directors of Finansbank Group, as well as Regional Credit Officer of the National Bank of Greece (NBG) for Turkey, Egypt and South Africa.