It was established in early 2014 under the Act on the Financial Stability Council. It consists of representatives of the key institutions competent for safeguarding financial stability in the Republic of Croatia: the Croatian National Bank (CNB), the Croatian Financial Services Supervisory Agency (HANFA), the Ministry of Finance of the Republic of Croatia and the Croatian Deposit Insurance Agency (CDIA). Meetings of the Council are held at least twice a year. The Council reports on its work to the Croatian Parliament and the public through press releases and by submitting the annual activity report.
The main tasks of the Council are to participate in the design of macroprudential policy, analysis of systemic risks, ensuring coordination between the relevant authorities and actions related to the fulfilment of the requirements specified in the warnings and recommendations issued by the European Systemic Risk Board (ESRB). The most important power of the Council concerns the issuance of warnings and recommendations to the relevant authorities, other government administration bodies and legal persons with public authorities in the Republic of Croatia. The purpose of warnings is mainly to draw attention to systemic risks that may threaten financial stability, while recommendations indicate the need to introduce new or amend existing measures and instruments to be taken with the objective of safeguarding financial stability.
In addition to cooperation within the Financial Stability Council, with the aim of safeguarding financial stability and exercising an efficient supervision of entities within its competence, the Croatian National Bank cooperates with HANFA, the Ministry of Finance and the CDIA as well as based on special agreements, in particular with regard to cooperation in crisis situations.