Recital 1

(1)The composition of the Steering Committee of the Supervisory Board follows a rotation system whereby representatives of the national competent authorities are appointed to one of the four groups, as set out in the Annex to the Rules of Procedure of the Supervisory Board of the European Central Bank ³ (hereinafter the ‘Rules of Procedure’). Since the Governing Council of the European Central Bank (ECB) has adopted a decision to establish close cooperation between the European Central Bank and Hrvatska narodna banka ⁴ and Българска народна банка (Bulgarian National Bank) ⁵ , respectively, the representatives of those national competent authorities should be included in the groups in accordance with the rules laid down in second and fifth sentences of Article 11.3 of the Rules of Procedure.