Who is responsible for deposit insurance since Croatia joined the SRM?

Published: 3/6/2020 Modified: 17/5/2022

The establishment of close cooperation with the European Central Bank (ECB) and Croatia joining the Single Resolution Mechanism (SRM) has not caused any changes in the deposit guarantee scheme currently in use in Croatia. In other words, the Croatian Deposit Insurance Agency (CDIA), as the authority responsible for executing the procedures prescribed by the Deposit Insurance Act (Official Gazette 146/2020) transposing Directive 2014/49/EU into the Croatian legal framework, has continued to manage the deposit guarantee scheme even after close cooperation was established.

The common deposit insurance scheme envisaged as the final, third pillar of the banking union – EDIS – has not, as yet, been agreed on the EU level. Therefore, EU Member States continue to be individually responsible for setting up deposit guarantee schemes in accordance with the mentioned Directive.