Joining the Single Resolution Mechanism (SRM) has brought Croatia numerous benefits and advantages, the most important of which are as follows:
- The Croatian National Bank CNB participates as a full member of the SRM in decision-making bodies of the Single Resolution Board (SRB). In this way, the Croatian representative contributes not only to decision-making on resolution issues concerning credit institutions headquartered in Croatia but also on the policies and work methodologies of the SRB as the central resolution body in the banking union;
- The CNB representatives participate in the work of Internal Resolution Teams (IRTs) established by the SRB for the purpose of drafting and updating resolution plans for credit institutions and groups of credit institutions. The CNB representatives thus ensure that resolution plans for credit institutions headquartered in Croatia also comprise all the elements which may impact the financial stability in Croatia, its banking system and the economy;
- The CNB representatives participate in the work of different working groups established in the SRB for the purpose of developing policies, methodologies and work procedures. The CNB representatives thus ensure that such internal bylaws of the SRB adequately capture the character and interests of the banking system in Croatia;
- The contents of resolution plans for credit institutions operating in Croatia that are members of groups of credit institutions in the EU are methodologically, quantitatively and qualitatively aligned with other group members operating in other Member States of the banking union due to the application of the SRB policies and procedures;
- Once Croatia joined the SRM, the adoption of group resolution plans for credit institutions headquartered in Croatia that are members of groups of credit institutions in the EU, are made at the meetings of the executive sessions of the SRB, which has greatly accelerated and facilitated the whole process.