The Council of the Croatian National Bank at its meeting held on Wednesday, chaired by Deputy Governor Boris Vujčić, examined recent economic and monetary developments emphasizing central bank's determination to preserve the stability of the exchange rate. In addition, the Council adopted the report on the banking system in the first quarter of this year, as well as Croatian Mint's Annual Report for 2005 and enacted several decisions within central bank competence.
The CNB Council decided to extend the calculation base for the current 55 percent marginal reserve requirement. Thus the base shall include the increase of borrowing on the basis of assets received from non-residents and legal persons in special relationship to a bank (registered as off-balance sheet items) and granted as syndicated loans to natural and legal persons or in the name and for the account of the principal. The decision shall be applied as from the date of marginal reserve requirement calculation on July 12 2006 and the base for the calculation of the requirement will be the balance of such assets in May this year.
The decision governing the taking in and out of the country cash, checks and materialized securities was amended for the purpose of achieving further liberalization of capital movements and additional approximation to EU regulations. The amendments refer to non-residents' rights on free taking and sending in and out of Croatia kuna cash and kuna denominated checks in international passenger traffic, by postal and other parcel services.
During the meeting, the CNB Council gave its approval to Société Générale S.A. Paris for the acquisition of over 75% share in HVB Splitska banka d.d., Split. Banco Popolare di Verona i Novara Soc. Coop. a R.L. was approved the acquisition of over 75% voting share in Banka Sonic d.d. Zagreb. The CNB Council also granted approval to Podravska banka d.d. Koprivnica for the merger with Požeška banka d.d. Požega.
At today's meeting, the CNB Council agreed with supervisory boards' proposals of management board appointments of several banks. Thus Ružica Vađić will act as the president of the management board of Centar banka d.d. Zagreb, while Darko Kosovec and Marko Brnić will be management board members of the same bank. Pierre Boursot will become the president of the management board of HVB Splitska banka d.d. Split and Henri Bellenger, Wolfgang Peter, Goran Gazivoda, Christoph Schöfböck and Ivo Bilić management board members of that bank. Ivan Dropulić, Nelsi Rončević and Lidija Zorić will act as members of the management board of Kreditna banka d.d. Zagreb. The CNB Council also approved the appointing of Davorka Jakir as member of the management board of Podravska banka d.d. Koprivnica and Andrea Kovacs as member of the management board of Volksbank d.d. Zagreb.