On 13 July 2020, the Single Resolution Board (SRB) issued a press release stating that Bulgaria and Croatia will be joining the Single Resolution Mechanism (SRM), following the decisions by the European Central Bank (ECB) to establish close cooperation with the Bulgarian National Bank and the Croatian National Bank. From 1 October 2020, the ECB will directly supervise the two countries’ largest banks and the SRB will become the resolution authority for these and all cross-border groups. The SRB will also oversee resolution planning for smaller banks.