Complex sentence: An independent National Bank of Croatia would have allowed for a fairer distribution of profits, but if it waived the right to use the federal bank of Yugoslavia, the republic would then also have to waive its right to use the federal fund for underdeveloped regions.
Split into simpler sentences: An independent National Bank of Croatia would have allowed for a fairer distribution of profits. By waiving the right to use the federal bank of Yugoslavia, the republic would also have to waive its right to use the federal fund for underdeveloped regions.