natgillin/translations-raw huggingface dataset:
It is important to remember that following such a sale, your contractual relationship with the credit institution is terminated and that collection measures taken afterwards are exclusively within the competence of the buyers of such receivables.
Pritom je važno razumjeti da nakon prodaje potraživanja prestaje vaš ugovorni odnos s kreditnom institucijom, a mjere za naplatu koje se nakon toga poduzimaju isključivo su u nadležnosti kupca takvih potraživanja.
IMPORTANT: The credit institution is obligated to notify you in advance of any such sale of your receivables and ensure that the buyer of your receivable provides you with the same level of protection as the one provided to you while you were in a contractual relationship with the credit institution.
VAŽNO:VAŽNO: O prodaji vašeg potraživanja kreditna institucija obvezna vas je prethodno izvijestiti i osigurati da vam kupac vašeg potraživanja omogući jednaku razinu zaštite kakva vam je bila osigurana dok ste bili u ugovornom odnosu s kreditnom institucijom.
Risks to the consumer in a credit relationship
Rizici za potrošača u kreditnom odnosu
Each financial product carries certain risks.
Korištenje svakoga financijskog proizvoda nosi određene rizike.
It is not possible to recognise and describe in advance all the risks associated with an individual financial product.
Sve rizike vezane uz određeni financijski proizvod nije moguće unaprijed prepoznati i opisati.
Each financial product is unique and carries specific risks which sometimes appear for the first time and may be unexpected.
Svaki je financijski proizvod jedinstven, te su uz njega vezani i rizici specifični samo za taj proizvod, a neki od njih mogu se pojaviti prvi put i na neočekivani način.
Below we present an overview of the key, recognised risks associated with financial products, with a particular emphasis on currency and interest rate risk.
U nastavku donosimo pregled osnovnih, prepoznatih rizika vezanih uz financijske proizvode, s posebnim osvrtom na valutni i kamatni rizik.
We also explain certain concepts important for the understanding of these risks and some of the possibilities for the protection against such risks.
Također objašnjavamo određene pojmove važne za razumijevanje spomenutih rizika te neke mogućnosti zaštite.
Risk, as defined in professional literature, is a threat of loss of assets in a venture or a threat of a complete or partial failure to achieve the desired objective and the expected result due to unforeseen events.
Rizik je, kako ga definira stručna literatura, opasnost gubitka imovine u nekom pothvatu ili potpunog ili djelomičnog neostvarenja željenog cilja i očekivanog uspjeha zbog nepredviđenih događaja.
When entering into a credit relationship with a bank, consumers are exposed to or assume several types of risks, which can broadly be divided to financial and other risks.
Kada stupaju u kreditni odnos s bankom, potrošači su izloženi odnosno preuzimaju više vrsta rizika, a koje generalno možemo podijeliti na financijske i ostale rizike.
Financial risks are primarily interest rate and currency risks.
Financijskim rizicima u prvom redu smatramo kamatni i valutni rizik.
Interest rate risk is associated with a possible change in the amount of annuity or loan repayment, based on an interest rate change and currency risk is associated with a possible change in the amount of annuity or loan repayment, based on a change in the exchange rate of the currency to which a loan is indexed.
Kamatni rizik vezan je uz moguću promjenu iznosa anuiteta ili rate kredita, a ovisno o promjeni kamatne stope, a valutni rizik uz moguću promjenu iznosa anuiteta ili rate kredita ovisno o promjeni tečaja valute uz koju je kredit vezan.
One has to take into account the legal risk which is also always present and which implies that the use of a financial product may have unfavourable legal consequences for the user.
Uvijek postoji i pravni rizik koji se odnosi na mogućnost da će korištenje financijskog proizvoda izazvati nepovoljne pravne posljedice za korisnika.
This risk is activated by, for instance, enforced collection.
Ovaj rizik aktivira, primjerice, prisilna naplata dugovanja.
Different loans carry different risks, which mainly depend on the currency, maturity and interest rate variability.
Različiti krediti imaju različite rizike, a oni ponajprije ovise o valuti, ročnosti i načinu promjenjivosti kamatne stope.
It is important to distinguish between a risk that a loan carries and the risk to the consumer.
Važno je napraviti razliku između rizika nekoga kredita i rizika za potrošača.
To estimate the risk to the consumer, a much deeper analysis is required which includes the consumer's entire assets, or sources of income and his/her liabilities (this will be discussed in more detail later on in the text).
Naime, kako bi se procijenio rizik za potrošača, potrebno je provesti mnogo dublju analizu, koja uključuje stanje cijele njegove imovine, odnosno izvore prihoda i obveze (više o tome u nastavku teksta).
Let us start with a brief explanation of currency and interest rate risks.
Za početak donosimo kratko pojašnjenje valutnih i kamatnih rizika.
Under the assumption of income in the domestic currency, there is no currency risk for loans in the domestic currency.
Uz pretpostavku prihoda u domaćoj valuti, valutni rizik za kredite u domaćoj valuti ne postoji.
The CNB stabilises the exchange rate of the kuna against the euro, but cannot stabilise the exchange rate of the kuna against other foreign currencies.
Budući da HNB stabilizira tečaj kune prema euru, nije moguće istodobno stabilizirati tečaj kune i prema ostalim stranim valutama.
Nevertheless, loans indexed to the exchange rate of the euro still carry a currency risk.
Ipak, valutni rizik kredita vezanog uz tečaj eura postoji.
Figure 1 Currency risks are the highest for other currencies
Valutni su rizici najveći za ostale valute
Note: Green colour denotes low risk, yellow and orange, medium risk, and the shades of red denote higher risks.
Napomena: Zelena boja označuje nizak rizik, žuta i narančasta rizik srednje razine, a nijanse crvene predstavljaju više rizike.
A change in interest rate may have a significant impact on the annuity amount for longer-term loans.
Promjena kamatne stope može imati značajan utjecaj na visinu anuiteta za kredite s dužim rokovima dospijeća.
In other words, annuity loans with a longer term to maturity are more sensitive to interest rate changes than loans with a shorter term to maturity.
Naime, anuitetski krediti s dužim rokovima do dospijeća osjetljiviji su na promjenu kamatne stope nego oni s kraćim rokom.
By contrast, loans with a fixed interest rate to maturity are by definition not directly affected by interest rate changes.
S druge strane, na kredite s fiksnom kamatnom stopom do dospijeća promjena kamatnih stopa po definiciji nema direktnog utjecaja.
It should be noted that in the case of a significant fall in interest rates, the consumers with fixed interest rate loans have the option to refinance such loans under more favourable conditions.
Bitno je naglasiti kako u slučaju značajnog pada kamatnih stopa potrošači korisnici kredita s fiksnom kamatnom stopom mogu takav kredit refinancirati po povoljnijim uvjetima.
The same applies to loans with a variable interest rate, in case of improved market conditions (e.g. the banks start to offer loans with a lower fixed component of the interest rate).
Isto se odnosi i na kredite s promjenjivom kamatnom stopom, ako se uvjeti na tržištu poboljšaju (primjerice banke počinju nuditi kredite s nižim fiksnim dijelom kamatne stope).
Figure 2 Interest risks are higher for longer-maturity loans
Kamatni rizici veći su za kredite s dužim rokom dospijeća
The NRR is an abbreviation for the national reference rate, discussed in more detail later in the text.
NRS je kratica za nacionalnu referentnu stopu, više o tome dalje u tekstu.
Nevertheless, irrespective of the type of reference interest rate, any increase in market interest rates will eventually spill over to the variable interest rate.
Ipak, neovisno o vrsti referentne kamatne stope, rast tržišnih kamatnih stopa prenijet će se naposljetku na promjenjivu kamatnu stopu.
The specific moment of the application of the provisions of the Consumer Credit Act, in the conditions of currently historically low level of indices such as EURIBOR, resulted in loans with a relatively large fixed component.
Specifičan trenutak primjene odredbi iz Zakona o potrošačkom kreditiranju uz trenutačno rekordno niske razine indeksa poput EURIBOR-a rezultirao je kreditima koji imaju iskazan razmjerno velik fiksni dio.
Therefore, any faster growth in EURIBOR would soon result in relatively high interest rates on such loans.
S time u skladu znatniji rast EURIBOR-a brzo bi rezultirao razmjerno visokim kamatnim stopama na takve kredite.
The consumer, i.e. the loan user, is best placed to estimate the risk associated with the credit operation he/she is entering into as he/she has the greatest amount of information.
Potrošač, odnosno korisnik kredita ima najviše informacija za procjenu rizika vezanog uz kreditni posao u koji ulazi.
The examples of this include income from letting apartments in a foreign currency, temporary or regular (seamen) income in foreign currency.
Primjeri ovakvog slučaja mogu biti prihodi od iznajmljivanja apartmana u stranoj valuti, povremeni ili stalni (pomorci) dohodak u stranoj valuti.
The analysis of the risks for consumers can therefore only be made on an individual level, for each consumer separately.
Analiza rizika za potrošača stoga se ne može napraviti drugačije nego na pojedinačnoj razini, za svakog potrošača zasebno.
Depending on future developments in interest rates and currency market, at the end of tenure, a loan may be cheaper or more expensive, if shown in kuna.
Ovisno o budućem kretanju kamatnih stopa i kretanjima na valutnom tržištu na kraju otplate neki kredit može biti povoljniji ili skuplji, promatrano u kunama.
So, for instance, kuna depreciation over a long term makes kuna loans more favourable while any significant appreciation of the kuna makes loans indexed to a foreign exchange rate more favourable since we pay fewer kuna for each unit of a foreign currency in which we borrowed.
Tako, primjerice, deprecijacija kune u dužem roku povoljnijima čini kunske kredite, dok značajna aprecijacija kune povoljnijima čini kredite vezane uz tečaj strane valute jer za jednu jedinicu strane valute u kojoj smo se zadužili plaćamo manje kuna.
The purpose for which the funds have been borrowed from the bank definitely needs to be included in the assessment of the risk of a consumer's credit operation.
U procjenu rizika kreditnog posla potrošača svakako treba ugraditi i namjenu sredstava posuđenih od banke.
A loan invested in an investment which proves unsuccessful or which does not bring subjective of objective benefits or create value to the consumer is better be avoided.
Kredit koji je uložen u investiciju koja se pokazala neuspješnom ili onu koja ne donosi subjektivne ili objektivne koristi odnosno vrijednost potrošaču, bolje je izbjeći.
In addition, it is possible that changes in market conditions in the future will prompt the banks to offer to the consumers loans under more favourable as well as less favourable conditions, such as higher or lower interest rates, fees, etc.
Dodatno, moguće je da će zbog promjene tržišnih uvjeta banke potrošačima u budućnosti odobravati kredite s povoljnijim, ali i manje povoljnim uvjetima - kamatnim stopama, naknadama i slično.
Credit operations, in the same way as business operations, inevitably carry risks.
Kreditni poslovi, kao i drugi poslovni odnosi, sa sobom neizbježno nose rizike.
It is impossible to fully avoid the risks associated with loans and other financial products but it is possible to reduce their impact on personal finances and life of consumers.
Rizike vezane uz kredite i druge financijske proizvode nemoguće je u potpunosti izbjeći, ali se može smanjiti njihov utjecaj na osobne financije i život potrošača.
Therefore, it is up to the consumer to decide on his/her own if such risks are worth taking.
Stoga je procjena isplativosti preuzimanja tih rizika za svakog potrošača prepuštena osobnom izboru.
Consumer protection therefore implies that consumers obtain detailed information about financial and other risks before entering into a credit operation, taking into account their personal financial conditions and expectations of future income and expenditure.
Zaštita potrošača zato podrazumijeva i detaljno informiranje prije zaključenja kreditnog posla, i o financijskim i o ostalim rizicima, vodeći se pritom procjenom osobnoga financijskog stanja i očekivanjima glede budućih prihoda i rashoda.
Based on such an analysis and personal preferences, the consumer has to decide on his/her own the level of risk that he/she wishes to assume and to what purpose.
Prema takvoj analizi i osobnim preferencijama potrošač sam mora odlučiti koju razinu rizika želi preuzeti i s kojim ciljem.
Accordingly, in general, kuna loans with a fixed interest rate carry the lowest risk to the consumer.
U skladu s iznesenim, u načelu, najmanji rizik za potrošača čine kunski krediti uz fiksnu kamatnu stopu.
However, this does not mean that such a loan will be the most favourable.
Međutim, to ne znači da će takav kredit biti i najpovoljniji.
Currency risk
Valutni rizik
Foreign exchange (currency) risk is the risk which is associated with cross currency changes and the consumer (debtor) is exposed to it if he/she has assets or income denominated in one currency and liabilities in another.
Tečajni (valutni) rizik jest rizik povezan s promjenom međuvalutnih odnosa, a potrošač (dužnik) izložen mu je ako ima imovinu ili prihode nominirane u jednoj, a obveze u drugoj valuti.
It is almost certain that assets or liabilities assumed by the consumer in an individual currency will have alternatives which would give better or poorer results over the observed period than the portfolio selected by the consumer.
Gotovo je izvjesno da će imovina ili obveza koju je potrošač preuzeo u određenoj valuti imati alternative koje bi u promatranom razdoblju dale bolje ili lošije rezultate od portfelja koji je potrošač izabrao.
The consumer may hedge against this risk by having income, assets and liabilities denominated in the same currency.
Potrošač se može štititi od tog rizika tako da ima prihode, imovinu i obveze nominirane u istoj valuti.
The consumer thus loses the opportunity to make profit but also prevents losses.
Time potrošač gubi šansu za zaradu, ali i prevenira gubitak.
The majority of loans in Croatia are indexed to a foreign currency.
U Hrvatskoj je najveći dio kredita vezan uz stranu valutu.
A currency clause in credit relationships, or indexation of loans to a kuna exchange rate against some foreign currency is due to the fact that approximately 80% of savings and time deposits in banks are in a foreign currency, mostly euro (Figure 3).
Valutna klauzula u kreditnim odnosima, odnosno vezanje kredita uz tečaj kune prema nekoj stranoj valuti, posljedica je činjenice da je oko 80% štednih i oročenih depozita u bankama u stranoj valuti, pretežito eurima (Slika 3.).
Such a high level of deposit euroisation is associated with a negative historical experience of savers during the period of high inflation and hyperinflation and devaluation and strong weakening of the domestic currency against the German mark and overall macroeconomic stability which marked the '70s and '80 of the last century and the period following Croatia's gaining of independence up to the 1993 stabilisation programme, as well as foreign exchange inflows from tourism and remittances from abroad from emigrants, seamen, etc.
Tako visok stupanj depozitne euroizacije povezan je s negativnim povijesnim iskustvima štediša tijekom razdoblja visoke inflacije i hiperinflacije te devalvacije i snažnog slabljenja domaće valute u odnosu na njemačku marku te ukupne makroekonomske stabilnosti koje su obilježile 70-e i 80-e godine prošlog stoljeća i razdoblje od hrvatskog osamostaljenja do provođenja stabilizacijskog programa 1993., kao i s deviznim priljevima od turizma te doznaka iz inozemstva od emigranata, pomoraca i sl.
Since the banks mainly have foreign exchange deposits in their sources of funds, they hedge against the risks by granting predominantly loans indexed to a foreign currency (Figure 4).
Budući da banke u svojim izvorima sredstava imaju uglavnom depozite u stranoj valuti, one se od rizika štite tako da odobravaju pretežno kredite vezane uz stranu valutu (Slika 4.).
In other words, high deposit euroisation leads to a high loan euroisation since the banks have to hedge against currency risk in accordance with the rules of the profession.
Drugim riječima, posljedica visoke depozitne euroizacije jest i visoka kreditna euroizacija jer se banke u skladu s pravilima struke moraju zaštititi od valutnog rizika.
They are also bound to do so by regulatory rules under Regulation (EU) 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms directly applicable in the Republic of Croatia.
Na to ih potiču i regulatorna pravila iz Uredbe 575/2013 Europskog parlamenta i Vijeća o bonitetnim zahtjevima za kreditne institucije i investicijska društva koja se izravno primjenjuju u Republici Hrvatskoj.
Therefore, in the conditions of deposit euroisation, credit euroisation serves for the protection of assets entrusted to banks by the savers, which is crucial for maintaining the confidence in banking system safety and stability.
Dakle, kreditna euroizacija u uvjetima depozitne euroizacije služi za zaštitu vrijednosti imovine koju su štediše povjerile bankama na čuvanje, što je ključ povjerenja u sigurnost i stabilnost bankovnog sustava.
Figure 3 Savings in Croatia are predominantly in euro
U Hrvatskoj se pretežito štedi u stranoj valuti
In the case of a significant fall in the value of the domestic currency, the loans granted in foreign currencies or indexed to foreign currencies would be exposed to a currency induced credit risk - increased probability of default due to increased loan liability.
Ako bi došlo do znatnog pada vrijednosti domaće valute, kod kredita odobrenih u stranim valutama ili uz valutnu klauzulu javio bi se valutno inducirani kreditni rizik - povećanje vjerojatnosti neplaćanja kredita zbog većeg iznosa kreditne obveze.
Clients without income or assets in a foreign currency or clients who are not in any other way hedged against domestic currency depreciation are exposed to a currency risk, and the banks may also be faced with difficulties in collecting the claims resulting from a currency clause.
Ako klijenti nemaju prihode ili imovinu u stranim valutama ili nisu na drugi način zaštićeni od smanjenja vrijednosti domaće valute, izloženi su tečajnom riziku, a banke se ujedno mogu suočiti s teškoćama pri naplati svojih potraživanja koja su posljedica valutne klauzule.
In such conditions, a stable exchange rate of the kuna against the euro is key to preserving financial stability as a significant fall in the value of the kuna would leave many debtors in a position where they would no longer be able to repay their loans, which might threaten households, corporations or the government and eventually undermine financial stability and result in high fiscal and social costs.
U takvim uvjetima stabilan tečaj kune prema euru nužna je pretpostavka očuvanja financijske stabilnosti jer u slučaju značajnog pada vrijednosti kune mnogi dužnici više ne bi mogli otplaćivati kredite, a nemogućnost otplate kredita mogla bi ugroziti kućanstva, poduzeća ili državu, što bi onda narušilo financijsku stabilnost te bi rezultiralo visokim fiskalnim i socijalnim troškovima.
The CNB therefore pursues the policy of the so-called managed float exchange rate whereby the exchange rate of the kuna against the euro is set freely on the foreign exchange market, depending on the developments in the supply and demand for foreign exchange with the CNB directly intervening in the foreign exchange market in cases of sudden exchange rate fluctuations.
HNB stoga vodi politiku tzv. upravljanoga fluktuirajućeg tečaja na način da se tečaj kune prema euru slobodno formira na deviznom tržištu ovisno o kretanju ponude i potražnje za devizama, a HNB izravno intervenira na deviznom tržištu u slučaju naglih oscilacija tog tečaja.
With the aid of such a policy, the CNB attempts to stabilise the weight of loan repayment of debtors with loans with a currency clause in euro which have always accounted for the majority of the debt of all the sectors of the domestic economy, thus contributing to the achievement of financial stability.
Takvom politikom HNB nastoji stabilizirati teret otplate dužnika zaduženih uz valutnu klauzulu u eurima, na koje je oduvijek otpadala glavnina duga svih sektora domaćega gospodarstva, čime se pridonosi i ostvarivanju financijske stabilnosti.
To ensure stability of the exchange rate of the kuna, it is vital to keep an adequate level of international reserves, which serve to ensure the country's foreign exchange liquidity, payment of imports and maintenance of the stability of the exchange rate of the kuna against the euro in case of shocks.
Kako bi se osigurala stabilnost tečaja kune, iznimno je važno održavati odgovarajuću razinu međunarodnih pričuva, koje služe za osiguranje devizne likvidnosti zemlje, plaćanje uvoza i očuvanje stabilnog tečaja kune prema euru u slučaju nastupanja šokova.
The value of the kuna against other currencies listed on the CNB's exchange rate list, including the Swiss franc and the American dollar, is calculated based on the relationship between the euro and these currencies on the global foreign exchange markets and is outside CNB influence.
Vrijednost kune prema drugim valutama koje su na tečajnici HNB-a, uključujući švicarski franak i američki dolar, izračunava se na temelju odnosa eura i tih valuta na svjetskim deviznim tržištima i na njih HNB nema utjecaja.
Since the introduction of the euro on 1 January 1999 until the end of 2015, the average monthly exchange rate of the kuna against the euro fluctuated between 7.11 and 7.74 kuna to the euro, and the average daily exchange rate during that period stood at HRK 7.46 to one euro (Figure 5).
Od uvođenja eura 1. siječnja 1999. do kraja 2015. prosječni mjesečni tečaj kune prema euru fluktuirao je u rasponu od 7,11 do 7,74 kune za jedan euro, a prosječni dnevni tečaj u tom je razdoblju iznosio 7,46 kuna za jedan euro (Slika 5.).
The risks of borrowing in other foreign currencies are higher.
Rizici za zaduživanja u drugim stranim valutama su veći.
Owing to a widespread use of the euro as the reference currency in domestic credit and business relationships, due to the dominant savings in that currency, the CNB intervenes in the foreign exchange market to contain sudden changes in the exchange rate of the kuna against the euro, which is not possible for other foreign currencies.
Naime HNB, zbog visoko rasprostranjene uporabe eura kao referentne valute u domaćim kreditnim i poslovnim odnosima - a na temelju prevladavajuće štednje u toj stranoj valuti - na deviznom tržištu djeluje obuzdavajući nagle promjene valutnog tečaja kune prema euru, što istodobno nije moguće i za ostale strane valute.
Interest rate risk
Kamatni rizik
Interest rate risk may be defined as the possible increase or a decrease in consumer liabilities, due to changes in the interest rates applicable to the consumer's liabilities.
Kamatni rizik može se definirati kao mogućnost porasta ili smanjenja obveza potrošača zbog promjene kamatnih stopa koje se primjenjuju na potrošačeve obveze.
In terms of their variability, interest rates may be divided into fixed, variable and combined interest rates which may be fixed and variable, respectively, over specific, pre-defined periods of time.
Za potrošača, s obzirom na njihovu promjenjivost, kamatne stope mogu se podijeliti na fiksne, promjenjive te kombinirane kamatne stope koje su tijekom unaprijed definiranih razdoblja fiksne odnosno promjenjive.