the ecb exercises control over the implementation of all ssm guidelines and standards in the bnb ’ s work, including with regard to the supervisory review and evaluation process and on - site supervisions. the ecb is conferred specific direct powers towards less significant institutions, in relation to the process of license issuance and revocation, approvals of acquisition and disposal of classified holdings in credit institutions, the issuance of general recommendations, guidelines and instructions, planning and carrying out of on - site inspections, including assuming at any given point in time of direct supervision over less significant institutions. for the purposes of supervision of less significant banks, a structure has been set up with the ecb ’ s ssm, in which the bnb participates. within this structure, the issues of supervision over less significant institutions of the ssm participating member states are discussed. the participation in the single supervisory mechanism also includes providing the ecb with all the information needed for the performance of the ecb ’ s tasks, including information subject to banking and professional secrecy. the ecb collects fees for conducting its supervisory activities and this principle will accordingly apply to the banks in bulgaria. 2. participation in the single resolution mechanism the participation in the srm follows from the participation in the ssm. the srm extends to all banks that operate in the ssm participating member states and has as its objective the application of effective and uniform resolution rules and equal resolution financing conditions within the banking union. this function is carried out by a specialised eu agency – the single resolution board ( srb ), which performs its tasks and exercises its powers in close cooperation with the national resolution authorities. the srb is a collegiate body composed of permanent ( executive ) members and one member designated by each participating member state, representing its national resolution authorities. subject to the nature of the issues to be addressed and resolved, srb holds meetings in plenary session, executive session and extended executive session formats. the plenary session meetings are attended by the permanent members and all representatives of the participant member states. decisions in the plenary session are taken by a simple majority vote, each member having one voting right. the extended executive session meetings are attended by the srb permanent members and the representatives of the participating member states, where the banks, in respect of which the relevant decision is taken, are established. the decisions of the executive session, attended by the srb permanent members, are adopted by consensus and where this is not possible – by simple majority of the

, and above all, to accelerate productivity advances – both of these factors encourage growth and help to achieve a better financial basis for our old age pension scheme. there are three reasons why the swiss national bank is concerned about demographic developments and growth. first, because a central bank cannot create wealth above and beyond the income derived from its own investments, and therefore cannot finance old age pensions. second, there are still people who believe that, in the event of an economic slump, the central bank will bring about a sustained improvement in economic performance. it is an illusion to believe that, in the long term, jobs can be created through monetary stimulation. over a longer period monetary policy is neutral. the third and final reason relates to the fact that it is possible that the response to the demographic challenges of the future might affect the equilibrium real interest rate of our economy – a variable that always enters into our assessments of a given situation.