natgillin/translations-raw huggingface dataset:
Borrowers are strongly recommended (publicly) by the CNB carefully to analyse the available information and documentation related to the products and services offered prior to reaching a final decision, as is customary when concluding any other contract
HNB daje čvrste preporuke (javno) dužnicima da pozorno analiziraju dostupne informacije i dokumentaciju o ponuđenim proizvodima i uslugama prije donošenja konačne odluke, kao što je običaj i u slučaju bilo kojeg drugog ugovora.
1 Sep. 2016 Discretionary
Diskrecijska odluka
Other measures whose effects are of macroprudential use implemented outside the scope and mandate of the CNB
Ostale mjere važne za makroprudencijalnu politiku koje su izvan opsega i mandata HNB-a
Financial stability concerns due to interest rate risk and currency risk
Pitanja financijske stabilnosti zbog kamatnog i valutnog rizika
Amended Consumer Credit Act: fixed and variable parameters defined in interest rate setting, impact of exchange rate appreciation for housing loans limited, upper bound of appreciation set to 20%
Izmjena i dopune Zakona o potrošačkom kreditiranju: za utvrđivanje kamatne stope definirani su fiksni i promjenjivi parametri, čime se ograničava učinak aprecijacije tečaja na stambene kredite na maksimalno 20%.
1 Dec. 2013 Discretionary
Diskrecijska odluka
Financial stability concerns due to interest rate risk and currency risk
Pitanja financijske stabilnosti zbog kamatnog i tečajnog rizika
Amended Consumer Credit Act: banks are obliged to inform their clients about exchange rate and interest rate risks in written form
Izmjena i dopune Zakona o potrošačkom kreditiranju: banke su obvezne obavještavati svoje klijente o tečajnom i kamatnom riziku u pisanom obliku.
Financial stability concerns due to currency risk
Pitanja financijske stabilnosti zbog valutnog rizika
Amended Consumer Credit Act: freezing the CHF/HRK exchange rate at 6.39
Izmjena i dopune Zakona o potrošačkom kreditiranju: zamrzavanje tečaja CHF/HRK na 6,39
Amended Consumer Credit Act: conversion of CHF loans
Izmjena i dopune Zakona o potrošačkom kreditiranju: konverzija kredita u švicarskim francima
Note: A list of abbreviations and their explanations is provided at the end of the publication.
Napomena: Popis kratica s objašnjenjima nalazi se na kraju publikacije.
The amendments to the Consumer Credit Act made at the end of 2013 have provided a detailed legal framework for the setting and changing of variable interest rates for household loans.
Izmjenama i dopunama Zakona o potrošačkom kreditiranju krajem 2013. zakonski su podrobno propisani određivanje i izmjene visine promjenjivih kamatnih stopa pri kreditiranju kućanstava.
The variable interest rate is thus defined as a sum of the agreed variable parameter and the bank's fixed margin which is not allowed to increase over the period of loan repayment and which has to be agreed along with the variable parameter (Consumer Credit Act, Article 11.
Promjenjiva kamatna stopa tako je definirana kao zbroj ugovorenoga promjenjivog parametra i fiksne marže banke, koja ne smije rasti tijekom otplate kredita i koja se mora ugovoriti zajedno s varijabilnim parametrom (ZPK, članak 11.
a, paragraph 2).
a stavak 2.).
Legally prescribed variable parameters which may be used in setting the interest rate include the following rates: EURIBOR, LIBOR, NRR - the national reference rate, yield on the T-bills of the Ministry of Finance and the average interest rate on household deposits in the respective currency.
Zakonski propisani promjenjivi parametri koji se mogu upotrebljavati pri određivanju kamatnjaka jesu sljedeće stope: EURIBOR, LIBOR, NRS - nacionalna referentna stopa, prinos na trezorske zapise Ministarstva financija i prosječna kamatna stopa na depozite građana u odnosnoj valuti.
The aforementioned legal amendments have significantly improved the transparency of interest rate setting and changing, enabling consumers to find out, at any point, of which components the interest rate that they are being charged is made: the fixed component which remains the same throughout the credit relationship and the variable component which fluctuates according to the set permitted variable parameters.
Spomenutim je zakonskim izmjenama jasnoća određivanja i promjena visine kamatnih stopa znatno poboljšana i pruža potrošaču u svakom trenutku uvid u komponente kamatne stope koja im se naplaćuje: fiksni dio, koji ne smije rasti tijekom kreditnog odnosa i promjenjivi dio, koji se mijenja u skladu s kretanjem zakonski dopuštenih promjenjivih parametara.
However, considering the specific context in which the Act was amended and in which it entered into force, there is potential for future interest rate disturbances, i.e. risk to which particular client segments may be exposed as the choice of the variable parameter in interest rate structure results in the specific exposure of consumers to interest rate risk, i.e. to the nature and the dynamics of its materialisation.
Međutim, iz specifičnosti trenutka u kojem je Zakon izmijenjen i u kojem je stupio na snagu proizlazi i potencijal budućih kamatnih poremećaja, odnosno rizika kojima su pojedini segmenti klijenata izloženi, budući da odabir promjenjivog parametra u strukturi kamatne stope povlači za sobom i određene specifičnosti glede izloženosti potrošača kamatnom riziku, odnosno prirodi i brzini njegove materijalizacije.
Furthermore, it is worth noting that, due to the application of the aforementioned legal provisions, the invariable component of interest rates in EURIBORlinked loans implicitly contains, among other elements, the country's risk premium valid at the moment the interest rate was agreed/set, implying that its future changes (in terms of both increase and decrease) will not be automatically reflected in the change of interest rate level and thus in the final interest rate expense of the client.
Treba istaknuti da je zbog primjene opisanih zakonskih odredbi kod kredita vezanih uz EURIBOR u nepromjenjivom dijelu kamatne stope, uz ostalo, implicitno sadržana u trenutku ugovaranja/određivanja kamatne stope i premija za rizik zemlje, što podrazumijeva da se njezine buduće promjene (i povećanje i smanjenje) neće automatski ogledati u promjeni visine kamatne stope i naposljetku u kamatnom trošku klijenata.
In the survey, credit institutions were asked to distribute the gross amount of relevant exposure according to individual credit instruments, the currency in which the instrument was granted and interest rate type, depending on the reference interest rate, including the amount of interest charged, as at 31 March 2016.
Kreditne su institucije u toj anketi trebale po pojedinom kreditnom instrumentu, valuti u kojoj je kredit odobren i vrsti kamatne stope, a u ovisnosti o referentnoj kamatnoj stopi, rasporediti bruto iznos relevantne izloženosti, uključujući iznos obračunatih kamata sa stanjem na dan 31. ožujka 2016.
Credit institutions were asked to categorise foreign currency-indexed kuna loans according to the foreign currency they are indexed to.
Pritom su kreditne institucije valutno indeksirane kunske kredite bile dužne razvrstati po valuti indeksacije.
The survey covered only loans granted to resident households and non-financial corporations.
Anketnim su ispitivanjem bili obuhvaćeni samo krediti dani rezidentnim kućanstvima i nefinancijskim društvima.
Survey results - variable interest rates
Rezultati anketnog ispitivanja - varijabilne kamatne stope
a) Relative annuity change
Slika 6.
Households
Kućanstva Poduzeća
Corporations
Kućanstva Poduzeća
Note: For every category of remaining maturity shown on the x axis, the relative change in the amount of loan annuity was calculated for a loan with a remaining maturity calculated as category average in case of a one-percentage-point increase in interest rates.
Napomena: Za svaki razred preostale ročnosti prikazan na osi x relativna promjena iznosa anuiteta kredita u slučaju rasta kamatnih stopa za jedan postotni bod izračunata je za kredit s preostalom ročnosti koja je prosjek tog razreda.
Clients with loans having longer remaining maturities are more exposed to significant changes in the amount of loan repayment as a result of changes in interest rate level due to the fact that interest rate expense constitutes a greater share of the amount to be repaid for loans with longer remaining maturities where the share of interest in the repayment decreases as the loan matures (Figure 6).
Pritom su klijenti s kreditima duljih preostalih rokova dospijeća izloženiji značajnijoj promjeni iznosa otplate kredita zbog promjene visine kamatnih stopa s obzirom na to da trošak kamata čini veći dio iznosa otplate kredita s duljom preostalom ročnosti, a čiji se udio u otplati smanjuje kako kredit dospijeva (Slika 6.).
At the end of March 2016, 81% of all corporate loans were granted with a variable interest rate.
Tako je krajem ožujka 2016. godine 81% svih kredita poduzećima bilo odobreno uz promjenjivu kamatnu stopu.
Although their number was slightly smaller, loan agreements with variable interest rates were also predominant in the household sector, in which 67% of loans were granted with variable interest rates.
Iako nešto manja, dominacija kreditnih ugovora s varijabilnom stopom prisutna je i kod kućanstava, koja su se s udjelom od 67% financirala uz promjenjive stope.
A similar variable-to-fixed-interest-rate loan ratio is observed when supervisory data on exposure to interest rate risk in the non-trading book are considered, for according to them 85% of nonfinancial corporate loans and 71% of household loans were granted with a variable interest rate.
Sličan se odnos varijabilnog i fiksnog financiranja uočava ako se promatraju supervizorski podaci o izloženosti kamatnom riziku u knjizi banke, prema kojima je 85% kredita nefinancijskim društvima i 71% kućanstvima odobreno uz varijabilnu stopu.
As for the variable parameter to which the changes in interest rates are linked, EURIBOR and the NRR are almost evenly distributed among household variable interest rate loans (47% of household variable interest rate loans are linked to the NRR, while 43% of such loans were granted with reference to EURIBOR).
Kada je riječ o varijabilnom parametru uz čije se kretanje vezuje promjena kamatnih stopa, EURIBOR i NRS gotovo su podjednako zastupljeni pri kreditiranju kućanstava uz varijabilnu stopu (uz NRS vezano je 47% ovih kredita, a 43% odobreno je uz EURIBOR).
The NRR predominates in the segment of the increasingly popular kuna household loans (71%), while 57% of euro loans were granted with a variable interest rate linked to EURIBOR and 40% were linked to the NRR.
Pritom NRS dominira u segmentu sve intenzivnijega kunskog kreditiranja kućanstava (71%), dok je 57% eurskih kredita odobrenih uz varijabilnu stopu vezano uz EURIBOR, a 40% uz NRS.
Non-financial corporate loans granted with a variable interest rate are predominantly linked to EURIBOR as the variable parameter (45%), while the share of NRR-linked variable interest rate loans in the corporate loan portfolio (5%) is significantly smaller than in household loans.
Kreditiranje nefinancijskih poduzeća uz varijabilnu stopu pretežno se vezuje uz EURIBOR kao varijabilni parametar (45%), dok je zastupljenost NRS-a u korporativnom kreditnom portfelju (5%) značajno manja nego što je to slučaj kod kreditiranja kućanstava.
As the legal framework for interest rate setting, structure and change in non-financial corporate lending is not as detailed as in consumer lending (in the case of non-financial corporations, lending is regulated by the Civil Obligations Act and the Act on Financial Operations and Pre-Bankruptcy Settlement), credit institutions, according to survey results, still relatively frequently use other reference parameters in the financing of non-financial corporations, as well as reference rates set on the basis of a decision by the bank's management (almost 36% of variable interest rate loans granted to non-financial corporations were linked to another variable parameter with a significant share of non-financial corporate loans granted with an interest rate that may be changed
Naime, budući da određivanje, struktura i promjene kamatnih stopa pri kreditiranju nefinancijskih poduzeća nisu tako podrobno zakonski regulirani kao potrošačko kreditiranje (za nefinancijska poduzeća to je područje regulirano Zakonom o obveznim odnosima i Zakonom o financijskom poslovanju i predstečajnoj nagodbi), kreditne institucije pri financiranju nefinancijskih društava, prema rezultatima provedenog istraživanja, još uvijek razmjerno često upotrebljavaju druge referentne parametre i kamatnu stopu donesenu na temelju odluke uprave banke (gotovo 36% kredita odobrenih nefinancijskim poduzećima s varijabilnom stopom vezano je uz neki drugi varijabilni parametar, pri čemu se za značajan dio ovih kredita kamatna stopa može mijenjati odlukom uprave banke, odnosno riječ je o tzv. administrativnim kamatnim stopama).
In this segment, almost all loans to the private non-financial sector were granted with an interest rate that is invariable throughout the entire duration of the credit relationship (until loan maturity).
Pritom su u ovom segmentu gotovo svi krediti privatnom nefinancijskom sektoru odobreni sa stopom nepromjenjivom tijekom cijelog razdoblja kreditnog odnosa (do dospijeća kredita).
Upon the expiry of the initial period of fixed interest rate application, interest rates in such loans will become variable, and, according to survey results, they will primarily be linked to the NRR, while a smaller share will be linked to EURIBOR.
Nakon isteka početnog razdoblja fiksiranja, kamatne stope na kredite odobrene s tako određenim kamatnim stopama postaju varijabilne te će se prema nalazima provedenog ispitivanja najvećim dijelom vezati uz kretanje NRS-a, dok će manji dio njih biti vezan uz EURIBOR.
To some extent, such loans are expected to see a hike in interest rate level in the transition from the fixed level to the new one, determined by the ratio between the variable parameter and the fixed margin, which is a specific characteristic of risks in such arrangements.
Kod ovakvih se kredita može u nekoj mjeri očekivati skokoviti porast s fiksirane razine na novu, koja je određena odnosom varijabilnog parametra i fiksne marže, što je specifična karakteristika rizika u tim aranžmanima.
Fixed until maturity
Fiksne do dospijeća
Fixed over a period shorter than loan maturity
Fiksne u razdoblju kraćem od dospijeća
Variable rates
Varijabilne stope
Box 2 Interest rate risk in the
Okvir 2.
Republic of Croatia, Financial
Kamatni rizik u Hrvatskoj, Financijska stabilnost br.
Stability no. 15, July 2015
15, srpanj 2015.
CNB's information materials “Risk to the consumer in a credit relationship”, 20 April 2016
Informativni materijal HNB-a Rizici za potrošače u kreditnom odnosu, 20. travnja 2016.
CNB Macroprudential Diagnostics No. 1 January 2017
prilagodile svoje proizvode.
NRR
NRS
Other variable interest rates
Ostalo varijabilno
Fixed over a period shorter than loan maturity
NRS
NRR
EURIBOR
EURIBOR
Ostalo varijabilno
Other variable interest rates
Fiksne do dospijeća
Fixed until maturity
Stambeni krediti
Housing loans
Gotovinski krediti
Cash loans
Prekoračenja Kreditne kartice
Overdraft facilities
Ostali krediti
Credit cards
NRS
Other loans
EURIBOR
NRR EURIBOR Other variable interest rates Fixed over a period shorter than loan maturity
Ostalo varijabilno Fiksne u razdoblju kraćem od dospijeća
Fixed until maturity
Fiksne u razdoblju kraćem od dospijeća
Fixed until maturity
EURIBOR
Investment loans
Ostalo varijabilno
Working capital loans
Fiksne do dospijeća
Other loans
Krediti za investicije
a) Households
Krediti za obrtna sredstva
b) Non-financial corporations
Ostali krediti
Interest rates which expose clients to interest rate risk (variable interest rates) are shown in red, with darker tones indicating a somewhat smaller interest rate risk.
Tako su crveno označene stope koje klijente izlažu kamatnom riziku (varijabilne stope), pri čemu tamnije nijanse označuju nešto manji kamatni rizik.
Source: CNB, Survey on interest rate variability.
Izvor: HNB, Anketa o promjenjivosti kamatnih stopa
The probability of risk materialisation is increased in the context of historically low, even negative, reference interest rates and the recent change of course in the Fed's monetary policy, which may, in the medium term, be seen in the euro area as well.
Vjerojatnost nastupanja ovog rizika povećava se u uvjetima iznimno niskih, čak negativnih, referentnih kamatnih stopa i nedavne promjene smjera monetarne politike Feda, a koja bi se u idućem srednjoročnom razdoblju mogla zbiti i u europodručju.
Figure 9 Individual interest rate projections
Procjena kretanja pojedinih kamatnih stopa
Q1/17
1. tr.17.
3M EURIBOR
2. tr.18.
ECB benchmark rate Yield on the ten-year German government bond - right
EURIBOR 3M Referentna stopa ESB-a Prinos na desetogodišnju njemačku obveznicu - desno
Source: Bloomberg.
Izvor: Bloomberg
As previously stated, interest rate risk materialisation significantly depends on the type of variable parameter to which interest rate dynamics are linked.
Već je istaknuto da materijalizacija kamatnog rizika pritom značajno ovisi o tipu varijabilnog parametra uz koji je vezana dinamika kamatne stope.
Changes in an international reference interest rate such as EURIBOR could spill over to a rise in lending interest rates relatively fast and thus increase the clients' amounts of repayment.
Tako bi se izmjene međunarodne referentne kamatne stope, EURIBOR-a, relativno brzo mogle preliti u rast aktivnih kamatnih stopa i stoga veće iznose otplata klijenata.
CNB Macroprudential Diagnostics No. 1 January 2017
Kamatni rizik u Republici Hrvatskoj).
It is necessary to stress that the dynamics of EURIBOR and NRR increase are curbed in the short term by the provisions on the maximum allowed level of interest rate and by effective interest rate limitation (Consumer Credit Act, Articles 11.
Treba ipak istaknuti da je dinamika rasta EURIBOR-a i NRS-a u kratkom roku ograničena odredbama o maksimalnoj dopuštenoj kamatnoj stopi i ograničavanju efektivne kamatne stope (ZPK, članci 11.
c and Article 20.
c i 20.
However, if the pressures on the increase in overall interest rate levels become more persistent, the aforementioned factor may bring a certain inertia to the change of interest rates, but will not prevent interest rate increase in the long term.
Međutim, ako pritisci na porast opće razine kamatnih stopa budu postojaniji, taj će činitelj unijeti određenu inerciju u promjenu kamatnih stopa, ali neće spriječiti porast kamata u dužem roku.
Financial stability is characterised by the smooth and efficient functioning of the entire financial system with regard to the financial resource allocation process, risk assessment and management, payments execution, resilience of the financial system to sudden shocks and its contribution to sustainable long-term economic growth.
Kamatni je rizik posebno važan ako nastupi istodobno s nekim drugim makroekonomskim šokom (npr. deprecijacijom domaće valute i/ili slabljenjem domaćega gospodarstva, što se negativno odražava na dohotke kućanstava), a o čemu svjedoči i nedavno iskustvo s kreditima vezanima uz švicarski franak.
For instance, due to the high ratios of public and external debt to GDP and the consequentially high demand for debt (re)financing, Croatia is very vulnerable to possible changes in financial conditions and is exposed to the risks of interest rate or exchange rate change.
Primjerice, zbog visokih omjera javnog i inozemnog duga i BDP-a te posljedičnih visokih potreba za njegovim (re)financiranjem Hrvatska je vrlo ranjiva s obzirom na moguće promjene financijskih uvjeta te je izložena rizicima promjene kamatnih stopa ili tečaja.
In addition, monetary, microprudential, fiscal and other policy measures may also be used for macroprudential purposes, if necessary.
Mjere makroprudencijalne politike podrazumijevaju primjenu instrumenata ekonomske politike, a ovisno o specifičnostima rizika
List of abbreviations
HNB Makroprudencijalna dijagnostika br.
GDP gross domestic product b. p. basis points
1 siječanj 2017.
CNB Croatian National Bank
Popis kratica
DSTI debt-service-to-income ratio
HNB Makroprudencijalna dijagnostika br.
EBA European Banking Authority
1 siječanj 2017.
EU European Union
AT Austrija
Fed Federal Reserve System
BE Belgija
CNB Macroprudential Diagnostics No. 1 January 2017
BG Bugarska
G-SII global systemically important institution buffer
CY Cipar
HRK Croatian kuna
CZ Češka
LGD loss-given-default
DE Njemačka
LTI loan-to-income ratio
DK Danska
LTV loan-to-value ratio
EE Estonija
NRR national reference rate
ES Španjolska
O-SII other systemically important institution buffer
FR Francuska
O-SIIs other systemically important institutions
GR Grčka
SSRB structural systemic risk buffer
HR Hrvatska
Two-letter country codes
HU Madžarska
CZ Czech Republic
LT Litva
NL The Netherlands
RO Rumunjska
PT Portugal
SI Slovenija
RO Romania
SK Slovačka
G-SII global systemically important institution buffer
Dvoslovne oznake za zemlje
HRK Croatian kuna
AT Austrija
LGD loss-given-default
BE Belgija
LTI loan-to-income ratio
BG Bugarska
LTV loan-to-value ratio
CY Cipar
NRR national reference rate
CZ Češka
O-SII other systemically important institution buffer
DE Njemačka
O-SIIs other systemically important institutions
DK Danska
SSRB structural systemic risk buffer
EE Estonija
Two-letter country codes
ES Španjolska
CZ Czech Republic
HR Hrvatska
LU Luxembourg
MT Malta
MT Malta
NL Nizozemska
NL The Netherlands
NO Norveška
NO Norway
PL Poljska
PL Poland
PT Portugal
PT Portugal
RO Rumunjska
RO Romania
SE Švedska
SE Sweden
SI Slovenija
SI Slovenia
SK Slovačka
Approval also granted to new HPB management board
Suglasnost i za novu upravu HPB-a
At its today's session, the CNB Council examined recent monetary and economic developments, reports on international reserves management and financial performance of the central bank in the first half of the year, and the situation in the banking system in the second quarter of 2009.
Savjet Hrvatske narodne banke na današnjoj je sjednici razmotrio najnovija novčana i gospodarska kretanja, izvješća o upravljanju međunarodnim pričuvama i o financijskom poslovanju središnje banke u prvom polugodištu, te stanje u bankovnom sustavu u drugom tromjesečju 2009. godine.
The CNB Council gave its approval for the appointment of Dubravka Filipčić as President of the Management Board and Andreja Bučanac as Management Board Member of A štedna banka malog poduzetništva d.d., Zagreb, and for the extension of the term of office of Vlasta Žubrinić-Pick and Zoran Košćak as Management Board Members of Raiffeisenbank Austria d.d., Zagreb.
Savjet HNB-a dao je suglasnost na odluke A štedne banke malog poduzetništva d.d., Zagreb, da povjeri mandat predsjednice uprave Dubravki Filipčić a članice uprave Andreji Bučanac, te Raiffeisenbank Austria d.d., Zagreb, za produženje mandata članovima uprave Vlasti Žubrinić-Pick i Zoranu Košćaku.
The CNB Council also gave its approval for the appointment of Branko Buljan as President of the Management Board of Imex banka d.d., Split and for the appointment of Čedo Maletić as President of the Management Board and Dubravka Kolarić as Management Board Member of Hrvatska poštanska banka d.d., Zagreb.
U Imex banci d.d., Split, mjesto predsjednika uprave preuzima Branko Buljan, a u Hrvatskoj poštanskoj banci d.d., Zagreb, na mjesto predsjednika uprave dolazi Čedo Maletić, a članica uprave bit će Dubravka Kolarić.
At its session today, the Council of the Croatian National Bank reviewed the latest economic and monetary developments, as well as the financial stability analysis, and adopted several decisions within its competence.
Savjet Hrvatske narodne banke na današnjoj je sjednici razmotrio najnovija gospodarska i novčana kretanja, kao i o analizu financijske stabilnosti, te donio nekoliko odluka iz svoje nadležnosti.