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Central bank says new regulations in line with EU requirements

Autor: half
ZAGREB, April 19 (Hina) - Upon Croatia's accession to the European Union, the Croatian National Bank's (HNB) discretions will be considerably reduced under the influence of politics and the EU's attempts to make the financial sector more resistant to the recent crisis, HNB Vice Governor Davor Holjevac and associates told reporters in Zagreb on Thursday.

The bulk of the new regulations will be imported from the EU and it might be possible to adjust them in cooperation with the European Commission and the European Banking Authority, said Holjevac.

The EU's intention is to strengthen the financial sector but the HNB does not expect major requirements, given the good capital adequacy of banks in Croatia.

Holjevac said EU regulations pertaining to long term liquidity could have a bigger effect on the work of banks in Croatia, as their aim, apart from strengthening the capital basis, was to incorporate additional mechanisms to protect banks. Short term liquidity is well-covered with the existing regulations, he added.

The EU regulations also call for effective consumer protection and the HNB has already set up a directorate to deal with this area.

One of the ways Europe wants to ensure the stability of its financial sector envisages stricter requirements for executives and the linking of their salaries to performance, which should encourage them to be cautious about risky arrangements, said the HNB.

Europe and Croatia will also strengthen bank supervision.

The Croatian banking system is stable, regardless of the problems in the eurozone, and will remain so thanks to the central bank's policy, the HNB said.

The HNB, the Hanfa regulator and the Finance Ministry are preparing amendments to the law on banks which will include the European guidelines, and parliament is expected to discuss them later this year.

Asked to comment on Finance Minister Slavko Linic's idea to turn banks' claims into ownership in companies in debt, Holjevac said the EU advocated such solutions too, so Linic's idea could be implemented more easily.

(Hina) ha

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