natgillin/translations-raw huggingface dataset:
Kuna housing loans
Stambeni kunski
2 It should be noted that, in statistical terms, loans converted from Swiss franc to euro loans were recorded as renegotiated loans (Figure 3.
2 Valja napomenuti da se statistički konverzija iz CHF u EUR evidentirala kao ponovno ugovoreni kredit (Slika 3.
a), whereas the refinancing of euro loans by kuna loans was recorded as genuinely new business (Figure 3.
a.), a refinanciranje eurskih kredita kun­ skim kreditima kao potpuno novi posao (Slika 3.
DyNAMICS AND STRUCTURE OF STRONGER KUNA LENDING
DINAMIKA I STRUKTURA POJAČANOGA KUNSKOGA KREDITIRANJA
Figure 3.
mlrd.
a Amounts of renegotiated household loans
HRK
Total f/c loans - left
a. Iznosi ponovno ugovorenih kredita stanovništvu
F/c housing loans - left
Izvor: HNB
Total kuna loans - right
Ukupno devizni - lijevo
Kuna housing loans - right
Stambeni devizni - lijevo
b Amounts of original new household loans
Stambeni kunski - desno
actual new loans
mlrd.
Source: CNB.
HRK
Total f/c loans
Slika 3.
F/c housing loans
b. Iznosi prvi put ugovorenih kredita stanovništvu
Total kuna loans
stvarni novi krediti
Kuna housing loans
Izvor: HNB
Figure 4 Share of kuna loans in total loans
Ukupno devizni
Source: CNB.
Stambeni devizni
Loans to non-financial corporations
Ukupno kunski
as much as in the period from January to September
Udio kunskih plasmana u ukupnim plasmanima
Stronger kuna lending accompanied by the repay
Izvor: HNB
a and Figure 4).
Plasmani nefinancijskim poduzećima
7% at end2012 to 40.
a. i Slika 4.).
2 Factors that supported stronger kuna lending
2. Činitelji koji su pogodovali porastu kunskoga kreditiranja
The increase in the share of kuna loans in total
Na porast udjela kunskih plasmana u ukupnim pla­
loans was driven by several factors:3 (i) changes in the structure of banks' sources, mostly in favour of demand deposits; (ii) the fall in the general level of interest rates that led to the decrease in interest rates on kuna loans (this is related to the preceding factor); (iii) household demand for kuna loans prompted by the negative experience with Swiss franc-indexed loans (including the refinancing of converted euro loans by kuna loans); (iv) expansionary monetary policy measures of the Croatian National Bank accompanied by regulatory changes that ensure greater awareness of consumers about currency risk; (v) stronger competition among banks to grant new loans in the context of generally subdued lending activity; and (vi) lesser reliance of banks on external sources in foreign currency due to the rise in domestic deposits and the fact that domestic lending continues to be subdued (which is confirmed by the fact that banks invest foreign currency liquidity surplus in foreign assets instead of the domestic market).
smanima djelovalo je nekoliko činitelja3 (i) promjena u strukturi izvora banaka, ponajprije u korist depozita na transakcijskim računima; (ii) pad opće razine kamatnih stopa koja je rezultirala smanjenjem kamatnih stopa na kunske kredite (činitelj povezan s prethodnim); (iii) po­ tražnja stanovništva za kunskim kreditima zbog nega­ tivnog iskustva s kreditima indeksiranima uz švicarski franak (uključujući refinanciranje konvertiranih eurskih kredita kunskima); (iv) ekspanzivne mjere monetarne politike Hrvatske narodne banke zajedno s regulatornim izmjenama koje osiguravaju veću informiranost potroša­ ča o valutnom riziku; (v) pojačana konkurencija među bankama za plasiranje novih kredita u uvjetima općenito potisnute kreditne aktivnosti te (vi) manje oslanjanje ba­ naka na inozemne izvore u stranoj valuti potaknuto pora­ stom domaćih depozita i činjenicom da je domaća kredit­ na aktivnost i nadalje potisnuta (što potvrđuje činjenica da višak devizne likvidnosti banke plasiraju u inozemnu aktivu, a ne na domaće tržište).
The rise in the share of kuna loans in total loans was also the result of the maturity of the existing foreign currency debt, i.e. deleveraging, and writeoffs and sale of the existing credit portfolio (mostly that linked to a foreign currency).
Na sam porast udje­ la kunskih plasmana u ukupnim plasmanima utjecalo je i dospijeće postojećega deviznog duga, odnosno razdu­ živanje te otpis i prodaje postojećega kreditnog portfelja (većinom uz valutnu klauzulu).
The impact of each of these factors is briefly explained in the text below.
U nastavku teksta ukrat­ ko se objašnjava utjecaj svakog od činitelja.
Room for credit de-euroisation largely depends on
Prostor za kreditnu deeuroizaciju uvelike ovisi o
deposit de-euroisation and it can be observed that the share of kuna sources in total sources of bank financing has increased in recent years.
depozitnoj deeuroizaciji te se može primijetiti kako je u ukupnim izvorima sredstava banaka posljednjih godina došlo do porasta udjela kunskih izvora.
The growth in demand deposits actually reflects client preference for holding more liquid financial assets in the environment of falling deposit interest rates.
Rast depozitnog nov­ ca zapravo odražava sklonost klijenata držanju likvidnije financijske imovine u uvjetima pada pasivnih kamatnih stopa banaka.
At the same time, the banks have steadily decreased their external funding sources (mostly foreign exchange) and increased foreign assets.
Istodobno, banke kontinuirano smanjuju inozemne izvore financiranja koji su pretežito devizni te povećavaju inozemnu aktivu.
As regards the cost of funding for the Croatian
Uz utjecaj ekspanzivne monetarne politike na pad
banking system, the fall in domestic interest rates was due to the expansionary monetary policy as well as to EURIBOR and the national reference rate (NRR)4 continuing their downward trend to reach record lows.
domaćih kamatnih stopa, što se tiče troška izvora sred­ stava hrvatskoga bankovnog sustava, EURIBOR i nacio­ nalna referentna stopa (NRS)4 bilježe kontinuirani trend pada te se nalaze na najnižim dosad zabilježenim razina­ ma.
Although the risk premium for Croatia is higher than that
Iako je premija za rizik za Hrvatsku viša u odnosu na usporedive zemlje, snižene međunarodne i domaće refe­
Note: Total sources of other monetary institutions also include foreign liabilities.
Napomena: Ukupni izvori drugih monetarnih institucija uključuju i inozemnu pasivu.
Figure 6 Interest rates on new household loans
Kamatne stope na nove poslove kredita stanovništvu
Note: The new business volume includes the amount of renegotiated loans and the amount of actual new loans.
Napomena: U iznos novih poslova uključen je iznos ponovno ugovorenih kredita i iznos stvarnih novih kredita.
for peer countries, thanks to lower risk aversion, and improved domestic fiscal movements and growth prospects, lower international and domestic benchmark interest rates opened room for banks to reduce interest rates on new loans (Figure 6), which certainly provided a boost to kuna lending.
rentne kamatne stope pod utjecajem veće sklonosti rizi­ ku te poboljšanih domaćih fiskalnih kretanja i perspektive rasta, otvorile su bankama prostor za snižavanje kamat­ nih stopa na nove kredite (Slika 6.), što se zasigurno po­ zitivno odrazilo na rast kunskoga kreditiranja.
In the context of the general decrease in interest rates, the lowering of interest rates on kuna loans was also supported by the structure of deposits, i.e. the higher level of demand deposits, which led to a gradual narrowing of the spread between kuna and euro interest rates, while for new housing loans interest rates were equal in some months.
U uvjeti­ ma općeg pada kamatnih stopa snižavanju kamatnih sto­ pa na kunske kredite pridonijela je i struktura depozita, odnosno veća razina depozita na transakcijskim računi­ ma, što je rezultiralo postupnim smanjivanjem razlike iz­ među kunskih i eurskih kamatnih stopa, a kod novih je stambenih kredita u pojedinim mjesecima primjetljivo i izjednačavanje kamatnih stopa.
Furthermore, credit standards and demand for cor
Nadalje, standardi odobravanja i kreditna potra­
porate loans continued to improve in the first three quarters of 2016, which also supported the increase in kuna lending (Figure 7).
žnja poduzeća nastavili su se poboljšavati tijekom prva tri tromjesečja 2016. godine, što također pogoduje pora­ stu kunskoga kreditiranja (Slika 7.).
According to the Bank Lending Sur
Prema odgovorima
a Interest rates on renegotiated household loans
a. Kamatne stope na ponovno ugovorene kredite stanovništvu
Note: Total loans do not include loans whose new business volume is equal to balances (credit card loans, overdraft facilities, revolving loans and receivables on charge cards).
Napomena: Ukupni krediti ne uključuju one kredite čiji su novi poslovi jednaki stanjima (kredite po kreditnim karticama, prekoračenja po transakcijskim računima, revolving kredite i potraživanja s osnove kartica s odgodom plaćanja (engl. charge card)).
b Interest rates on original new household loans
b. Kamatne stope na prvi put ugovorene kredite stanovništvu
actual new loans
stvarni novi krediti
Credit standards (left)
Standardi odobravanja (lijevo)
Demand (right)
Potražnja (desno)
EASING
UBLAŽAVANJE
INCREASE
POVEĆANJE
DECREASE
SMANJENJE
Note: The data refer to the net percentage of banks weighted by the share in total corporate loans.
Napomena: Podaci se odnose na neto postotak banaka ponderiran udjelom u ukupnim kreditima poduzećima.
Credit standards for housing loans (left) Demand for housing loans (right)
Standardi odobravanja stambenih kredita (lijevo) Potražnja za stambenim kreditima (desno)
INCREASE
POOŠTRAVANJE
DECREASE
UBLAŽAVANJE
TIGHTENING
POVEĆANJE
EASING
SMANJENJE
Demand for consumer and other loans (right)
Potražnja za potrošačkim i ostalim kreditima (desno)
Credit standards for consumer and other loans (left)
Standardi odobravanja potrošačkih i ostalih kredita (lijevo)
Note: The data refer to the net percentage of banks weighted by the share in total household loans.
Napomena: Podaci se odnose na neto postotak banaka ponderiran udjelom u ukupnim kreditima stanovništvu.
vey, the easing of credit standards was mostly influenced by bank liquidity, financing options for banks in the market, positive expectations regarding general economic developments and competition among banks.
banaka iz Ankete o kreditnoj aktivnosti na ublažavanje standarda za kredite najviše je djelovala likvidnost bana­ ka, mogućnost financiranja banaka na tržištu, pozitiv­ na očekivanja u vezi s općim gospodarskim kretanjima kao i konkurencija među bankama.
As regards the household sector, developments in demand for consumer and housing loans were the most favourable since this Survey was first conducted (Figure 8).
Što se tiče sektora stanovništva, bilježe se najpovoljnija kretanja potražnje za potrošačkim i stambenim kreditima od početka pro­ vođenja Ankete (Slika 8.).
It should be said that several large banks in ad hoc responses to the Survey in the last quarter of 2015 and the first half of 2016 put a special emphasis on stronger demand for kuna loans, in particular for refinancing needs.
Pritom valja naglasiti da su pojedine velike banke u ad hoc odgovorima u Anketi u posljednjem tromjesečju 2015. i u prvoj polovini 2016. upravo naglasile pojačanu potražnju na tržištu za kun­ skim kreditima, posebno u slučaju refinanciranja posto­ jećih kredita.
The convergence of interest rates on kuna and for
Konvergencija kamatnih stopa na kunske i devizne
eign currency loans, accompanied by the easing of credit standards, was reflected in larger demand for kuna loans, which was further boosted by increasingly greater awareness of individuals about currency risk associated with foreign currency borrowing.
kredite praćena ublažavanjem standarda odobravanja kredita odrazila se na povećanje potražnje za kunskim kreditima koje je zasigurno dodatno potaknuto sve ve­ ćom osviještenošću građana o valutnom riziku koji do­ nosi zaduživanje vezano uz stranu valutu.
This was the result of the negative experience of debtors with Swiss franc-indexed loans that, owing to the weakening of the kuna against the franc, faced the materialisation of exchange rate risk in the form of significant increases in loan annuities and principal.
Razlog tome je negativno iskustvo dužnika s kreditima indeksiranima uz švicarski franak koji su zbog slabljenja kune prema franku doživjeli materijalizaciju tečajnog rizika u obliku značajnog povećanja anuiteta otplate i glavnice kredita.
Not only is this the preference of new borrowers, but some existing borrowers wish to refinance currency indexed loans with kuna loans.
Osim novih zajmoprimaca, i neki postojeći žele kredi­ te uz valutnu klauzulu refinancirati kreditima u kunama, što pridonosi porastu kunske kreditne potražnje.
Furthermore, by pursuing an expansionary mon
Nadalje, HNB je ekspanzivnom monetarnom poli­
By relaxing a series of monetary policy instruments, the CNB reduced the regulatory burden on the banks, while the maintenance of relatively larger costs of regulation for foreign currency sources than on kuna sources, has encouraged banks to strengthen their kuna business (Figure 10).
HNB je nizom ublažavanja postojećih instrumenata monetarne politike smanjio regulatorno opterećenje ba­ naka, pri čemu je i dalje zadržan relativno veći regulator­ ni trošak za izvore u devizama u odnosu na kunske izvo­ re, čime se banke potiče na jačanje kunskog poslovanja (Slika 10.).
In addition to the above, kuna liquidity was cre
Osim navedenog, kunska je likvidnost kreirana
ated by usual purchases of foreign currency in the domestic market and regular reverse repo operations, as well as structural repo operations introduced in February 2016.
i uobičajenim kupnjama deviza na domaćem tržištu te redovitim obratnim repo operacijama, kao i struktur­ nim repo operacijama uvedenima u veljači 2016. godi­ ne.
Structural repo operations have provided the banks with access to long-term sources of kuna liquidity at competitive interest rates and encouraged more vigorous and more favourable lending in domestic currency to corporates and households.
Strukturnim repo operacijama bankama se otvorio pristup dugoročnijim izvorima kunske likvidnosti po konkurentnoj kamatnoj stopi te se potaknulo intenzivni­ je i povoljnije kreditiranje gospodarstva i stanovništva u domaćoj valuti.
8% at the first two auctions and a rate of 1.
Usto, intenziviranju ponude kunskih kredita pogo­
In addition, the supply of kuna loans was also
U sklo­ pu te Odluke banke koje u ponudi imaju devizne kredite
Under the Decision, banks that offer loans denominated in or indexed
5 Vidi Okvir 2.
EASING
POOŠTRAVANJE
Credit institutions' assets held for regulatory purposes (excluding excess liquidity) include calculated kuna reserve requirements, allocated foreign currency reserve requirements, marginal reserve requirements, CNB bills, and minimum required foreign currency claims.
Imovina kreditnih institucija koja se drži zbog regulative (umanjena za viškove likvidnosti) uključuje obračunatu obveznu pričuvu u kunama, izdvojenu obveznu pričuvu u devizama, graničnu obveznu pričuvu, blagajničke zapise HNB-a i minimalno potrebna devizna potraživanja.
Total cost of regulation
Ukupni trošak regulacije
Cost of regulation - HRK
Trošak regulacije - kunski
Cost of regulation - f/c
Trošak regulacije - devizni
Note: Cost of regulation is estimated as the weighted difference between the minimum required return on loans and the nominal cost of bank funding, while taking account of the amount of funds that banks cannot place due to regulatory requirements.
Napomena: Trošak regulacije procijenjen je kao vagana razlika između najmanjega potrebnog povrata na plasmane i nominalnog troška izvora financiranja banaka, uvažavajući veličinu sredstava koja banke ne mogu plasirati zbog regulatornih zahtjeva.
to foreign currency are obliged, among other things, to offer their prospective future clients kuna loans for the same purpose or, if they do not make such loans, inform clients about other banks that do offer such kuna loans.
i kredite s valutnom klauzulom dužne su, između osta­ log, potencijalnim klijentima ponuditi i kunski kredit za istu namjenu ili, ako ga nemaju u ponudi, informirati ih o drugim bankama koje nude takve kunske kredite.
The Decision goes beyond the European Systemic Risk Board (ESRB) recommendations adopted in September 2011, which primarily relate to limits on foreign currency lending to unhedged borrowers.
European Systemic Risk Board, ESRB) donesene u ruj­ nu 2011., koje se prije svega odnose na ograničavanje odobravanja kredita u stranoj valuti nezaštićenim zajmo­ primcima.
Supervisory authorities should encourage financial institutions to offer customers domestic currency loans for the same purposes as foreign currency loans as well as financial instruments to hedge against foreign exchange risk.
Supervizorska tijela trebala bi poticati financij­ ske institucije da klijentima ponude zajmove u domaćoj valuti u iste svrhe, kao i zajmove u stranoj valuti te finan­ cijske instrumente za poduzimanje zaštite od valutnog ri­ zika.
The supply of domestic currency loans would also be supported by the introduction into national legislation of the provisions of Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property (as provided under the Draft Consumer Housing Loans Act), which would oblige Croatian banks to offer their clients housing loans in the currency in which they earn their income.
Većoj ponudi kredita u domaćoj valuti pridonijelo bi i uključivanje odredbi Direktive 2014/17/EU Europ­ skog parlamenta i Vijeća od 4. veljače 2014. o ugovori­ ma o potrošačkim kreditima koji se odnose na stambe­ ne nekretnine u nacionalno zakonodavstvo (kako stoji u Prijedlogu zakona o stambenom potrošačkom kreditira­ nju), a kojim bi se hrvatske banke obvezalo da klijentima ponude stambene kredite u valuti u kojoj primaju plaću.
Loans denominated in or indexed to foreign currency would not be forbidden, but borrowers would have the right to convert loans granted after the enforcement of the Act to kuna loans, at any time, unconditionally and without extra charges.
Krediti u stranoj valuti odnosno s valutnom klauzulom ne bi bili zabranjeni, ali dužnici bi imali pravo u svakom tre­ nutku, bezuvjetno i bez ikakva dodatnog troška, kredite podignute nakon stupanja zakona na snagu konvertirati u kunske.
The fact that domestic sectors have decreased
Činjenica da posljednjih godina domaći sektori
Furthermore, the corporate sector recorded several one-off effects that considerably reduced the stock of corporate foreign currency debt.
Također, kod poduzeća je za­ bilježeno nekoliko jednokratnih efekata koji su značajno smanjili stanje njihova deviznog duga.
Noteworthy among them was the reclassification of shipyard loans from the corporate sector to the government and write-offs of loans arising from the sale of non-performing loans.
Valja izdvojiti re­ klasifikaciju kredita brodogradilišta iz sektora poduzeća na državu te otpise plasmana po osnovi prodaje nenado­ knadivih plasmana.
In conclusion, bearing in mind all the described
Uz sve opisane i trenutačno prisutne činitelje, za­
and current factors, it should be stressed that the major precondition for the continuance of the trend of credit de-euroisation is the increase in domestic currency deposits of domestic sectors.
ključno je potrebno istaknuti da je najznačajniji predu­ vjet nastavka trenda kreditne deeuroizacije povećanje depozita domaćih sektora u domaćoj valuti.
A change in the currency structure of deposits may be supported by the maintenance of macroeconomic and financial stability in the country, including exchange rate stability, as well as the steady recovery of the Croatian economy based on sound fundamentals and accompanied by a reduction of macroeconomic imbalances.
Promjenu valutne strukture depozita može poduprijeti održavanje makroekonomske i financijske stabilnosti zemlje, uklju­ čujući stabilnost tečaja, kao i nastavak oporavka hrvat­ skoga gospodarstva koji bi se temeljio na zdravim osno­ vama uz smanjivanje makroekonomskih neravnoteža.
The de-euroisation trend could also be sustained under the assumption of a steady upward trend in demand deposits (the share of foreign currency deposits did not decrease in time deposits) that occurs at times when banks' deposit interest rates fall, accompanied by a relatively modest volume of new loans.
Trend deeuroizacije mogao bi se održati i uz pretpostav­ ku nastavka snažnog rasta sredstava na transakcijskim računima (kod oročenih depozita nema pada udjela de­ viznih depozita), do kojega dolazi u uvjetima pada pasiv­ nih kamatnih stopa banaka, uz istovremeno razmjerno skroman obujam odobravanja novih kredita.
If any of these assumptions falls short and the increase in demand deposits loses pace or if domestic lending picks up strongly, banks would probably not be able to finance the entire credit growth in the domestic currency alone.
Ako se na­ ruši neka od spomenutih pretpostavki i zabilježi se sla­ biji prirast transakcijskih kunskih depozita ili se s druge strane značajno ubrza domaće kreditiranje, banke vjero­ jatno neće moći cjelokupan kreditni rast odobravati is­ ključivo u domaćoj valuti.
The following Surveys have been published
Do sada objavljeni Pregledi:
Title
Naslov
Author(s)
Autor(i)
S-1 March 2000
P-1 Prosinac 1999.
Banking Sector Problems: Causes, Solutions and Consequences
Bankovni sustav u 1998. godini
Ljubinko Jankov
P-2 Siječanj 2000.
S-2 April 2000
Problemi banaka: uzroci, načini rješavanja i posljedice
Banking System in 1998
Ljubinko Jankov
S-3 December 2000
P-3 Veljača 2000.
Evan Kraft with Hrvoje Dolenec, Mladen
P-4 Listopad 2000.
Duliba, Michael Faulend, Tomislav Galac,
Analiza inozemnog duga Republike Hrvatske
S-4 December 2000 What Has Been the Impact of Foreign Banks in Croatia
Kreditna politika hrvatskih banaka: Rezultati drugoga HNB-ova projekta anketiranja banaka
Tomislav Galac and Evan Kraft
Evan Kraft s Hrvojem Dolencem,
S-6 April 2002
P-6 Travanj 2001.
Ten years of Transition Central Banking in the CEE and the Baltics
Value at Risk (Rizičnost vrijednosti) - Teorija i primjena na međunarodni portfelj instrumenata s fiksnim prihodom
Warren Coats and Marko Škreb
Dražen Mikulčić
Evan Kraft Tihomir Stučka
P-9 Listopad 2001.
Tomislav Galac
P-10 Siječanj 2002.
An Analysis of Housing Finance Models in the Republic of Croatia
Deset godina tranzicije Središnje bankarstvo u srednjoeuropskim i istočnoeuropskim državama (uključujući baltičke države)
Mladen Mirko Tepuš
Warren Coats i Marko Škreb
S-14 December 2005
Michael Faulend i Evan Kraft
Tomislav Galac
Alan Škudar
Tomislav Galac and Lana Dukić
P-19 Svibanj 2005.
S-18 August 2015
Tomislav Galac i Lana Dukić
Marina Kunovac and Andreja Pufnik
Mladen Mirko Tepuš
Mirna Dumičić and Tomislav Ridzak
Lana Ivičić, Mirna Dumičić, Ante Burić, Ivan Huljak
Guidelines to authors
P-25 Svibanj 2014.
Additional information, such as acknowledgments, should be incorporate in the text at the end of the introductory section.
Radovi se primaju i objavljuju na hrvatskom i/ili na engle­ skom jeziku.
The second page should contain the abstract and the key words.
Radovi predloženi za objavljivanje moraju ispunjavati slje­ deće uvjete.
The abstract should be followed by maximum 5 key words.
Dodatne informacije, primjerice zahvale i priznanja, poželj­ no je uključiti u tekst na kraju uvodnog dijela.
A single line spacing and A4 paper size should be used.
Na drugoj stranici svaki rad mora sadržavati sažetak i ključ­ ne riječi.
Titles must be numerated and separated from the text by double-line spacing, without formatting.
Tekst se ne smije oblikovati, dopušteno je samo podebljavanje (bold) i kurziviranje (italic) dijelova teksta.
Tables, figures and charts that are a constituent part
Naslove je potreb­ no numerirati i odvojiti dvostrukim proredom od teksta, ali bez formatiranja.
of the paper must be well laid out, containing: number, title, units of measurement, legend, data source, and footnotes.
Tablice, slike i grafikoni koji su sastavni dio rada, moraju bi­ ti pregledni, te moraju sadržavati broj, naslov, mjerne jedinice,
When the tables, figures and charts are subsequently submitted, it is necessary to mark the places in the text where they should be inserted.
Ako se posebno dostavljaju (ta­ blice, slike i grafikoni), potrebno je označiti mjesta u tekstu gdje dolaze.