13/07/2020 (Agence Europe) – Bulgaria and Croatia will join the euro area banking union at the same time as they join the ‘ERM II’ exchange-rate mechanism (see EUROPE 12525/4). From 1 October 2020, the ECB, in its role as single banking supervisor, will directly supervise the two largest banking groups in both countries, and the Single Resolution Board (SRB) will become the bank resolution authority for the two bodies and for cross-border groups, the SRB said in a statement on Monday 13 July. The SRB will also oversee the development of resolution plans for smaller Bulgarian and Croatian banks. The banking sector in both countries will also contribute to funding the Single Resolution Fund (SRF), the financial arm of the resolution component of the banking union. (MB)