Croatian National Bank: Difference between revisions

Croatian National Bank
Hrvatska narodna banka
Headquarters	Trg hrvatskih velikana 3,; Zagreb, Croatia
Coordinates	45°48′44″N 15°59′03″E / 45.81222°N 15.98417°E
Established	21 December 1990
Ownership	100% state ownership
Governor	Boris Vujčić
Central bank of	Croatia
Reserves	$14.54 billion
Website	www.hnb.hr
	The Croatian National Bank still exists. However, monetary policy is now handled by the ECB.

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The Croatian National Bank (Croatian: Hrvatska narodna banka; pronounced [xř̩ʋaːtskaː nǎːrodnaː bâːŋka]), known until 1997 as the National Bank of Croatia (Croatian: Narodna banka Hrvatske), is the Croatian member of the Eurosystem and has been the monetary authority for Croatia from 1991 to 2022, issuing the Croatian dinar until 1994 and subsequently the Croatian kuna until Croatian adoption of the euro on 1 January 2023. It has also been Croatia's national competent authority within European Banking Supervision since 2020.^[2] It was initially established in 1972 under the decentralization of the National Bank of Yugoslavia, and became a fully-fledged central bank in late 1991 with the independence of Croatia.

The acronym for the National Bank in Croatian, as used in their logo, is HNB. The Bank uses the English-language acronym CNB in its publications in English.^[3]

The CNB's role was specified by the Constitution of Croatia which was passed by the Parliament of Croatia on 21 December 1990. In performing its duties, the CNB acts as an independent institution responsible to the Parliament. The bank has a share capital of 335,000,000 euros (c. US$450 million).^[4]

History

On 21 December 1990, the Constitution of Croatia, determined in article 53,^[5] named the National Bank as Croatia's central bank, and declared its responsibilities: "The National Bank is central bank of Republic of Croatia. The National Bank is responsible, within its rights and duties, for stability of the currency and for liquidity of payments in state and abroad. The National Bank is independent in its activity and responsible to Croatian Sabor. Profits made by National Bank belong to Croatian state budget. The position of the National Bank is established by law." In accordance with that provision, the National Bank was established under Croatian Law by Government Regulation of 23 December 1991, a provisional act made permanent by legislation of November 1992.^[3]^: 5

In June 1995, even before the Croatian War of Independence had come to an end, the National Bank organized the first Dubrovnik Economic Conference (DEC), an annual event that has been held without interruption since then, including in 2020 during the COVID-19 pandemic.^[3]^: 9

By amendments of Constitution of Croatia in 1997, the Bank's earlier name National Bank of Croatia (Croatian: Narodna banka Hrvatske) was changed to Croatian National Bank (Croatian: Hrvatska narodna banka).^[3]^: 6 Also in 1997, the CNB became a full member of the Bank for International Settlements;^[3]^: 10 Banking sector restructuring occurred throughout the 1990s, culminating in the resignation of all members of the CNB's Council led by Governor Marko Škreb in July 2000 in response to the Croatian Parliament's refusal to accept its report for 1998 and the first half of 1999.^[3]^: 11

Boris Vujčić joined the National Bank as head of its Research Department in 1996, became its Deputy Governor in 2000, and assumed the role of Governor in 2012.^[3]^: 35

Operations

The Croatian National Bank is the central bank of the Republic of Croatia and part of the European System of Central Banks. The primary objective of the CNB is maintaining price stability and the stability of the financial system as a whole. The Croatian National Bank executes monetary policy, manages international reserves of the Republic of Croatia, issues the Croatian currency - the kuna, issues authorisations of credit institutions, credit unions, payment institutions and electronic money institutions and supervises their operation. The CNB also issues authorisations of authorised exchange offices.

The Croatian National Bank is autonomous and independent in achieving its objective and carrying out its tasks. The CNB reports on its work to the Croatian Parliament.

Independence

The independence of the central bank is a key precondition for a successful and credible implementation of monetary policy and for the achievement of the main objective of the central bank - maintenance of price stability.

The independence of the Croatian National Bank is in accordance with Article 130 of the Treaty on European Union, which guarantees the independence of national central banks of the European Union. There are several aspects of central bank independence: functional, institutional, personal and financial. Functional independence implies a clearly defined objective and autonomy in the choice of measures and instruments for its realisation. Institutional independence means that central bank decisions are independent from the influence of other institutions. Personal independence guarantees the protection of CNB officials from external pressures, excludes conflicts of interest and precisely defines the conditions for the appointment and removal from office of the Governor and other members of the CNB Council. Financial independence implies the possibility for the CNB to autonomously obtain funds for the purpose of executing its mandate, with the income and expense determined by the monetary policy stance.

Monetary stability

Stable prices is the main criteria for monetary stability. Stable prices are maintained by making sure price increases meet the Government's inflation target.^[6]

Financial stability

Maintaining financial stability involves protecting against threats to the whole financial system. Threats are detected by the Bank's surveillance and market intelligence functions. The threats are then dealt with through financial and other operations. The Bank works together with other institutions to secure both monetary and financial stability.^[6]

Head office building

The seat of the CNB in central Zagreb, designed by architect Viktor Kovačić, was erected for the Zagreb Stock and Commodity Exchange and inaugurated in 1927. It has been used by the National Bank of Yugoslavia, then by the National Bank of Croatia since the end of World War II.^[3]

Governors

Ante Čičin-Šain [hr] (August 1990 – May 1992)
Pero Jurković [hr] (June 1992 – February 1996)
Marko Škreb (March 1996 – July 2000)
Željko Rohatinski (July 2000 – July 2012)
Boris Vujčić (8 July 2012 – present)

References

^ ^a ^b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
^ "National supervisors". ECB Banking Supervision.
^ ^a ^b ^c ^d ^e ^f ^g ^h Thirty Years of Challenge, Zagreb: Croatian National Bank, 2021
^ "O Hrvatskoj narodnoj banci". hnb.hr (in Croatian). Croatian National Bank. Archived from the original on 26 November 2012. Retrieved 1 April 2012.
^ Sabor Republike Hrvatske. Ustav Republike Hrvatske. Narodne novine. Retrieved 2011-08-29 (in Croatian)
^ ^a ^b hnb.hr/o-hnb Archived 6 July 2013 at the Wayback Machine

External links

Official website (in Croatian)

45°48′44″N 15°59′03″E / 45.81222°N 15.98417°E / 45.81222; 15.98417

[dnbinfo-1] Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.

[2] "National supervisors". ECB Banking Supervision.

[history-3] ^ ^a ^b ^c ^d ^e ^f ^g ^h Thirty Years of Challenge, Zagreb: Croatian National Bank, 2021

[4] "O Hrvatskoj narodnoj banci". hnb.hr (in Croatian). Croatian National Bank. Archived from the original on 26 November 2012. Retrieved 1 April 2012.

[5] Sabor Republike Hrvatske. Ustav Republike Hrvatske. Narodne novine. Retrieved 2011-08-29 (in Croatian)

[hnb.hr/o-hnb-6] .hr/o-hnb Archived 6 July 2013 at the Wayback Machine

[1]

[2]

[3]

[4]

[5]

[6]

@@ Line 2: / Line 2: @@
 {{distinguish|Croatian State Bank}}
 {{Use dmy dates|date=August 2021}}
 {{Infobox central bank
 | bank_name = Croatian National Bank
 | bank_name_in_local = Hrvatska narodna banka
 | logo = Croatian National Bank logo.png
-| image = File:Hrvatska Narodna Banka.jpg
+| image = File:Croatian National Bank.jpg
+| image_size = 270px
-| caption = Head office of the Croatian National Bank in [[Zagreb]]
+| caption =
 | ownership = 100% [[state ownership]]<ref name="dnbinfo">{{cite web |last1=Weidner |first1=Jan |title=The Organisation and Structure of Central Banks |url=https://d-nb.info/1138787981/34 |website=Katalog der Deutschen Nationalbibliothek|year=2017|format=PDF}}</ref>
 | headquarters = [[Croatian Nobles Square (Zagreb)|Trg hrvatskih velikana]] 3,<br/>[[Zagreb]], Croatia
@@ Line 23: / Line 23: @@
 | website = {{URL|www.hnb.hr}}
 | preceded =
-| succeeded = [[European Central Bank]] (2023)<sup>1</sup>
+| succeeded =
-| footnotes = <sup>1</sup> The Croatian National Bank still exists but many functions have been taken over by the ECB.
+| footnotes = The Croatian National Bank still exists. However, monetary policy is now handled by the ECB.
 }}
-The '''Croatian National Bank''' ({{lang-hr|'''Hrvatska narodna banka'''}}; {{IPA-sh|xř̩ʋaːtskaː nǎːrodnaː bâːŋka|pron}}), known until 1997 as the '''National Bank of Croatia''' ({{lang-hr|Narodna banka Hrvatske}}), is the [[central bank]] of the [[Croatia|Republic of Croatia]]. Initially established in 1972 under the decentralization of the [[National Bank of Yugoslavia]], it became a fully-fledged central bank in late 1991 with the [[independence of Croatia]]. The National Bank was subsequently responsible for the former national currency, the [[Croatian dinar]] from 1991 to 1994 and subsequently the [[Croatian kuna]], until [[Croatia and the euro|Croatian adoption of the euro]] and the National Bank's own entry into the [[Eurosystem]] on {{date|2023/01/01}}.
+The '''Croatian National Bank''' ({{langx|hr|'''Hrvatska narodna banka'''}}; {{IPA|sh|xř̩ʋaːtskaː nǎːrodnaː bâːŋka|pron}}), known until 1997 as the '''National Bank of Croatia''' ({{langx|hr|Narodna banka Hrvatske}}), is the Croatian member of the [[Eurosystem]] and has been the [[monetary authority]] for [[Croatia]] from 1991 to 2022, issuing the [[Croatian dinar]] until 1994 and subsequently the [[Croatian kuna]] until [[Croatia and the euro|Croatian adoption of the euro]] on {{date|2023/01/01}}. It has also been Croatia's national competent authority within [[European Banking Supervision]] since 2020.<ref>{{cite web |website=ECB Banking Supervision |url=https://www.bankingsupervision.europa.eu/organisation/nationalsupervisors/html/index.en.html |title=National supervisors}}</ref> It was initially established in 1972 under the decentralization of the [[National Bank of Yugoslavia]], and became a fully-fledged central bank in late 1991 with the [[independence of Croatia]].
 The acronym for the National Bank in Croatian, as used in their logo, is '''HNB'''. The Bank uses the English-language acronym '''CNB''' in its publications in English.<ref name=history>{{citation |title=Thirty Years of Challenge |location=Zagreb |publisher=Croatian National Bank |year=2021 |url=https://www.hnb.hr/documents/20182/4063689/EN-30ghnb-brosura.pdf/7cf5f181-8d25-2be9-85ba-ca08c27058c1?t=1640100032761 }}</ref>
 The CNB's role was specified by the [[Constitution of Croatia]] which was passed by the [[Parliament of Croatia]] on 21 December 1990. In performing its duties, the CNB acts as an independent institution responsible to the Parliament. The bank has a [[share capital]] of 335,000,000 [[euro]]s (c. [[United States dollar|US$]]450 million).<ref>{{cite web | url=http://www.hnb.hr/o-hnb/h-opis-hnb.htm | title=O Hrvatskoj narodnoj banci | work=hnb.hr | publisher=Croatian National Bank | language=hr | access-date=1 April 2012 | url-status=dead | archive-url=https://web.archive.org/web/20121126230118/http://hnb.hr/o-hnb/h-opis-hnb.htm | archive-date=26 November 2012 }}</ref>
 ==History==
@@ Line 39: / Line 39: @@
 In June 1995, even before the [[Croatian War of Independence]] had come to an end, the National Bank organized the first Dubrovnik Economic Conference (DEC), an annual event that has been held without interruption since then, including in 2020 during the [[COVID-19 pandemic]].{{R|history|p=9}}
-By amendments of Constitution of Croatia in 1997, Bank's earlier name ''National Bank of Croatia'' ({{lang-hr|Narodna banka Hrvatske}}) was changed to ''Croatian National Bank'' ({{lang-hr|Hrvatska narodna banka}}).{{R|history|p=6}} Also in 1997, the CNB became a full member of the [[Bank for International Settlements]];{{R|history|p=10}} Banking sector restructuring occurred throughout the 1990s, culminating in the resignation of all members of the CNB's Council led by Governor [[Marko Škreb]] in July 2000 in response to the Croatian Parliament's refusal to accept its report for 1998 and the first half of 1999.{{R|history|p=11}}
+By amendments of Constitution of Croatia in 1997, the Bank's earlier name ''National Bank of Croatia'' ({{langx|hr|Narodna banka Hrvatske}}) was changed to ''Croatian National Bank'' ({{langx|hr|Hrvatska narodna banka}}).{{R|history|p=6}} Also in 1997, the CNB became a full member of the [[Bank for International Settlements]];{{R|history|p=10}} Banking sector restructuring occurred throughout the 1990s, culminating in the resignation of all members of the CNB's Council led by Governor [[Marko Škreb]] in July 2000 in response to the Croatian Parliament's refusal to accept its report for 1998 and the first half of 1999.{{R|history|p=11}}
 [[Boris Vujčić]] joined the National Bank as head of its Research Department in 1996, became its Deputy Governor in 2000, and assumed the role of Governor in 2012.{{R|history|p=35}}
@@ Line 76: / Line 76: @@
 * [[Economy of Croatia]]
 * [[Slavenska Banka]]
+* [[Croatian State Bank]]
 * [[List of central banks]]
 {{Portal|Banks}}
@@ Line 88: / Line 89: @@
 {{Croatia topics|state=collapsed}}
-{{Central banks of the European Union}}
+{{Central banks of the European Union}}{{Central Banks of the World}}{{Central banks}}
-{{Central banks}}
 {{authority control}}
@@ Line 96: / Line 96: @@
 [[Category:Central banks|Croatia]]
 [[Category:Donji grad, Zagreb]]
-[[Category:European System of Central Banks|Hrvatska]]
+[[Category:European System of Central Banks|Croatia]]
+[[Category:Eurosystem|Croatia]]
 [[Category:Government agencies of Croatia|National Bank]]
 [[Category:Economy of Croatia|National Bank]]
@@ Line 103: / Line 104: @@
 [[Category:Neoclassical architecture in Croatia]]
 [[Category:Croatian companies established in 1990]]
+[[Category:European Banking Supervision|Croatia]]
+[[Category:European Single Resolution Mechanism|Croatia]]

v t e Central banks of the European Union
Within Eurozone (Members of the Eurosystem)	National Bank of Belgium Croatian National Bank Central Bank of Cyprus Deutsche Bundesbank Bank of Estonia Bank of Finland Banque de France Bank of Greece Central Bank of Ireland Bank of Italy Bank of Latvia Bank of Lithuania Central Bank of Luxembourg Central Bank of Malta De Nederlandsche Bank Oesterreichische Nationalbank Banco de Portugal National Bank of Slovakia Bank of Slovenia Bank of Spain
Outside Eurozone	Bulgarian National Bank Czech National Bank Danmarks Nationalbank Hungarian National Bank National Bank of Poland National Bank of Romania Sveriges Riksbank
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