Bulgaria and Croatia to join Europe’s Banking Union
The European Central Bank will begin supervising financial institutions in Bulgaria and Croatia from October 1, as the two countries prepare to join the euro. Firms entering the Banking Union for the first time will also fall under the Single Resolution Board’s remit for the minimum requirements for own funds and eligible liabilities (MREL).
The ECB said late last week that it was now in “close cooperation” with the central banks of Bulgaria and Croatia.
It is carrying out an assessment to determine which lenders in the two EU countries should be considered “significant institutions”.The ECB will then begin ...