CNB Council adopts monetary projection

Published: 17/12/2008

At its today session, the Council of the Croatian National Bank reviewed the latest monetary and economic developments, the report on bank operations, adopted a monetary policy projection and the financial plan of the Croatian National Bank for the following year. It also adopted several decisions within its competence.
By the amendments to the decisions regulating the use of intraday and Lombard loans a percentage of nominal value of T-bills accepted by the central bank as a collateral for such loans was reduced from 90 to 50 percent, as a result of the fact that the Ministry of Finance acquires increasingly higher proportion of insufficient funds by issuing T-bills on the domestic market, increasing thus collateral for banks on the basis of which they are allowed, almost automatically and according to their own assessment, to use intraday and Lombard loans. Restriction of a possibility to use the available collateral facilitates liquidity management for the central bank at regular reverse repo auctions, as well as maintenance of the exchange rate stability and control of inflationary pressures.
At this session, the CNB Council approved the decision of the supervisory board of Privredna banka Zagreb d.d. to reappoint Božo Prka for another term of office as a chairman and Ivan Gerovac, Mario Henjak and Draženko Kopljar as members of the management board, while Jonathan Locke and Dinko Lucić were appointed new members of the management board.
Branko Buljan was granted an approval for the acquisition of more than 75 percent of interest in initial capital of Imex banka d.d. Split (where he was previously indirect majority owner) and Ivka Mijić was granted an approval for the acquisition of more than 20 percent of interest in initial capital of the same bank, as a result of which they will become, in entirety, direct owners of this bank.
Due to a failure to meet the prescribed legal requirements, Gradska štedno-kreditna zadruga Zagreb was not granted the approval for transformation into a savings bank.