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126-480: Eurobank has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . The bank was incorporated in 1924 as “V. Karavasilis Tobacco Company and Bank SA”. In 1937 it was renamed “Karavasilis Bank SA” and in 1952 “Professional Credit Bank SA”. In 1964 it was acquired by

252-480: A "prudential backstop," or minimum common loss guarantee for the reserve funds that banks set up to deal with losses from future non-performing loans. If a bank fails to meet this agreed minimum level, deductions are made directly from its capital. In addition to the core SREP process, the ECB is also in charge of assessing banks’ acquisition of qualifying holdings, in accordance with Regulation 1024/2013, Art. 4. Before

378-423: A bank is recognized as significant or when deemed necessary (i.e., in case of exceptional circumstances or when a non-Eurozone country joins the mechanism). Comprehensive assessments require too much resources for them to be conducted annually. Other supervision tools are therefore used on a more regular basis in order to assess how banks would cope with potential economic shocks. As required by EU law and as part of

504-517: A close advisor of BNP Paribas . This group led by de Larosière delivered a report highlighting the major failure of European banking supervision pre-2008. Based on this report, the European institutions have set up in 2011 “The European System of Financial Supervision” (ESFS). Its primary objective was: " to ensure that the rules applicable to the financial sector are adequately implemented, to preserve financial stability and ensure confidence in

630-490: A fatally strategic position, the city has been battled over in 115 wars and razed 44 times, being bombed five times and besieged many times. Being Serbia's primate city , Belgrade has special administrative status within Serbia. It is the seat of the central government, administrative bodies, and government ministries, as well as home to almost all of the largest Serbian companies, media, and scientific institutions. Belgrade

756-433: A recapitalization plan for 2015. 0 0 0 0 0 ¹ These banks have a shortfall on a static balance sheet projection, but will have dynamic balance sheet projections taken into account in determining their final capital requirements. 0 0 0 0 0 0 Under the dynamic balance sheet assumption, these banks have no or practically no shortfall taking into account net capital already raised. 0 0 0 0 0 ² Taking into account

882-470: A significant influence on Belgrade. He conceptualised a regulation plan for the city in 1867, in which he proposed the replacement of the town's crooked streets with a grid plan . Of great importance also was the construction of independent Serbian political and cultural institutions, as well as the city's now-plentiful parks. Pointing to Josimović's work, Serbian scholars have noted an important break with Ottoman traditions. However, Istanbul—the capital city of

1008-642: A third of these refugees having settled in Belgrade. After the 2000 presidential elections , Belgrade was the site of major public protests, with over half a million people taking part. These demonstrations resulted in the ousting of president Milošević as a part of the Otpor movement. In 2014, Belgrade Waterfront , an urban renewal project, was initiated by the Government of Serbia and its Emirati partner, Eagle Hills Properties . Around €3.5 billion

1134-406: A year when the maximum temperature is at or above 30 °C (86 °F), and 95 days when the temperature is above 25 °C (77 °F), On the other hand, Belgrade experiences 52.1 days per year in which the minimum temperature falls below 0 °C (32 °F), with 13.8 days having a maximum temperature below freezing as well. Belgrade receives about 698 mm (27 in) of precipitation

1260-419: A year, with late spring being wettest. The average annual number of sunny hours is 2,020. Belgrade may experience thunderstorms at any time of the year, experiencing 31 days annually, but it's much more common in spring and summer months. Hail is rare and occurs exclusively in spring or summer. The highest officially recorded temperature in Belgrade was 43.6 °C (110.5 °F) on 24 July 2007, while on

1386-744: Is classified as a Beta- Global City . The city is home to the University Clinical Centre of Serbia , a hospital complex with one of the largest capacities in the world ; the Church of Saint Sava , one of the largest Orthodox church buildings ; and the Belgrade Arena , one of the largest capacity indoor arenas in Europe . Belgrade hosted major international events such as the Danube River Conference of 1948 ,

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1512-780: Is considered to be the most successful project of fixing the problem. During the construction of the neighbourhood from the 1970s, the terrain was systematically improved and the movement of the land is today completely halted. Under the Köppen climate classification , Belgrade has a humid subtropical climate ( Cfa ) bordering on a humid continental climate ( Dfa ) with four seasons and uniformly spread precipitation. Monthly averages range from 1.9 °C (35.4 °F) in January to 23.8 °C (74.8 °F) in July, with an annual mean of 13.2 °C (55.8 °F). There are, on average, 44.6 days

1638-545: Is divided in two: Finally, Basel III provides additional capital buffers covering more specific risks. European Banking Supervision has been actively involved in the making of Non-Performing Loans action plans. In the ECB guidance recommendations, the SSM, along with the European Banking Authority (EBA), have introduced a new definition of Non-Performing Loans (NPLs) that relates to the optimisation of

1764-666: Is known for its very large settlements, one of the earliest settlements by continuous habitation and some of the largest in prehistoric Europe. Also associated with the Vinča culture are anthropomorphic figurines such as the Lady of Vinča , the earliest known copper metallurgy in Europe, and a proto-writing form developed prior to the Sumerians and Minoans known as the Old European script , which dates back to around 5300 BC. Within

1890-539: Is one of the oldest continuously inhabited cities in Europe and the world. One of the most important prehistoric cultures of Europe , the Vinča culture , evolved within the Belgrade area in the 6th millennium BC. In antiquity, Thraco - Dacians inhabited the region and, after 279 BC, Celts settled the city, naming it Singidūn . It was conquered by the Romans under the reign of Augustus and awarded Roman city rights in

2016-505: Is organised by article 26 of the SSM regulation (Council regulation (EU) No 1024/2013). It is composed of all national participating supervisors, a chair, vice-chair and four ECB representatives. These members meet every three weeks in order to draft supervisory decisions then submitted to the Governing Council . The Supervisory Board is assisted in the preparation of its meetings by a Steering Committee. This committee gathers

2142-680: Is proportional to the risks they take. This is closely monitored by the supervisory authorities. Since 2016, if the results of the SREP for a bank do not reflect a proper coverage of the risks, the ECB may impose additional capital requirements to those required by the Basel agreement. This agreement provides a minimum capital requirement (called Pillar 1 requirement) of 8% of banks’ risk-weighted assets .  Since Basel II , extra requirements (called Pillar 2 requirements) can be set in order to cover additional risks. This second category of requirements

2268-637: Is the capital and largest city of Serbia . It is located at the confluence of the Sava and Danube rivers and at the crossroads of the Pannonian Plain and the Balkan Peninsula . The population of the Belgrade metropolitan area is 1,685,563 according to the 2022 census. It is one of the major cities of Southeast Europe and the third most populous city on the Danube river . Belgrade

2394-579: The Belgrade forest . Belgrade was made the seat of the Pashalik of Belgrade (also known as the Sanjak of Smederevo), and quickly became the second largest Ottoman town in Europe at over 100,000 people, surpassed only by Constantinople . Ottoman rule introduced Ottoman architecture , including numerous mosques, and the city was resurrected—now by Oriental influences. In 1594, a major Serb rebellion

2520-470: The European Commission is in charge of checking the impacts such transactions will have on competition and, therefore, on consumers, the ECB is tasked to monitor the risks entailed by the suggested consolidations. If a transaction includes the acquisition of more than 10% of a bank’s shares or voting rights (i.e., a qualifying holding – Regulation 575/2013, Art. 4(1)36), it must be reported to

2646-476: The European Treaties , non-Eurozone countries do not have the right to vote in the ECB's Governing Council and, in return, are not bound by its decisions. As a result, non-Eurozone countries cannot become full members of the banking union (i.e., they cannot have the same rights and obligations as Eurozone members). However, non-Eurozone EU member states can enter into a "close cooperation agreement" with

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2772-956: The Hungarian king , made Smederevo his new capital. Even though the Ottomans had captured most of the Serbian Despotate , Belgrade, known as Nándorfehérvár in Hungarian, was unsuccessfully besieged in 1440 and 1456. As the city presented an obstacle to the Ottoman advance into Hungary and further, over 100,000 Ottoman soldiers besieged it in 1456 , in which the Christian army led by the Hungarian General John Hunyadi successfully defended it. The noon bell ordered by Pope Callixtus III commemorates

2898-628: The Independent State of Croatia in occupied Yugoslavia, another puppet state, where Ustashe regime carried out the Genocide of Serbs . During the summer and autumn of 1941, in reprisal for guerrilla attacks, the Germans carried out several massacres of Belgrade citizens; in particular, members of the Jewish community were subject to mass shootings at the order of General Franz Böhme ,

3024-597: The National Bank of Greece , who renamed it Bank of Athens in 1992. The Euromerchant Bank SA ( Ευρωεπενδυτική Τράπεζα ΑΕ , lit. transl.  euro-investment bank ) was founded in 1990. It took over 75% of EFG Private Bank (Luxembourg) S.A.'s operations in 1994. In 1997 it was renamed EFG Eurobank SA and acquired Interbank Greece SA and the branch network of Crédit Lyonnais Grèce SA. In February 1999 EFG Eurobank SA merged with Cretabank SA. In March 1999, Bank of Athens merged with EFG Eurobank SA. In 2000

3150-489: The Neolithic Starčevo culture , which flourished between 6200 and 5200 BC. There are several Starčevo sites in and around Belgrade, including the eponymous site of Starčevo . The Starčevo culture was succeeded by the Vinča culture (5500–4500 BC), a more sophisticated farming culture that grew out of the earlier Starčevo settlements and also named for a site in the Belgrade region ( Vinča-Belo Brdo ). The Vinča culture

3276-543: The Second Serbian Uprising in 1815, Serbia achieved some sort of sovereignty, which was formally recognised by the Porte in 1830. The development of Belgrade architecture after 1815 can be divided into four periods. In the first phase, which lasted from 1815 to 1835, the dominant architectural style was still of a Balkan character, with substantial Ottoman influence. At the same time, an interest in joining

3402-476: The Serbian Revolution , Belgrade was once again named the capital of Serbia in 1841. Northern Belgrade remained the southernmost Habsburg post until 1918, when it was attached to the city, due to former Austro-Hungarian territories becoming part of the new Kingdom of Serbs, Croats and Slovenes after World War I . Belgrade was the capital of Yugoslavia from its creation to its dissolution. In

3528-492: The Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area . It is centered on the European Central Bank (ECB), whose supervisory arm is referred to as ECB Banking Supervision . EU member states outside of the euro area can also participate on a voluntary basis, as was the case of Bulgaria as of late 2023. European Banking Supervision

3654-707: The Tripartite Pact , joining the Axis powers in an effort to stay out of the Second World War and keep Yugoslavia neutral during the conflict. This was immediately followed by mass protests in Belgrade and a military coup d'état led by Air Force commander General Dušan Simović , who proclaimed King Peter II to be of age to rule the realm. As a result, the city was heavily bombed by the Luftwaffe on 6 April 1941, killing up to 2,274 people. Yugoslavia

3780-690: The UNESCO General Conference . Josip Broz Tito died in May 1980 and his funeral in Belgrade was attended by high officials and state delegations from 128 of the 154 members of the United Nations from all over the world, based on which it became one of the largest funerals in history . On 9 March 1991, massive demonstrations led by Vuk Drašković were held in the city against Slobodan Milošević . According to various media outlets, there were between 100,000 and 150,000 people on

3906-478: The financial crisis of 2008 , an increasing number of banks were merging across Europe. This trend stopped as a result of the crisis: between 2008 and 2017, while we saw a decline in the number of cross-border M&As , domestic consolidations (i.e., between two national institutions) rose. In 2016, there were about 6 000 banks in the Eurozone , most of which with a clear focus on their domestic market. Today,

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4032-500: The risks taken by European banks . This process, undertaken annually by supervisors from the ECB and Joint Supervisory Teams, is an essential element of the implementation of the Single Supervisory Mechanism . The aim of the SREP is to make sure that banks remain safe and reliable; that any factors that could affect their capital and liquidity are under control. Today, the capital and liquidity levels of banks are then directly subject to an ECB monitoring system while beforehand it

4158-570: The romanised Singidunum in the 1st century AD and, by the mid-2nd century, the city was proclaimed a municipium by the Roman authorities, evolving into a full-fledged colonia (the highest city class) by the end of the century. While the first Christian Emperor of Rome — Constantine I , also known as Constantine the Great —was born in the territory of Naissus to the city's south, Roman Christianity's champion, Flavius Iovianus (Jovian/Jovan),

4284-583: The 130 most significant credit institutions in the 19 Eurozone states representing assets worth €22 trillion (equal to 82% of total banking assets of the eurozone). The supervision report included: Based on these three criteria, the review found that a total of 105 out of the 130 assessed banks met all minimum capital requirements on 31 December 2013. A total of 25 banks were found to suffer from capital shortfalls on 31 December 2013, of which 12 managed to cover these capital shortfalls through raising extra capital in 2014. The remaining 13 banks were asked to submit

4410-672: The Balkans and Central Europe was held in Belgrade in June 1896 by André Carr, a representative of the Lumière brothers . He shot the first motion pictures of Belgrade in the next year; however, they have not been preserved. The first permanent cinema was opened in 1909 in Belgrade. The First World War began on 28 July 1914 when Austria-Hungary declared war on Serbia. Most of the subsequent Balkan offensives occurred near Belgrade. Austro-Hungarian monitors shelled Belgrade on 29 July 1914, and it

4536-729: The Chair and the Vice-Chair of the Supervisory Board, an ECB representative (Edouard Fernandez-Bollo since 2019) as well as five deputies of national supervisors. A division of labour has been established between the ECB and national supervisors. Banks deemed significant will be supervised directly by the ECB. Even though the ECB has the authority to take over the direct supervision of any bank, smaller banks will usually continue to be monitored directly by their national authorities. A total of 115 banks are currently being supervised by

4662-573: The Danube valley, and Umka , and especially its neighbourhood of Duboko, in the Sava valley. They have moving and dormant phases, and some of them have been recorded for centuries. Less active downhill creep areas include the entire Terazije slope above the Sava (Kalemegdan, Savamala ), which can be seen by the inclination of the Pobednik monument and the tower of the Cathedral Church , and

4788-482: The Danube, was opened in 1935, while King Alexander Bridge over the Sava was opened in 1934. On 3 September 1939 the first Belgrade Grand Prix , the last Grand Prix motor racing race before the outbreak of World War II, was held around the Belgrade Fortress and was followed by 80,000 spectators. The winner was Tazio Nuvolari . On 25 March 1941, the government of regent Crown Prince Paul signed

4914-399: The ECB is not new. In November 2016, the ECB wrote in its Financial Stability Review the following sentence with regards to the banking sector: “ Consolidation could bring some profitability benefits at the sector level by increasing cost and revenue synergies without worsening the so-called “too-big-to-fail” problem ” (ECB Financial Stability Review, Nov. 2016, p. 75) This positioning of

5040-422: The ECB's staff, national competent supervisors and experts in the banking field, make the link between the national and supranational levels. There is a JST for each significant banking institution. They act as supporting bodies, responsible mainly for the coordination, control and evaluation of supervisory missions. The Supervisory Review and Evaluation Process, also known as ‘SREP’, is a periodic assessment of

5166-433: The ECB, in favor of bigger and more competitive banks in Europe, translates a certain bias of this institution towards the financial industry. This bias can be explained by different power mechanisms at stake: Belgrade Belgrade ( / b ɛ l ˈ ɡ r eɪ d / bel- GRAYD , / ˈ b ɛ l ɡ r eɪ d / BEL -grayd ; Serbian : Београд , Beograd , Serbian: [beǒɡrad] )

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5292-600: The ECB. As of late 2022, the ECB directly supervised 113 Significant Institutions in the 21 countries within its geographical scope of authority, representing around 85% of the banking system's total assets (excluding financial infrastructures that are designated as LSIs such as Euroclear in Belgium, Banque Centrale de Compensation in France, or Clearstream in Germany and Luxembourg). European Banking Supervision represents

5418-405: The ECB. This procedure is organised by article 7 of the SSM regulation (Council regulation (EU) No 1024/2013) and the ECB decision 2014/510. In effect, these agreements imply the supervision of banks in these signatory countries by the ECB. A close cooperation agreement can be ended either by the ECB or by the participating non-Eurozone member state. Bulgaria , which is in the process of adopting

5544-576: The ECB; all other banks are supervised by their national supervisor. A bank is considered significant when it meets any of the following criteria: This significance status is subject to change due to, for example, mergers and acquisitions. In 2020, two additional banks (LP Group B.V. in the Netherlands and Agri Europe Cyprus in Slovenia ) have joined the list of banks supervised by the ECB. Joint Supervisory Teams (JST), composed of members of

5670-621: The EU level was the creation of the Lamfalussy Process in March 2001. It involved the creation of a number of committees in charge of overseeing regulations in the financial sector. The primary goal of these committees was to accelerate the integration of the EU securities market. This approach was not binding for the European banking sector and had therefore little influence on the supervision of European banks. This can be explained by

5796-511: The European banking landscape is composed of banks with a smaller market share at the EU level than what can be observed in the United States. As a result, the European market is said to be more fragmented and therefore less competitive than in the US or Asia. Cross-border mergers in banking would help banks to diversify their portfolio and, therefore, better recover from localized shocks in

5922-549: The European mainstream allowed Central and Western European architecture to flourish. Between 1835 and 1850, the amount of neoclassicist and baroque buildings south of the Austrian border rose considerably, exemplified by St Michael's Cathedral (Serbian: Saborna crkva) , completed in 1840. Between 1850 and 1875, new architecture was characterised by a turn towards the newly popular Romanticism , along with older European architectural styles. Typical of Central European cities in

6048-581: The German Military Governor of Serbia . Böhme rigorously enforced the rule that for every German killed, 100 Serbs or Jews would be shot. Belgrade became the first city in Europe to be declared by the Nazi occupation forces to be judenfrei . The resistance movement in Belgrade was led by Major Žarko Todorović from 1941 until his arrest in 1943. Just like Rotterdam , which was devastated twice by both German and Allied bombing, Belgrade

6174-698: The Greek bank Eurobank sold its Serbian unit to AIK Banka for €280 million, becoming Serbia's second-largest financial conglomerate. In September 2024, Eurobank finalised the acquisition of a 26.1% stake in Cypriot Hellenic Bank thus increasing its stake in Hellenic to 55.9 per cent of the Cypriot bank's shares. On 7 November 2024, Eurobank increased its stake in Hellenic Bank to 68.81% of

6300-560: The Greek bank from the rest of its business. In July of that year Eurobank was deconsolidated from the group and its shares sold to the Greek Latsis family and it was renamed Eurobank Ergasias. In January 2013, the National Bank of Greece made an offer, which ultimately did not go through, to take over Eurobank Ergasias; 64,000 Eurobank shareholders and the Greek capital market commission agreed. Later in 2013 Eurobank acquired New TT Hellenic Postbank and New Proton Bank . The bank

6426-604: The Hungarian king in 1427. Noon bells in support of the Hungarian army against the Ottoman Empire during the siege in 1456 have remained a widespread church tradition to this day. In 1521, Belgrade was conquered by the Ottomans and became the seat of the Sanjak of Smederevo . It frequently passed from Ottoman to Habsburg rule, which saw the destruction of most of the city during the Ottoman–Habsburg wars . Following

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6552-404: The SREP, the ECB carries out annual stress tests on supervised banks. In 2016, a stress test was performed on 51 banks, covering 70% of EU banking assets. These banks entered the process with an average Common Equity Tier 1 (CET1, i.e., percentage of Tier 1 capital held by banks) ratio of 13%, higher than the 11.2% of 2014. The test showed that, with one exception, all the assessed banks exceeded

6678-505: The Voždovac section, between Banjica and Autokomanda . Landslides encompass smaller areas, develop on the steep cliffs, sometimes being inclined up to 90%. They are mostly located in the artificial loess hills of Zemun: Gardoš , Ćukovac and Kalvarija . However, the majority of the land movement in Belgrade, some 90%, is triggered by the construction works and faulty water supply system (burst pipes, etc.). The neighbourhood of Mirijevo

6804-481: The area around Belgrade was inhabited by nomadic foragers in the Palaeolithic and Mesolithic eras. Some of these tools are of Mousterian industry —belonging to Neanderthals rather than modern humans. Aurignacian and Gravettian tools have also been discovered near the area, indicating some settlement between 50,000 and 20,000 years ago. The first farming people to settle in the region are associated with

6930-708: The area was ravaged by Attila the Hun . In 471, it was taken by Theodoric the Great , king of the Ostrogoths, who continued into Italy. As the Ostrogoths left, another Germanic tribe, the Gepids , invaded the city. In 539, it was retaken by the Byzantines. In 577, some 100,000 Slavs poured into Thrace and Illyricum , pillaging cities and more permanently settling the region. The Avars , under Bayan I , conquered

7056-446: The bank began operating under a single brand, name and visual identity. In 2016, the bank had €1.337 billion in assets and revenue of €18.42 million. In December 2021, the bank merged with Direktna Banka and was renamed to Eurobank Direktna. In November 2023, Serbian AIK Banka bought the majority of shares of the bank, for a total of 280 million euros. European Banking Supervision European Banking Supervision , also known as

7182-495: The bank changed its name to EFG Eurobank Ergasias SA after taking over the renowned Ergasias Bank. In 2002 it acquired Telesis Investment Bank, followed by UnitBank in 2003. A financial products subsidiary was founded in 2007 (49.9% owned by employees). In 2012, the bank sold 70% of the Polish branches called Polbank to Raiffeisen Bank International . In 2012, the Spiros Latsis associated Eurobank EFG merger with Giannis Kostopoulos 's ( Greek : Γιάννης Κωστόπουλος ) Alpha Bank

7308-420: The bank must further protect itself by increasing its equity reserve in the event the loan is not paid. The purpose of this procedure is to increase the bank's resilience to shocks by sharing the risk with the private sector. In other words, addressing the problems associated with PNPs in the future is paramount to consolidating the banking union, while developing lending activity. The new provisions put in place

7434-529: The benchmark used in 2014 in terms of CET1 capital level (5.5%). The results of this stress test show that, in 2016, EU banks had a better potential of resilience and shock absorption than in 2014. In 2018, two types of stress tests were performed: an EBA stress test for 33 banks and a SSM SREP stress test for 54 banks. The aggregate results of those tests show that, in 2018, both sets of banks had again strengthened their capital base compared to 2016, increasing their potential of resistance to financial shocks. Due to

7560-418: The capacity of the ECB to monitor 6,000 banks ". The Vice-President of the European Commission at the time, Olli Rehn , responded to that concern that the majority of European banks would still be monitored by national supervisory bodies, while the ECB " would assume ultimate responsibility for the supervision, in order to prevent banking crises from escalating ". The European Parliament voted in favour of

7686-494: The capital of the Kingdom of Syrmia , a vassal state to the Kingdom of Hungary. Dragutin (Hungarian: Dragutin István ) is regarded as the first Serbian king to rule over Belgrade. Following the battles of Maritsa (1371) and Kosovo field (1389) , Moravian Serbia, to Belgrade's south, began to fall to the Ottoman Empire . The northern regions of what is now Serbia persisted as the Serbian Despotate , with Belgrade as its capital. The city flourished under Stefan Lazarević ,

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7812-417: The centre of the Principality's administrative, military and cultural institutions. His project of creating a new market space (the Abadžijska čaršija), however, was less successful; trade continued to be conducted in the centuries-old Donja čaršija and Gornja čaršija. Still, new construction projects were typical for the Christian quarters as the older Muslim quarters declined; from Serbia's autonomy until 1863,

7938-441: The city is under rapid development and reconstruction, especially in the area of Novi Beograd , where (as of 2020) apartment and office buildings were under construction to support the burgeoning Belgrade IT sector , now one of Serbia's largest economic players. In September 2020, there were around 2000 active construction sites in Belgrade. The city budget for 2023 stood at 205,5 billion dinars (1.750 billion Euros). The budget for

8064-412: The city of Belgrade has been estimated to be more than 2 billion Euros for 2024. Belgrade lies 116.75 m (383.0 ft) above sea level and is located at the confluence of the Danube and Sava rivers. The historical core of Belgrade, Kalemegdan , lies on the right banks of both rivers. Since the 19th century, the city has been expanding to the south and east; after World War II, New Belgrade

8190-413: The city proper, on Cetinjska Street, a skull of a Paleolithic human dated to before 5000 BC was discovered in 1890. Evidence of early knowledge about Belgrade's geographical location comes from a variety of ancient myths and legends. The ridge overlooking the confluence of the Sava and Danube rivers, for example, has been identified as one of the places in the story of Jason and the Argonauts . In

8316-504: The city terrain is mass wasting . On the territory covered by the General Urban Plan there are 1,155 recorded mass wasting points, out of which 602 are active and 248 are labeled as 'high risk'. They cover almost 30% of the city territory and include several types of mass wasting. Downhill creeps are located on the slopes above the rivers, mostly on the clay or loam soils, inclined between 7 and 20%. The most critical ones are in Karaburma , Zvezdara , Višnjica , Vinča and Ritopek , in

8442-520: The city would become a battleground between the Byzantine Empire , the medieval Kingdom of Hungary , and the Bulgarian Empire . Basil II (976–1025) installed a garrison in Belgrade. The city hosted the armies of the First and the Second Crusade , but, while passing through during the Third Crusade , Frederick Barbarossa and his 190,000 crusaders saw Belgrade in ruins. King Stefan Dragutin (r. 1276–1282) received Belgrade from his father-in-law, Stephen V of Hungary , in 1284, and it served as

8568-425: The commission, the president of the Central Bank and of the Eurogroup on a preliminary report used as a basis for discussions at the summit. In compliance with the decisions made then, the European Commission published a proposal for a council regulation establishing European banking supervision in September 2012. The European Central Bank welcomed the proposal. Chancellor of Germany Angela Merkel questioned "

8694-566: The completion of the banking union, stalled since June 2022, also includes options for the regulatory treatment of sovereign exposures. The question of supervising the European banking system arose long before the financial crisis of 2007-2008 . Shortly after the creation of the monetary union in 1999, a number of observers and policy-makers warned that the new monetary architecture would be incomplete, and therefore fragile, without at least some coordination of supervisory policies among euro members. The first supervisory measure put in place at

8820-406: The coronavirus pandemic, the 2020 stress test has been postponed to 2021. The results of this test should be published by the end of June 2021. All 20 eurozone member states automatically participate in European Banking Supervision. Croatia , being the latest country to join the Eurozone on 1 January 2023, was accordingly added to the scope of application of European Banking Supervision. Under

8946-427: The disposal of the NPLs by the banks. The main purpose is to integrate the multidimensional framework that the banks use in their evaluation process in the comprehensive assessment by the Supervisory Authority. A bank loan is non-performing when the 90-day period is exceeded without the borrower paying the due amount or the agreed interest. If customers do not follow the agreed upon repayment terms for 90 days or more,

9072-415: The economy. On the other hand, spreading risks across different geographies could also be a threat to the stability of financial markets: one might, indeed, worry of a potential effect of contagion between regions. Such transactions could also lead to the creation of groups regarded as “ Too big to fail ”, which, in case of systemic crises, would require significant support from the public purse. Following

9198-421: The euro currency, signed a close cooperation agreement with the ECB in 2020. Croatia likewise had a close cooperation agreement with the ECB prior to joining the eurozone. The European Central Bank (ECB) has the leadership in European banking supervision. A strict administrative separation is foreseen between the ECB's monetary and supervisory tasks. However, final decision-making on both matters takes place in

9324-754: The fact that the European treaties did not allow the EU, at the time, to have real decision-making power on these matters. The idea of having to modify the treaties and of engaging in a vast debate on the Member States’ loss of sovereignty cooled down the ambitions of the Lamfalussy process. The financial and economic crisis of 2008 and its consequences in the European Union  incentivized European leaders to adopt a supranational mechanism of banking supervision. The main objective of

9450-525: The financial system as a whole ”. The ESFS brought together, in an unconventional manner, the European and the national supervisory authorities. Despite the creation of this new mechanism, the European Commission considered that, having a single currency, the EU needed to go further in the integration of its banking supervision practices. The idea was that the mere collaboration of national and European supervisory authorities

9576-745: The first Non-Aligned Movement Summit (1961), the first major gathering of the OSCE (1977–1978), the Eurovision Song Contest ( 2008 ), as well as sports events such as the first FINA World Aquatics Championships ( 1973 ), UEFA Euro ( 1976 ), Summer Universiade ( 2009 ) and EuroBasket three times ( 1961 , 1975 , 2005 ). On 21 June 2023, Belgrade was confirmed host of the BIE- Specialized Exhibition Expo 2027 . Chipped stone tools found in Zemun show that

9702-465: The governance mechanism at stake (e.g. what the skills and experiences of the leadership are). With this communication, the ECB also took the initiative to clarify how it was computing the capital requirements of the new entity and how it would assess the quality of this new body's assets . According to two PwC analysts, the publication of this document by the ECB seems to indicate that it wishes to encourage banking consolidation. This position from

9828-445: The initial and so far most complete component of the broader banking union , a project initiated in 2012 to integrate banking sector policy in the euro area. The unfinished piece of the banking union agenda is about crisis management and resolution, for which the so-called Single Resolution Mechanism coexists with national arrangements for deposit insurance and other aspects of the bank crisis management framework. The policy agenda on

9954-568: The last quarter of the 19th century, the fourth phase was characterised by an eclecticist style based on the Renaissance and Baroque periods. In 1841, Prince Mihailo Obrenović moved the capital of the Principality of Serbia from Kragujevac to Belgrade. During his first reign (1815–1839), Prince Miloš Obrenović pursued expansion of the city's population through the addition of new settlements, aiming and succeeding to make Belgrade

10080-648: The legislative proposal on the 12th of September 2013. The Council of the European Union gave its own approval on the 15th of October 2013. The SSM Regulation entered into force on the 4th of November 2014. The fact that European Banking Supervision is formulated as a regulation and not a directive is important. Indeed, a regulation is legally binding and Member States do not have the choice, unlike for directives, of how to transpose it under national law. The ECB published its first comprehensive assessment on 26 October 2014. This financial health check covered

10206-505: The management structure or the need of holding more capital especially in times of financial crisis ). These actions shall normally be fulfilled by the following year. In case of non-compliance with these requirements, the ECB can charge a fine up to the double of the profits (or losses) which have been generated (or caused) by the breach and that can amount up to 10% of these banks’ annual turnover . The ECB can also request national authorities to open proceedings against these banks.  In

10332-784: The mid-2nd century. It was settled by the Slavs in the 520s, and changed hands several times between the Byzantine Empire , the Frankish Empire , the Bulgarian Empire , and the Kingdom of Hungary before it became the seat of the Serbian king Stefan Dragutin in 1284. Belgrade served as capital of the Serbian Despotate during the reign of Stefan Lazarević , and then his successor Đurađ Branković returned it to

10458-462: The national competent authority of the Member State in which the bank is established. This national authority must then conduct an assessment of the deal and forward its conclusions to the ECB, which is the final decision-maker, validating (with or without conditions) or refusing the transaction (Council Regulation No 1024/2013, Art. 15). In 2020, the ECB published a document aiming to clarify

10584-485: The new supervisory mechanism was to restore confidence in financial markets. The idea was also to avoid having to bail out banks with public money in case of future economic crises. To implement this new system of supervision, the President of the European Commission in 2008, José Manuel Barroso , asked a group of experts to look at how the EU could best regulate the European banking market. This group

10710-402: The number of Belgrade quarters even decreased, mainly as a consequence of the gradual disappearance of the city's Muslim population . An Ottoman city map from 1863 counts only 9 Muslim quarters ( mahalas ). The names of only five such neighbourhoods are known today: Ali-pašina, Reis-efendijina, Jahja-pašina, Bajram-begova, and Laz Hadži-Mahmudova. Following the Čukur Fountain incident , Belgrade

10836-415: The opening of a railway to Niš , Serbia's second city. In 1900, the capital had only 70,000 inhabitants (at the time Serbia numbered 2.5 million). Still, by 1905, the population had grown to more than 80,000 and, by the outbreak of World War I in 1914, it had surpassed the 100,000 citizens, disregarding Zemun , which still belonged to Austria-Hungary . The first-ever projection of motion pictures in

10962-494: The orderly resolution plan of this institution, which benefits from a State guarantee, there is no need to proceed with additional capital raising. This is the only time where a comprehensive assessment has been done for the 130 banks supervised by the ECB. Since 2014, only a few numbers of banks have been comprehensively assessed by the ECB: 13 in 2015, 4 in 2016 and 7 in 2019. These comprehensive assessments are conducted either when

11088-540: The potential of reducing the exposure of individual firms to localized shocks, studies show that they also increase systemic risks on financial markets. In the attempt to mitigate those risks, the ECB is, since 2013, responsible (as part of the Single Monitoring Mechanism), with the European Commission , for assessing the soundness of banking mergers (Council Regulation No 1024/2013, Art. 4). While

11214-409: The previous year and  after each cycle, there is an individual evaluation. Based on these assessments and simulations, supervisors write a report on the vulnerability of European banks, with a score ranging from 1 (low risk) to 4 (high risks), and list concrete measures for these banks to take. These measures can be quantitative - related to capital or liquidity, or qualitative (e.g., a change in

11340-418: The right bank of the Sava, central Belgrade has a hilly terrain, while the highest point of Belgrade proper is Torlak hill at 303 m (994 ft). The mountains of Avala (511 m (1,677 ft)) and Kosmaj (628 m (2,060 ft)) lie south of the city. Across the Sava and Danube, the land is mostly flat, consisting of alluvial plains and loessial plateaus . One of the characteristics of

11466-660: The same body: the Governing Council. The Governing Council is the main decision-making entity of the ECB. It comprises the members of the Executive Board of the European Central Bank and the governors of all national central banks of the Eurozone 's member states. The Governing council is in charge, based on the opinion drafted by the Supervisory Board, of taking formal decisions with regards to its supervisory mandate. The Supervisory board

11592-624: The same government after alleged electoral fraud in local elections. These protests brought Zoran Đinđić to power, the first mayor of Belgrade since World War II who did not belong to the League of Communists of Yugoslavia or its later offshoot, the Socialist Party of Serbia . In 1999, during the Kosovo War , the NATO bombing campaign targeted a number a buildings in Belgrade. Among

11718-404: The shares and announced its intention to make a full bid on Hellenic Eurobank Direktna (Eurobank Direktna akcionarsko društvo Beograd) is a bank founded in 1997, with headquarters in Belgrade , Serbia . In March 2003, Eurobank acquired 68% of Postbanka AD Beograd and eventually renamed it EFG Eurobank AD Beograd. This was followed by the merger with Nacionalna štedionica Banka. In October 2006,

11844-743: The sites bombed were some ministry buildings, the RTS building, hospitals, Hotel Jugoslavija , the Central Committee building , Avala Tower , and the Chinese embassy . Between 500 and 2,000 civilians were killed in Serbia and Montenegro as a result of the NATO bombings, of which 47 were killed in Belgrade. After the Yugoslav Wars , Serbia became home to the highest number of refugees and internally displaced persons in Europe, with more than

11970-626: The son of Serbian prince Lazar Hrebeljanović . Lazarević built a castle with a citadel and towers, of which only the Despot's tower and the west wall remain. He also refortified the city's ancient walls, allowing the Despotate to resist Ottoman conquest for almost 70 years. During this time, Belgrade was a haven for many Balkan peoples fleeing Ottoman rule, and is thought to have had a population ranging between 40,000 and 50,000 people. In 1427, Stefan's successor Đurađ Branković , returning Belgrade to

12096-591: The state to which Belgrade and Serbia de jure still belonged—underwent similar changes. In May 1868, knez Mihailo was assassinated with his cousin Anka Konstantinović while riding in a carriage in his country residence. With the Principality 's full independence in 1878 and its transformation into the Kingdom of Serbia in 1882, Belgrade once again became a key city in the Balkans, and developed rapidly. Nevertheless, conditions in Serbia remained those of an overwhelmingly agrarian country, even with

12222-426: The streets. Two people were killed, 203 were injured and 108 were arrested during the protests, and later that day tanks were deployed onto the streets to restore order. Many anti-war protests were held in Belgrade, with the largest protests being dedicated to solidarity with the victims from the besieged Sarajevo . Further anti-government protests were held in Belgrade from November 1996 to February 1997 against

12348-475: The terrible consequences of the Lehman Brothers ’ fall in 2008, public authorities seem committed to avoid the collapse of other systemic banks. One of the side effects of these public guarantees is to encourage moral hazard : protected by a public net, these financial institutions are incentivized to adopt riskier behaviors. As this opposition of opinions illustrates, if cross-border mergers might have

12474-667: The time of antiquity, too, the area was populated by Paleo-Balkan tribes , including the Thracians and the Dacians , who ruled much of Belgrade's surroundings. Specifically, Belgrade was at one point inhabited by the Thraco-Dacian tribe Singi; following Celtic invasion in 279 BC, the Scordisci wrested the city from their hands, naming it Singidūn ( d|ūn , fortress). In 34–33 BC, the Roman army reached Belgrade. It became

12600-503: The victory throughout the Christian world to this day, which is now a cultural symbol of Hungary . Seven decades after the initial siege, on 28 August 1521, the fort was finally captured by Suleiman the Magnificent with 250,000 Turkish soldiers and over 100 ships. Subsequently, most of the city was razed to the ground and its entire Orthodox Christian population was deported to Istanbul to an area that has since become known as

12726-551: The war ended, the city was left with 11,500 demolished housing units. During the post-war period, Belgrade grew rapidly as the capital of the renewed Yugoslavia , developing as a major industrial centre. In 1948, construction of New Belgrade started. In 1958, Belgrade's first television station began broadcasting. In 1961, Belgrade hosted the first and founding conference of the Non-Aligned Movement under Tito's chairmanship. In 1962, Belgrade Nikola Tesla Airport

12852-461: The way they were assessing such transactions, with the objective of being more transparent and predictable. Even though transactions are assessed on a case-to-case basis, the supervision process of these deals follow the same three stages: In phase two, the ECB pays particular attention to the sustainability of the suggested business model (e.g., under which assumptions it has been built, what has been planned in terms of IT integration, etc.) and to

12978-570: The whole region and its new Slavic population by 582. Following Byzantine reconquest, the Byzantine chronicle De Administrando Imperio mentions the White Serbs , who had stopped in Belgrade on their way back home, asking the strategos for lands; they received provinces in the west, towards the Adriatic, which they would rule as subjects to Heraclius (610–641). In 829, Khan Omurtag

13104-679: The worst case scenario, when a bank is likely to fail, the second pillar of the European Banking Union , the Single Resolution Mechanism , enters into play. Eventually, even though the methodology and the timeframe are identical for banks, the actions to take can significantly differ among them as well as the sanctions. As banks can take considerable risks , holding capital is essential to absorb potential losses, avoid bankruptcies and secure people’s deposits . The amount of capital banks should hold

13230-726: Was able to add Singidunum and its environs to the First Bulgarian Empire. The first record of the name Belograd appeared on April, 16th, 878, in a Papal missive to Bulgarian ruler Boris I . This name would appear in several variants: Alba Bulgarica in Latin, Griechisch Weissenburg in High German, Nándorfehérvár in Hungarian, and Castelbianco in Venetian, among other names, all variations of 'white fortress' or ' Bulgar white fortress'. For about four centuries,

13356-865: Was bombed once more during World War II , this time by the Allies on 16 April 1944, killing at least 1,100 people. This bombing fell on the Orthodox Christian Easter . Most of the city remained under German occupation until 20 October 1944, when it was liberated by the Red Army and the Communist Yugoslav Partisans . On 29 November 1945, Marshal Josip Broz Tito proclaimed the Federal People's Republic of Yugoslavia in Belgrade (later renamed to Socialist Federal Republic of Yugoslavia on 7 April 1963). When

13482-510: Was bombed by the Ottomans. On 18 April 1867, the Ottoman government ordered the Ottoman garrison, which had been since 1826 the last representation of Ottoman suzerainty in Serbia, withdrawn from Kalemegdan . The forlorn Porte's only stipulation was that the Ottoman flag continue to fly over the fortress alongside the Serbian one. Serbia's de facto independence dates from this event. In the following years, urban planner Emilijan Josimović had

13608-738: Was born in Singidunum. Jovian reestablished Christianity as the official religion of the Roman Empire , ending the brief revival of traditional Roman religions under his predecessor Julian the Apostate . In 395 AD, the site passed to the Eastern Roman or Byzantine Empire . Across the Sava from Singidunum was the Celtic city of Taurunum (Zemun) ; the two were connected with a bridge throughout Roman and Byzantine times. In 442,

13734-443: Was built on the left bank of the Sava river, connecting Belgrade with Zemun . Smaller, chiefly residential communities across the Danube, like Krnjača , Kotež and Borča , also merged with the city, while Pančevo , a heavily industrialised satellite city, remains separate. The city has an urban area of 360 km (140 sq mi), while together with its metropolitan area it covers 3,223 km (1,244 sq mi). On

13860-635: Was built. In 1968, major student protests led to several street clashes between students and the police. In 1972, Belgrade faced a smallpox outbreak , the last major outbreak of smallpox in Europe since World War II. Between October 1977 and March 1978, the city hosted the first major gathering of the Organization for Security and Co-operation in Europe with the aim of implementing the Helsinki Accords from, while in 1980 Belgrade hosted

13986-582: Was cancelled because of the Greek debt crisis . The proposed merger included a capital boost from Qatar Investment Authority of 500 million euro convertible bond and a 1.25 billion euro rights issue which would have Qatar Investment Authority a major shareholder and from Southeast Europe's biggest bank with assets of 150 billion euros and 80 billion euros of deposits. After the Greek financial crisis and bailouts of Greek banks in 2012, Swiss-Luxembourg based EFG Group —the then owner of Eurobank—was told to separate

14112-673: Was crushed by the Ottomans. In retribution, Grand Vizier Sinan Pasha ordered the relics of Saint Sava to be publicly torched on the Vračar plateau ; in the 20th century, the church of Saint Sava was built to commemorate this event. Occupied by the Habsburgs three times ( 1688–1690 , 1717–1739 , 1789–1791 ), headed by the Holy Roman Princes Maximilian of Bavaria and Eugene of Savoy , and field marshal Baron Ernst Gideon von Laudon , respectively, Belgrade

14238-689: Was established by Regulation 1024/2013 of the Council, also known as the SSM Regulation , which also created its central (albeit not ultimate) decision-making body, the ECB Supervisory Board . Under European Banking Supervision, the ECB directly supervises the larger banks that are designated as Significant Institutions. The other banks, known as Less Significant Institutions, are supervised by national banking supervisors ("national competent authorities") under supervisory oversight by

14364-509: Was heterogeneously done at a national level. This evaluation is based on the monitoring of four different areas: In addition, each year, the European Central Bank is, under European Union law , obliged to perform at least one stress test on all supervised banks. This test will be part of the annual SREP cycle. Stress tests are computer-simulated techniques which evaluate the capacity of banks to cope with potential financial and economic shocks . Annual SREP cycles are based on data from

14490-478: Was increased after the takeover of Grivalia Properties until 32.9%. In the end of year 2015 results, total net loans were €39.9 billion (non performing 43.8%, of which provisions were at 53.3%), customer deposits €31.4 billion, and central bank funding was €24.3 billion. At the end of 2020, the bad loans of the group reached an amount of €5.7 billion. In March 2020, Eurobank announced a project for reducing its nonperforming loans index from 14% to 9%. In March 2023,

14616-637: Was led by Jacques de Larosière , a French senior officer who held, until 1978, the position of Director General of the Treasury ;in France. He was also President of the International Monetary Fund from 1978 to 1987, President of the “ Banque de France ” from 1987 to 1993 and President of the European Bank for Reconstruction and Development from 1993. On a more controversial stance, Jacques de Larosière has also been

14742-443: Was liberated by Serbian and French troops on 1 November 1918, under the command of Marshal Louis Franchet d'Espèrey of France and Crown Prince Alexander of Serbia . Belgrade, devastated as a front-line city, lost the title of largest city in the Kingdom to Subotica for some time. After the war, Belgrade became the capital of the new Kingdom of Serbs, Croats and Slovenes, renamed the Kingdom of Yugoslavia in 1929. The Kingdom

14868-549: Was not enough and that the EU needed a single supervisory authority. The European Commission therefore suggested the creation of the Single Supervisory Mechanism. This proposal was debated at the Eurozone summit that took place in  Brussels on 28 and 29 June 2012. Herman Van Rompuy , who was president of the European Council at the time, had worked upstream with the president of

14994-539: Was predominantly inhabited by a Muslim population. Traces of Ottoman rule and architecture—such as mosques and bazaars , were to remain a prominent part of Belgrade's townscape into the 19th century; several decades, even, after Serbia was granted autonomy from the Ottoman Empire. During the First Serbian Uprising , Serbian revolutionaries held the city from 8 January 1807 until 1813, when it

15120-464: Was quickly recaptured by the Ottomans and substantially razed each time. During this period, the city was affected by the two Great Serbian Migrations , in which hundreds of thousands of Serbs, led by two Serbian Patriarchs , retreated together with the Austrian soldiers into the Habsburg Empire, settling in today's Vojvodina and Slavonia . At the beginning of the 19th century, Belgrade

15246-785: Was retaken by the Ottomans. In 1807, Turks in Belgrade were massacred and forcefully converted to Christianity. The massacre was encouraged by Russia in order to cement divisions between the Serb rebels and the Porte . Around 6,000 Muslims and Jews were forcibly converted to Christianity. Most mosques were converted into churches. Muslims, Jews, Aromanians and Greeks were subjected to forced labour, and Muslim women were widely made available to young Serb men, and some were taken into slavery. Milenko Stojković bought many of them, and established his harem for which he gained fame. In this circumstances Belgrade demographically transformed from Ottoman to Serb. After

15372-512: Was split into banovinas and Belgrade, together with Zemun and Pančevo , formed a separate administrative unit. During this period, the city experienced fast growth and significant modernisation. Belgrade's population grew to 239,000 by 1931 (with the inclusion of Zemun), and to 320,000 by 1940. The population growth rate between 1921 and 1948 averaged 4.08% a year. In 1927, Belgrade's first airport opened, and in 1929, its first radio station began broadcasting. The Pančevo Bridge , which crosses

15498-474: Was taken by the Austro-Hungarian Army under General Oskar Potiorek on 30 November. On 15 December, it was re-taken by Serbian troops under Marshal Radomir Putnik . After a prolonged battle which destroyed much of the city, starting on 6 October 1915, Belgrade fell to German and Austro-Hungarian troops commanded by Field Marshal August von Mackensen on 9 October of the same year. The city

15624-528: Was the third largest in Greece by total asset by total loans and total deposits, and the fourth by market capitalisation—as at December 2014. Since 1 February 2015, the chairman and non-executive director of Eurobank Ergasias has been Nikolaos Karamouzis; Fokion Karavias has been the CEO and executive director since the same day. Canadian fund Fairfax Financial are major shareholders, with an 18.2% stake in 2018, that

15750-516: Was then invaded by German , Italian , Hungarian , and Bulgarian forces. Belgrade was captured by subterfuge, with six German soldiers led by their officer Fritz Klingenberg feigning threatening size, forcing the city to capitulate. Belgrade was more directly occupied by the German Army in the same month and became the seat of the puppet Nedić regime , headed by its namesake general. Some of today's parts of Belgrade were incorporated in

15876-446: Was to be jointly invested by the Serbian government and their Emirati partners. The project includes office and luxury apartment buildings, five-star hotels, a shopping mall and the envisioned ' Belgrade Tower '. The project is, however, quite controversial—there are a number of uncertainties regarding its funding, necessity, and its architecture's arguable lack of harmony with the rest of the city. In addition to Belgrade Waterfront ,

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