Adopting the bill under urgent procedure could jeopardise the existing system of supervision, which is functioning well, for example the supervision of pension funds, said opposition deputies, who in principle did not oppose the unification of the three institutions.
Zeljka Antunovic of the Social Democrats (SDP) said the government's plan was motivated by the private interests of people in the task force in charge of drawing up the bill, who she said would sit in the agency once it was established.
Judging by the bill, those people would have the kind of powers the heads of state and government do not have, Antunovic said.
Silvano Hrelja of the Pensioners Party (HSU) said the bill should ensure separate supervision of pension funds, savings and loan cooperatives and insurance companies.
Tonci Tadic of the Party of Rights (HSP) said that savings and loan cooperatives should be in the same group as banks and supervised by the central bank.
Sime Prtenjaca of the ruling Croatian Democratic Union (HDZ) said his party advocated integrating the three existing institutions for the supervision of financial services as soon as possible for the sake of security of the non-banking sector.
The government proposes that as of early 2006 financial institutions in the non-banking sector be supervised by an agency consisting of the Securities Commission, the Agency for the Supervision of Pension Funds and Insurance Companies, and the Directorate for the Supervision of Insurance Companies.
The agency would supervise the sector whose assets exceed 40 billion kuna, while supervision of banks would remain within the jurisdiction of the National Bank. The agency would answer to the parliament and provide for the stability of the financial system and supervise the lawfulness of business transactions.
The agency would have a management board consisting of five members who would be appointed and relieved of duty by the parliament at the government's proposal.
The parliament also discussed under urgent procedure amendments to the Foreign Currency Transactions Act and the Customs Act.