The European Central Bank (ECB) announced on Wednesday that, in line with Croatia's bid to become a member of the Eurozone, it will examine the resilience of five Croatian banks to possible adverse business conditions.
The ECB says the stress test will be conducted on Zagrebačka banka, Privredna banka Zagreb, Erste Bank, OTP Bank Croatia and the Croatian Postal Bank. The ECB says the results of the stress test should be released in May of next year.
At the beginning of July, Croatia sent an official letter of intent to join the European Exchange Rate Mechanism or ERM-2, to the countries of the Eurozone, the President of the European Central Bank, Mario Draghi, the President of the Eurogroup, Mario Centen, and various European Union institutions, thus taking the first formal step towards participating in the mechanism, which precedes the introduction of the Euro.
Participation in the mechanism lasts at least two years and membership is decided on by the Euro Area member states and the European Central Bank.
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