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Decision (EU) 2020/1016 of the European Central Bank of 24 June 2020 on the establishment of close cooperation between the European Central Bank and Hrvatska Narodna Banka (ECB/2020/31)

Decision (EU) 2020/1016 of the European Central Bank of 24 June 2020 on the establishment of close cooperation between the European Central Bank and Hrvatska Narodna Banka (ECB/2020/31)

Decision (EU) 2020/1016 · Decision · 6 articles

Data as of 2026-07-04 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Establishment of a close cooperation between the ECB and HNB

Article 1

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1.   On the basis of the information submitted by the Republic of Croatia, the ECB concludes that the criteria set out in Article 7(2)(a) to (c) of Regulation (EU) No 1024/2013 for establishing a close cooperation with HNB are met. 2.   Pursuant to Article 7(2) of Regulation (EU) No 1024/2013, this Decision establishes a close cooperation between the ECB and HNB for the purpose of carrying out the tasks in the areas referred to in Article 4(1) and 4(2) and Article 5 of Regulation (EU) No 1024/2013 in relation to supervised entities established in the Republic of Croatia.

Definitions

Article 2

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For the purposes of this Decision, the definitions contained in Regulation (EU) No 468/2014 of the European Central Bank (ECB/2014/17)  ( 3 ) shall apply.

Duty of cooperation in good faith and exchange of information

Article 3

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From the date of application of this Decision, the ECB and HNB shall be subject to a duty of cooperation in good faith and an obligation to exchange information on the basis of Article 6(2) of Regulation (EU) No 1024/2013.

Starting date of close cooperation between the ECB and HNB

Article 4

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1.   The starting date of close cooperation between the ECB and HNB shall be 1 October 2020. 2.   Notwithstanding paragraph 1, for the purpose of the identification of significant supervised entities established in the Republic of Croatia pursuant to Article 110 of Regulation (EU) No 468/2014 (ECB/2014/17), the starting date of close cooperation between the ECB and HNB shall be considered to be the date of application of this Decision.

Modalities of transfer of supervisory tasks to the ECB

Article 5

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1.   From 1 October 2020, the ECB shall carry out the tasks in the areas referred to in Article 4(1) and 4(2) and Article 5 of Regulation (EU) No 1024/2013 in relation to supervised entities established in the Republic of Croatia. 2.   Accordingly, from that date: (a) a representative of HNB shall participate and exercise voting rights in the Supervisory Board in accordance with Article 26 of Regulation (EU) No 1024/2013; (b) a representative of HNB shall participate and, if applicable, exercise voting rights in the Steering Committee of the Supervisory Board in accordance with Articles 11 and 12 of the Rules of Procedure of the Supervisory Board of the European Central Bank  ( 4 ) ; (c) representatives of HNB shall participate, in respect of policy issues relating to prudential supervision, in other committees and sub-structures assisting in the work of the ECB regarding the tasks conferred on the ECB by Regulation (EU) No 1024/2013 in accordance with their internal rules. 3.   By way of derogation from paragraph 2, from the date of application of this Decision, the HNB representative to the Supervisory Board shall participate and exercise voting rights in the deliberations for the adoption by the ECB of instructions with regard to the identification of significant supervised entities established in the Republic of Croatia pursuant to Article 110 of Regulation (EU) No 468/2014 (ECB/2014/17). 4.   Upon notification of instructions addressed by the ECB to HNB with regard to the identification of significant supervised entities established in the Republic of Croatia pursuant to Article 110 of Regulation (EU) No 468/2014 (ECB/2014/17), HNB shall appoint sub-coordinators for the relevant joint supervisory teams pursuant to Article 115(3) of Regulation (EU) No 468/2014 (ECB/2014/17) and shall inform the ECB of those appointments without undue delay. 5.   Upon notification of instructions addressed by the ECB to HNB with regard to the identification of significant supervised entities established in the Republic of Croatia pursuant to Article 110 of Regulation (EU) No 468/2014 (ECB/2014/17), HNB shall identify as pending procedures pursuant to Article 48 of Regulation (EU) No 468/2014 (ECB/2014/17) any supervisory procedure formally initiated which requires a decision but cannot be completed before 1 October 2020. Identification of pending procedures shall include procedures pertaining to the exercise of the tasks in the areas referred to in Article 4(1)(a) and 4(1)(c) of Regulation (EU) No 1024/2013.

Entry into force

Article 6

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This Decision shall enter into force on the fourteenth day following that of its publication in the Official Journal of the European Union.

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Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.

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