natgillin/translations-raw huggingface dataset:
Interest rates on newly granted home and consumer loans followed a similar pattern in the period after 2002.
Kamatne stope na novoodobrene stambene i potrošačke kredite u razdoblju nakon 2002. iskazivale su sličnu dinamiku kretanja.
Following their uninterrupted decline until the onset of the crises (interest rates on consumer loans went down from approximately 15% to 11%, while interest rates on home loans went down from approximately 9% to 5%) early in 2008, they trended mildly upwards until the beginning of 2010, partly due to the change in the structure of newly granted loans, characterised by fewer home loans with a relatively lower interest rate.
Nakon njihova kontinuiranog snižavanja do početka krize (za potrošačke kredite s razina od otprilike 15% na 11%, odnosno za stambene kredite s otprilike 9% na 5%) početkom 2008. primjetan je njihov blagi rast sve do početka 2010., djelomično i zbog promjene strukture novoodobrenih kredita, u kojoj je bilo manje stambenih kredita s relativno nižom kamatnom stopom.
After that they trended downward noticeably until to date.
Nakon toga opet je primjetno njihovo kontinuirano snižavanje sve do danas.
International comparison
Međunarodna usporedba
The comparison of interest rates from the category of other household loans should be viewed with caution because this category contains inhomogenous products.
Pritom usporedbu kamatnih stopa iz kategorije ostalih kredita stanovništvu treba uzeti s određenim oprezom budući da se radi o skupini nehomogenih proizvoda.
In contrast, home loans are a more homogenous group of products.
Nasuprot tome, stambeni krediti u većoj su mjeri homogena skupina proizvoda.
Adjusted by the country risk premium, which, among other factors, affects the interest rate level, interest rates on home loans in Croatia are below the CEE average (Figures 14 and 15).
Korigirano za premiju rizika države, koja među ostalim činiteljima utječe na razinu kamatne stope, kamatne stope na stambene kredite u Hrvatskoj ispod su prosjeka zemalja SIE-a (slike 14. i 15.).
However, this comparison is limited even when such a relatively homogenous product group as home loans is in the focus.
Ipak, ovakva je usporedba ograničena čak i kada je riječ o relativno homogenom proizvodu poput stambenoga kredita.
Namely, in order for interest rates to be fully comparable, it is necessary to adjust them by loan maturity, collateral, currency of withdrawal, etc.
Naime, da bi kamatne stope bile potpuno usporedive, potrebno bi bilo napraviti korekciju za ročnost kredita, osiguranje kredita, valutu podizanja kredita i sl.
Note: Interest rates rates are related to a simple average of monthly interest rates within a year.
Napomena: Kamatne stope odnose se na jednostavni prosjek mjesečnih kamatnih stopa u određenoj godini.
The code “2015 minus CDS” denotes the interest rate on home loans reduced by the country risk premium, measured by credit default swaps.
Oznakom "2015. minus CDS" prikazana je kamatna stopa za stambene kredite umanjena za premiju rizika države, mjerena kreditnim izvedenicama na osnovi nastanka statusa neispunjavanja obveza (engl. credit default swap ili CDS).
Source: ECB.
Izvor: ESB
The differences between the national reference rate (NRR) and EURIBOR
Razlike između nacionalne referentne stope (NRS) i EURIBOR-a
The manner in which the change in interest rates in the region is transferred to a particular loan depends on the reference rate applied to it.
Način na koji se promjena kamatnih stopa iz okružja prenosi na konkretni kredit ovisi o referentnoj stopi koja se na njega primjenjuje.
Thus, there are significant differences in the dynamics of the two most often used reference interest rates - national reference rates (NRR) and EURIBOR.
Tako postoje značajne razlike u dinamici dviju najčešće korištenih referentnih kamatnih stopa - nacionalne referentne stope (NRS) i EURIBOR-a.
The NRR is the implied deposit interest rate, i.e. the average weighted cost of bank financing.
NRS je implicitna pasivna kamatna stopa, odnosno vagani prosječni trošak financiranja banaka.
Given the manner of its calculation (e.g. its level from May to August is calculated on the basis of data on the cost of bank liabilities, on average two quarters earlier - from January to March) this variable parameter reacts with a lag.
S obzirom na način njegova izračuna (npr. njegova razina od svibnja do kolovoza izračunava se na temelju podataka o trošku obveza banaka prosječno dva tromjesečja ranije - od siječnja do ožujka), ovaj promjenjivi parametar reagira s pomakom.
In addition, once it starts reacting, in the beginning the intensity of this reaction is lower since movements within one month have a small impact on total implicit costs.
Osim toga, jednom i kada počne reagirati, ta je reakcija u početku slabijeg intenziteta budući da kretanja iz jednog mjeseca imaju malen utjecaj na ukupne implicitne troškove.
The growth of the EURIBOR rate on the other hand would result in an overall increase in interest rates within a much shorter period of time.
S druge strane, porast EURIBOR-a u znatno bi se kraćem roku odrazio na opći porast kamatnih stopa.
Given that its value changes daily, its spillover to interest rates applied to loans would not be instant only due to the time required to change interest rates.
Budući da se njegova vrijednost mijenja svakodnevno, njegovo bi prelijevanje u kamatne stope koje se primjenjuju na kredite kasnilo samo zbog proteka vremena potrebnog za promjenu kamatnih stopa.
Although the Consumer Credit Act does not expressly stipulate the term within which banks may adjust their interest rates to an EURIBOR increase, experience has shown that they usually adjust the interest rates charged to consumers to reference rates within a period of six months.
Iako u Zakonu o potrošačkom kreditiranju nije eksplicitno navedeno u kojem roku banke mogu uskladiti kamatne stope s porastom EURIBOR-a, dosadašnja praksa banaka pokazuje da one uglavnom usklađuju kamatne stope koje zaračunavaju potrošačima s referentnima svakog polugodišta.
Due to a somewhat slower spillover of the cost of the sources of bank financing (most notably received deposits and loans) to the NRR in comparison to EURIBOR, interest rates on loans to consumers with variable NRR would grow slower.
Dakle, zbog nešto sporijeg prelijevanja troška izvora financiranja banaka (u prvom redu primljenih depozita i kredita) na NRS u odnosu na EURIBOR, kamatne stope na kredite potrošačima kod kojih je NRS promjenjiva stopa rasle bi sporije.
However, changes in interest rates need not go in the upward direction so it is necessary to view the position of the debtor in case of a decline in interest rates.
No, promjene kamatnih stopa ne moraju se nužno odvijati u smjeru rasta pa je potrebno promatrati položaj dužnika i u slučaju pada kamatnih stopa.
Under such a scenario, the position of borrowers that have EURIBOR as variable parameter would be more favourable.
U takvom scenariju položaj korisnika kredita kojima je promjenjivi parametar EURIBOR bio bi povoljniji.
The specifics of the NRR and EURIBOR are not the only elements affecting the dynamics of interest rate changes.
Specifičnosti NRS-a i EURIBOR-a nisu jedini elementi koji utječu na dinamiku promjene kamatnih stopa.
Namely, the rules on the maximum allowed level of interest rates pursuant to the Consumer Credit Act may also cause inertia when it comes to interest rate changes.
Naime, pravila o maksimalnoj dopuštenoj visini kamatnih stopa prema Zakonu o potrošačkom kreditiranju također mogu uzrokovati inerciju pri mijenjanju kamatnih stopa.
As the Act defines the maximum nominal interest rates on household loans as a function of the average weighted rate on loans of all banks, it is evident that the distribution of interest rates among banks may affect their ability to raise the interest rate.
Budući da se Zakonom definiraju najviše kamatne stope na kredite kućanstvima kao funkciju prosječne vagane stope svih banaka na stanja kredita, očito je da i distribucija kamatnih stopa po bankama može utjecati na mogućnost pojedine banke da podiže kamatne stope.
In this way, banks with higher interest rates do not have room for growth of interest rates to consumers.
Na taj način banke s višim kamatnim stopama nemaju prostora za rast kamatnih stopa potrošačima.
However, if it comes to a rise in interest rates, the averages that define maximum interest rates will also follow an upward path.
No, dođe li do porasta kamatnih stopa, i prosjeci koji definiraju maksimalne kamatne stope dobit će uzlaznu putanju.
In case of a more significant increase in rates these limitations would not affect all borrowers equally, the manner of adjustment would depend on the position of the client in the distribution of the interest rate level.
U slučaju znatnijeg porasta stopa ova ograničenja ne bi na sve dužnike djelovala jednako, a način prilagodbe ovisio bi o položaju klijenta u distribuciji razine kamatnih stopa.
The change in interest rates would thus, regardless whether interest rates are indexed to EURIBOR or the NRR, be somewhat less quick for clients closer to the legally allowed interest rate maximum.
Tako bi promjena kamatnih stopa, neovisno o tome jesu li kamatne stope vezane uz EURIBOR ili NRS, bila nešto tromija za klijente koji su bliži zakonski dopuštenom maksimumu kamatnih stopa, a brža za one koji su niže u distribuciji visine kamatnih stopa.
Regardless of the advantages of the NRR, such as its seemingly greater stability and predictability, in certain circumstances its application could result in a quick materialisation of interest rate risk.
Osim nekih prednosti NRS-a, u smislu njegove naizgled veće stabilnosti i predvidivosti, u određenim bi okolnostima njegovo korištenje moglo rezultirati brzom materijalizacijom kamatnog rizika.
Namely, in case of a stronger increase in deposit rates it could come to a rise in the interest of clients for early termination of time deposit agreements for existing deposits in order to benefit from the new, higher interest rate.
Naime, u slučaju snažnijeg porasta kamatnih stopa na depozite moguć je povećan interes klijenata za prijevremenim razročavanjem postojećih depozita kako bi ostvarili novu, veću kamatnu stopu.
Such actions would also cause the growth of the NRR and thus of interest rates to consumers that are indexed to the NRR.
Posljedica takvog postupanja bio bi i rast NRS-a, a time i kamatnih stopa za potrošače vezanih uz NRS.
There is one more difference between the NRR and EURIBOR interest rates resulting from the specific circumstances in which they are granted.
Postoji još jedna razlika između referentnih kamatnih stopa NRS-a i EURIBOR-a s obzirom na specifične okolnosti njihova odobravanja.
Namely, at the end of 2015, average euro housing loans indexed to the NRR had a variable part of around 1.9 percentage points and a fixed part of around 3.7 percentage points.
Naime, prosječni eurski stambeni kredit odobren krajem 2015. godine i vezan uz NRS ima varijabilni dio u iznosu od oko 1,9 postotnih bodova, a fiksni u iznosu od oko 3,7 postotnih bodova.
On the other hand, the variable and the fixed interest rate part of the comparable euro housing loans indexed to EURIBOR hovered around 0.03 percentage points and 5.6 percentage points respectively.
Nasuprot tome, usporedivi kredit odobren uz EURIBOR ima promjenjivi dio u iznosu od oko 0,03 postotna boda, a fiksni dio u iznosu od 5,6 postotnih bodova.
Accordingly, euro housing loans indexed to EURIBOR as a variable rate were in fact granted almost entirely at a fixed interest rate part, that is, the rate which banks can influence through their internal procedures.
Prema tome, eurski stambeni krediti koji su odobreni uz EURIBOR kao promjenjivu stopu odobreni su zapravo gotovo u cijelosti uz fiksni dio, odnosno dio na koji banka može utjecati s pomoću svojih internih procedura.
In this way, banks may decide not not transfer the entire growth of interest rates on their clients, but permanently reduce the share of their margin, i.e. the fixed interest rate, instead.
Na taj način banka može odlučiti da ne prenese na klijente u cijelosti porast kamatnih stopa, nego da umjesto toga permanentno smanji dio svoje marže, odnosno fiksni dio kamate.
However, this falls exclusively within the realm of a business decision of an individual bank and is not a legal requirement.
No, takvo postupanje isključivo je u domeni poslovne odluke banke i za to ne postoji zakonska obveza.
The growth of reference rates in the international market is not the only change that could contribute to the materialisation of the interest rate risk.
Porast referentnih stopa na međunarodnom tržištu nije jedina promjena koja bi mogla utjecati na materijalizaciju kamatnog rizika.
For instance, if the EURIBOR levels remain low and Croatia's risk premium increases, it would come to divergent interest rate movements in these two types of loans.
Primjerice, ako EURIBOR ostane na niskim razinama, a premija za rizik Hrvatske poraste, došlo bi do divergentnih kretanja kod kamatnih stopa na ove dvije vrste kredita.
For loans indexed to EURIBOR interest rates would remain unchanged because the fixed part of the loans indexed to EURIBOR locks in the current level of a country's risk premium.
Kod kredita koji su vezani uz EURIBOR kamatne bi stope ostale nepromijenjene jer fiksni dio kredita odobrenih uz EURIBOR "zaključava" trenutačnu razinu premije za rizik države.
From the client perspective this would be a favourable development because they could obtain financing at a rate below the market.
Iz pozicije klijenata to bi bilo povoljno budući da bi se oni financirali po stopi ispod "tržišne".
In contrast, interest rates on loans indexed to the NRR would probably rise because the NRR implicitly reflects the country's risk premium.
Nasuprot tome, kamatne stope na kredite koji su vezani uz NRS vjerojatno bi porasle jer NRS implicitno odražava premiju za rizik zemlje.
Consequently, the higher risk premium would spill over to households.
Na taj način veća premija za rizik države prelila bi se na kućanstva.
Of course, an opposite situation is possible as well: in case of the decline of the risk premium the interest rate on loans indexed to the NRR would go down, as expected, due to the fall in the NRR, while the interest rate on loans indexed to EURIBOR would remain unchanged.
Naravno, vrijedi i obratno: u slučaju pada premije za rizik zemlje kamatna stopa na kredite koji su vezani uz NRS očekivano bi pala (zbog pada NRS-a), dok bi ona na odobrene kredite vezane uz EURIBOR ostala nepromijenjena.
Nevertheless, the newly granted loans indexed to EURIBOR, would, as expected, then have a lower fixed part, so the consumers could (as explained earlier) than, according to the current loan supply, charges and conditions applicable, as well as their creditworthiness, refinance their loans at lower interest rates.
Ipak, očekivano je da bi novoodobreni krediti vezani uz EURIBOR tada imali niži fiksni dio, pa bi potrošač (kako je već objašnjeno u tekstu) mogao prema tada važećoj ponudi kredita, naknadama i uvjetima već postojećega kredita te svojoj kreditnoj sposobnosti refinancirati kredit uz nižu kamatnu stopu.
No developed market
Ne postoji
Finally, it is noteworthy that in contrast to EURIBOR there is no developed market for hedging against risk via financial derivatives.
Konačno, treba spomenuti da, za razliku od EURIBOR-a, za NRS ne postoji razvijeno tržište za zaštitu od rizika financijskim izvedenicama.
On the other hand, EURIBOR enjoys a developed market of instruments for hedging against interest rate risk.
S druge strane, za EURIBOR postoji razvijeno tržište instrumenata osiguranja od kamatnog rizika.
Accordingly, banks can in principle reduce or even completely neutralise the interest rate risk arising from the use of EURIBOR by employing different financial derivatives and offer clients fixed interest rates.
Prema tome, kamatni rizik koji proizlazi iz korištenja EURIBOR-a banke, kao pružatelji usluge potrošačima, načelno mogu smanjiti ili čak potpuno neutralizirati korištenjem raznih financijskih izvedenica te ponuditi klijentima fiksne kamatne stope.
The use of instruments to hedge against interest rate risk assumes additional costs that banks may embed into the overall cost of products, i.e. increase interest rates.
Korištenje instrumenata osiguranja od kamatnog rizika pretpostavlja dodatne troškove, koje banke mogu ugraditi u ukupnu cijenu proizvoda odnosno povisiti kamatnu stopu.
In practice, consumers do not have access to the derivatives market so the main protection for loans to clients against interest rate risk is the use of loans with fixed interest rate that banks can offer them.
U praksi potrošači nemaju pristup tržištu izvedenica, pa je za kredite potrošačima glavni način osiguranja od kamatnog rizika korištenje kredita s fiksnom kamatnom stopom koje im banke mogu ponuditi.
2 The group of banks whose quotations serve as the basis for EURIBOR calculation may be found http://www.euribor-rates.eu/panelbanks.asp
2 Skup banaka na osnovi čijih se kotacija računa vrijednost EURIBOR-a može se naći na http://www.euribor-rates.eu/panelbanks.asp .
Balance of payments
HNB
Balance of payments
Platna bilanca
It is compiled in accordance with the methodology recommended by the International Monetary Fund (IMF) and adopted by the EU.
Sastavlja se u skladu s metodologijom koju je preporučio Međunarodni monetarni fond (MMF) i prihvatila Europska unija.
Accordingly, the tables in this section present the data for the period from the year 2000 onwards, according to the methodology described in the sixth (6th) edition of the IMF's Balance of Payments Manual (BPM6).
U tablicama su prikazani podaci za razdoblje od 2000. godine nadalje, u skladu s metodologijom opisanom u 6. izdanju MMF-ova Priručnika za sastavljanje platne bilance (BPM6 priručnik).
The balance of payments of the Republic of Croatia is compiled and published on a quarterly basis, three months after the end of the reporting quarter.
Platna bilanca Republike Hrvatske sastavlja se i objavljuje tromjesečnom dinamikom, tri mjeseca nakon isteka izvještajnog tromjesečja.
With the first release, the data obtain the preliminary status and are expected to be revised during the subsequent releases as additional information becomes available.
S prvom objavom podaci dobivaju preliminarni status te se očekuje da će s objavom podataka za iduće tromjesečje biti revidirani s obzirom na naknadno pristigle informacije.
Moreover, the past data are always subject to revisions due to occasional corrections on the side of the data sources as well as due to the regular updating of the reporting samples.
Također, podaci prethodnih tromjesečja uvijek su podložni revizijama zbog povremenih ispravaka na strani izvora podataka kao i zbog redovnih ažuriranja uzoraka za pojedina statistička istraživanja.
TABLE H1 Balance of payments - summary
TABLICA H1 Platna bilanca - svodna tablica
TABLE H2 Balance of payments - goods and services
TABLICA H2 Platna bilanca - roba i usluge
TABLE H3 Balance of payments - primary and secondary income
TABLICA H3 Platna bilanca - primarni i sekundarni dohodak
TABLE H4 Balance of payments - direct and portfolio investments
TABLICA H4 Platna bilanca - izravna i portfeljna ulaganja
TABLE H5 Balance of payments - other investment
TABLICA H5 Platna bilanca - ostala ulaganja
TABLE H6 Balance of payments - summary (HRK)
TABLICA H6 Platna bilanca - svodna tablica (HRK)
The balance of payments of the Republic of Croatia represents a systematic overview of the value of economic transactions performed by the Croatian residents with foreign countries within a particular period.
Platna bilanca Republike Hrvatske sustavan je prikaz vrijednosti ekonomskih transakcija hrvatskih rezidenata s inozemstvom u određenom razdoblju.
From 1993 until the end of 2013, the balance of payments was compiled in accordance with the methodology recommended by the International Monetary Fund in the fifth edition of its Balance of Payments Manual (BPM5), while starting from 2014, the balance of payments is compiled according to the sixth edition of that manual (BPM6).
Od 1993. do kraja 2013. platna bilanca sastavljala se u skladu s metodologijom koju je preporučio Međunarodni monetarni fond u 5. izdanju svog priručnika za sastavljanje platne bilance (priručnik BPM5), dok se, počevši s 2014. godinom, platna bilanca sastavlja prema 6. izdanju priručnika (priručnik BPM6).
Also, with the beginning of the implementation of BPM6, the balance of payments historical data for 2000-2013 have been revised in line with the new methodology.
Također, s početkom primjene priručnika BPM6, u skladu s novom metodologijom, rekonstruirane su i povijesne serije podataka platne bilance za godine 2000. - 2013.
Data sources include: 1) estimates and statistical research carried out by the Croatian National Bank; 2) special reports of the Croatian National Bank (International Transaction Reporting System (ITRS), monetary statistics, securities statistics and reserve assets); and 3) reports of the government institutions (Central Bureau of Statistics, Ministry of Finance, Croatian Institute for Health Insurance and Croatian Pension Insurance Administration).
Tri su vrste izvora podataka za sastavljanje platne bilance: 1. procjene i statistička istraživanja koje provodi Hrvatska narodna banka, 2. specijalizirana izvješća Hrvatske narodne banke (o ostvarenom platnom prometu s inozemstvom, monetarnoj statistici, statistici vrijednosnih papira i međunarodnim pričuvama) te 3. izvješća državnih institucija (Državnog zavoda za statistiku, Ministarstva financija, Hrvatskog zavoda za zdravstveno osiguranje, Hrvatskog zavoda za mirovinsko osiguranje).
Balance of payments of the Republic of Croatia data are reported in three currencies: in euros (EUR), US dollars (USD) and domestic currency (HRK).
Platna bilanca Republike Hrvatske iskazuje se u tri valute: u euru (EUR), američkom dolaru (USD) i kuni (HRK).
In all cases, the same data sources are used and the same principles regarding the scope of transactions and the procedures for compiling particular items are applied.
U sva tri slučaja rabe se isti izvori podataka i primjenjuju se ista načela obuhvata transakcija i kompiliranja pojedinih stavki.
Since the original data are reported in different currencies, the transaction values are converted from the original currency into the reporting currency by applying the exchange rate from the CNB exchange rate list in one of the following manners:
Izvorni podaci iskazani su u različitim valutama, pa je vrijednost transakcija potrebno preračunati iz originalne valute u izvještajnu valutu primjenom tečajeva s tečajnice Hrvatske narodne banke na jedan od sljedećih načina:
by applying the midpoint exchange rate on the date of the transaction;
primjenom srednjih tečajeva na dan transakcije
by applying the average monthly or quarterly midpoint exchange rate in the case the transaction date is not available;
primjenom prosječnih mjesečnih ili tromjesečnih srednjih tečajeva kad nije poznat datum transakcije
by applying the end-of-period exchange rate for the calculation of a change in the transaction value between the two periods; the end-of-period balances reported in the original currency serve as a basis for calculating the change in the original currency value, which is converted, by applying the average midpoint exchange rate in the observed period, into the value of change in the reporting currency.
primjenom tečaja na kraju razdoblja za izračun promjene vrijednosti transakcija između dva razdoblja; iz stanja iskazanih na kraju razdoblja u originalnoj valuti izračunava se vrijednost promjene u originalnoj valuti, koja se primjenom prosječnoga srednjeg tečaja u promatranom razdoblju preračunava u vrijednost promjene u izvještajnoj valuti.
The report of the Central Bureau of Statistics on foreign trade in goods of the Republic of Croatia represents the basic data source for the balance of payments items related to exports and imports.
Stavke platne bilance koje se odnose na izvoz i uvoz robe slažu se od podataka Državnog zavoda za statistiku o ostvarenoj robnoj razmjeni Republike Hrvatske s inozemstvom.