On 25 July 2018, the NBS signed the Cooperation Agreement with the Single Resolution Board (SRB), European regulatory authority in charge of resolution of financial institutions. On 20 May 2021, the NBS also signed the Cooperation Agreement with the Czech National Bank in this area. The aim of these agreements is to provide the basis for exchange of information and coordination when planning and carrying out resolution of financial institutions that operate in Serbia and form a part of the so-called banking union within the European Union, as well as in the Czech Republic.
By these agreements, the NBS, the SRB and the Czech National Bank have reaffirmed their commitment to further improving mutual communication and cooperation toward enhancing and facilitating the resolvability of banks and banking groups with a cross-border element, all of which contributes to safeguarding financial stability in case of a crisis.
It is noteworthy that amendments to the Law on Banks (“RS Official Gazette”, Nos 107/2005, 91/2010 and 14/2015), applied as of 1 April 2015, have set up a comprehensive bank resolution framework for Serbia and entrusted the NBS with the bank resolution function. In the capacity of the resolution authority, the NBS is responsible for planning, initiating and implementing the resolution procedure for banks and banking groups under its jurisdiction, with a view to protecting the public interest in crisis situations.