ECB to Begin Direct Supervision of Bulgarian and Croatian Banks
ECB announced that it will start to directly supervise five banks in Bulgaria and eight banks in Croatia. Out of these banks, ECB will be responsible for directly supervising four Bulgarian and seven Croatian subsidiaries of the existing significant banking groups headquartered in Belgium, Greece, Italy, and Austria. The two new institutions to come under the direct ECB supervision are DSK Bank AD in Bulgaria (as of October 01) and Addiko Bank AG group in Austria (as of October 07). ECB made this announcement after establishing close cooperation with the Bulgarian National Bank and the Croatian National Bank and after assessing the significance of banks in these countries.
The supervision of Addiko Bank AG group will include supervision of its subsidiaries Addiko Bank d.d. in Slovenia and Addiko Bank d.d. in Croatia. ECB will also be responsible for oversight of the less significant institutions and will be in charge of the common procedures for all supervised entities in the two countries. The Bulgarian subsidiaries of the existing significant banking groups to be supervised by ECB are UniCredit Bulbank AD, United Bulgarian Bank AD, Eurobank Bulgaria AD, and Raiffeisenbank (Bulgaria) EAD. The Croatian subsidiaries of the existing significant banking groups to be supervised by ECB are Zagrebačka banka d.d., Privredna banka Zagreb d.d., Erste & Steiermärkische Bank d.d., PBZ stambena štedionica d.d., Raiffeisenbank Austria d.d., Raiffeisen stambena štedionica d.d., and Sberbank d.d. This step ensures that ECB fulfills the regulatory requirements that it must directly supervise, at an individual level, all banks belonging to significant groups and at least the three most significant banks in each country.
Related Link: Press Release
Keywords: Europe, EU, Bulgaria, Croatia, Less Significant Institutions, SSM, Significant Institutions, Banking Supervision, ECB
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