Introductory text
United Kingdom
Decision (EU) 2020/1015 of the European Central Bank
of 24 June 2020
on the establishment of close cooperation between the European Central Bank and Българска народна банка (Bulgarian National Bank) (ECB/2020/30)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutionsf1, and in particular Article 7 thereof,
Whereas:
(1)
On 18 July 2018, the Republic of Bulgaria notified to the European Central Bank (ECB) a request to establish a close cooperation between the ECB and Българска народна банка (Bulgarian National Bank) (hereinafter ‘BNB’) pursuant to Article 7 of Regulation (EU) No 1024/2013.
(2)
On 13 December 2018 and 6 February 2020, the Republic of Bulgaria adopted relevant national legislation to ensure that BNB will be obliged to adopt any measure in relation to supervised entities requested by the ECB and that legal acts adopted by the ECB pursuant to Regulation (EU) No 1024/2013 are binding and enforceable in the Republic of Bulgaria. The ECB assessed such legislation, taking also into account its practical implementation.
(3)
On 25 July 2019, the ECB completed a comprehensive assessment of certain credit institutions established in the Republic of Bulgaria. On the same date, BNB, as competent authority, endorsed the results of the comprehensive assessment and followed up with the relevant credit institutions in order to address the shortfalls identified therein.
(4)
On 16 June 2020, the ECB informed the Republic of Bulgaria of its preliminary assessment of the request to establish a close cooperation, giving the opportunity to the latter to provide its views. The Republic of Bulgaria replied on 18 June 2020, agreeing with the assessment, and did not provide comments.
(5)
According to Article 5(1) of Decision ECB/2014/5f2, where the ECB concludes that the criteria set out in Article 7(2)(a) to (c) of Regulation (EU) No 1024/2013 are met, the ECB will adopt a decision addressed to the requesting Member State and establishing a close cooperation.
(6)
Article 5(2) of Decision ECB/2014/5 provides that a decision establishing a close cooperation should indicate the modalities for the transfer of the supervisory tasks to the ECB and the date of the start of the close cooperation,
HAS ADOPTED THIS DECISION:
Annotations
Footnotes
- f1
- f2
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Decision 2014/434/EU of the European Central Bank of 31 January 2014 on the close cooperation with the national authorities of participating Member States whose currency is not the euro (ECB/2014/5) (OJ L 198, 5.7.2014, p. 7).