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ECB to supervise five Bulgarian, eight Croatian banks

The European Central Bank (ECB) established close cooperation with the Croatian National Bank (HNB) and the Bulgarian National Bank (BNB) in July and it will now take direct supervision of five banks in Bulgaria and eight in Croatia, countries that have both applied to join the eurozone, it says. 

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Of these banks, almost all are subsidiaries of other significant banking groups that are already supervised by the ECB, which oversees the biggest financial institutions in Europe’s banking union.

In particular, the ECB will be responsible for directly supervising four Bulgarian and seven Croatian subsidiaries of existing significant banking groups headquartered in Belgium, Greece, Italy and Austria.

This ensures that the 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, the bank announced on September 11 on Bankingsupervision.europa.eu