ECB Tests Croatian Banks’ Strength Ahead Of Euro Ambition

Law360, London (August 7, 2019, 5:16 PM BST) -- The European Central Bank said on Wednesday that it will assess the resilience and capital holdings of five Croatian banks as it prepares to fold Croatia into Europe’s wider supervisory framework to prepare the country for eurozone membership.

Europe’s banking supervisor will carry out a “comprehensive review” of the lenders after Croatia, which has not yet adopted the euro as its currency, asked in May to join the bloc’s Single Supervisory Mechanism.

The framework, known as the SSM, allows the ECB to supervise the banking sector of euro-area countries. But other EU countries can join the mechanism if their central bank...

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