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EC approves reintroduction of Croatian bank resolution scheme

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EC approves reintroduction of Croatian bank resolution scheme

The European Commission authorized the reintroduction of a bank resolution scheme for small lenders in Croatia under EU state aid rules.

Initially approved in October 2016 and extended in June 2017, the scheme is available for banks with total assets below €1.5 billion, only if they are found to be in distress by local competent authorities.

"The objective of the scheme is to facilitate the work of the Croatian resolution authorities, should a concrete case and need arise for it," the EC said Jan. 14.

The resolution scheme includes tools available within the framework of the Bank Recovery and Resolution Directive as implemented in Croatian law, with any state aid limited to the minimum necessary to facilitate an orderly exit of a failing bank from the market, the EC said, when approving the scheme first in 2016.