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
Previous ArticleBCB Adds Sustainability Dimension to Its Agenda in September 2020
The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.
The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).
The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.
The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).
The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.
The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.
The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).
HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.