natgillin/translations-raw huggingface dataset:
An analysis was carried out on the basis of financial accounts, money market data, and an examination of Croatian experience with regulatory arbitrage on the part of financial institutions.
Analiza je provedena na temelju financijskih računa, podataka s novčanog tržišta te uzimanja u obzir hrvatskih iskustava s procesom regulatorne arbitraže od strane financijskih institucija.
The paper is divided into five main sections.
Rad je podijeljen na pet osnovnih dijelova.
The
Nakon
introduction is followed by an explanation of the concept of shadow banks and the types of institutions or activities most often described in this way while problems in analysing that segment of the financial system are picked out.
uvoda objašnjeno je što su to banke u sjeni, koje se institucije ili vrste aktivnosti najčešće tako opisuju te su izdvojeni problemi analize tog segmenta financijskog sustava.
The third section discusses the role of shadow banking from the point of view of financial stability, the fourth section presents shadow banking in Croatia and the last section summarises the main conclusions on the importance of macroprudential regulation of all segments of the financial system and potential systemic risks associated with shadow banking in Croatia.
U trećem dijelu istaknuto je zbog čega je bankarstvo u sjeni važno iz perspektive financijske stabilnosti, četvrti dio prikazuje bankarstvo u sjeni u Hrvatskoj, a u posljednjem dijelu okupljeni su glavni zaključci o važnosti makroprudencijalne regulacije svih segmenata financijskog sustava te o potencijalnim sistemskim rizicima povezanima s aktivnostima banaka u sjeni u Hrvatskoj.
The term shadow banking was coined by Paul Mc
Pojam bankarstvo u sjeni u upotrebu je uveo visoki
Culley, a former chief economist at PIMCO, who used the term in his 2007 speech at the annual financial symposium in Jackson Hole to refer to non-bank financial institutions that are engaged in maturity transformation, i.e. the creation of long-term loans from shorter-term sources, and are not subject to regulations applicable to credit institutions (Kodres, 2013).
dužnosnik PIMCO-a Paul McCulley 2007. godine, kada se u govoru na godišnjem financijskom skupu u Jackson Hole osvrnuo na nebankovne financijske institucije koje se bave ročnom transformacijom, odnosno kreiranjem dugoročnih plasmana iz izvora koji su kraćeg roka dospijeća, a izvan su dosega regulative koja se primjenjuje na kreditne institucije (Kodres, 2013.).
It was pointed out that, as a rule, such legally and financially complex entities were linked to banks that in this way transferred a part of their operations outside their balance sheets (The Economist, 2014).
Pritom je istaknuto da su takvi pravno i financijski složeni subjekti u pravilu bili povezani s bankama, koje su na taj način prebacivale dio poslovanja izvan svojih bilanci (The Economist, 2014.).
In broad terms, shadow banking refers to all activi
U širem smislu, pod bankarstvom u sjeni podra
ties related to credit intermediation and maturity and liquidity transformation that take place outside the regulated banking system (Bakk-Simon et al., 2012).
zumijevaju se sve aktivnosti vezane uz kreditno poslovanje te ročne i likvidnosne transformacije koje se odvijaju izvan reguliranoga bankovnog sustava (Bakk-Simon i drugi, 2012.).
In narrow terms, shadow banking focuses mostly on funding forms that are very similar to banking operations (The Economist, 2014).
U užem smislu bankarstvo u sjeni fokusirano je primarno na oblike financiranja koji su vrlo slični bankarskom poslovanju (Economist, 2014.).
Jackson and Matilainen (2012) view shadow banking from the funding perspective, i.e. taking deposits or issuing deposit-like instruments, and the lending perspective, i.e. extending credit to the non-financial sector.
Jackson i Matilainen (2012.) bankarstvo u sjeni promatraju iz perspektive financiranja primanjem depozita ili instrumenata sličnih depozitima te iz perspektive kreditiranja odobravanjem kredita nefinancijskom sektoru.
In other words, this involves the credit intermedi
Međutim, treba istaknuti da se pojam “bankarstvo
However, it needs to be said that the term “shadow
Financial Stability Board) osnovan je 2009. godine kao nasljednik Foruma za financijsku stabilnost (engl.
increase systemic risks that may threaten financial stability.
ske rizike koji mogu ugroziti financijsku stabilnost.
In particular, the approach that prevails in recent conceptual discussions of the problem of shadow banks is that regulations should be directed at activities (an activity-based approach) and not at individual types of non-bank financial institutions in view of their heterogeneity and diversity in business models (Financial Stability Board, 2013), as well as the fact that banks also may be engaged in this type of activity (Perotti, 2013).
Naime, u recentnim konceptualnim raspravama o problemu banaka u sjeni prevladava stajalište da regulativu treba usmjeriti na aktivnosti (engl. activity based approach), a ne na pojedine vrste nebankovnih financijskih institucija s obzirom na njihovu heterogenost i različite koncepte poslovanja (Odbor za financijsku stabilnost, 2013.), kao i zbog činjenice da i banke mogu biti uključene u takvu vrstu aktivnosti (Perotti, 2013.).
financed by short-term borrowing;
ma financiraju se manje likvidni oblici imovine
• liquidity transformation - less liquid types of assets
• izravno ili neizravno korištenje financijske poluge
are financed by highly liquid liabilities;
za financiranje ulaganja rabe se posuđena sredstva
• direct or indirect use of financial leverage - invest
• transfer kreditnog rizika - rizik da dužnik neće moći
ments are financed by borrowing;
podmiriti svoje obveze prebacuje se od zajmodavca
lender to a third party;
BANKARSTVO U SJENI I FINANCIJSKA STABILNOST
• accepting funds in a form similar to deposits; and
Skrivaju li se banke u sjeni i u Hrvatskoj
• funds are often raised in the securitisation process, by
3. Bankarstvo u sjeni i financijska stabilnost
securities lending and repurchase transactions.
Brojna istraživanja upućuju na važnost financij
The expansion of the membership to the G20 countries has also broadened the set of activities of the Financial Stability Board, which became responsible for the promotion of regulatory changes and policies aimed at maintaining financial stability.
U tom kontekstu posebno treba voditi računa o mogućoj prekomjernoj regulaciji bankarskog poslovanja, što je jedan od prigovora koji se u raspravama upućuje na račun složenih izmjena regulative u sklopu Basela III.
SHADOW BANKING AND FINANCIAL STABILITY
Bankarstvo u sjeni ne mora samo po sebi biti pro
Are Shadow Banks Hiding in Croatia as Well?
Stoga osim prijetnji koje nosi treba imati na umu i njegove prednosti.
companies that may be used to avoid the large exposure restrictions applying to other financial institutions
Naime, banke u sjeni pružaju dodatne mogućnosti za financiranje, alternativa su ulaganju u bankovne depozite, efikasnije usmjeravaju sred
(European Commission, 2012; European Commission, 2013).
Prikaz 1.
Chart 1 Simpliﬁed overview of ﬁnancial intermediation in an economy
Pojednostavljeni proces financijskog posredovanja
Note: The arrows indicate the direction of the supply of funds.
Napomena: Strelice označuju smjer ponude sredstava.
Excluding the rest of the world.
Ostatak svijeta nije uključen u prikaz.
Source: Deutsche Bundesbank (2014): The shadow banking system in the euro area: overview of monetary policy implications, Monthly Report, March.
Izvor: Deutsche Bundesbank, 2014., The Shadow Banking system in the euro area: overview of monetary policy implications, mjesečni izvještaj, ožujak
Non-ﬁnancial sector
Nefinancijski sektor
• households
• Kućanstva
Non-bank ﬁnancial intermediaries
Nebankovni financijski posrednici
Commercial banks
Poslovne banke
Financial assets
Financijska imovina
Financial intermediaries
Financijski posrednici
Liabilities
Obveze
Non-banks Commercial banks
Nebankovne institucije Poslovne banke
3 Shadow banking and financial stability
BANKARSTVO U SJENI I FINANCIJSKA STABILNOST
Numerous researches point to the importance of
Mirna Dumičić i Tomislav Ridzak
It is assumed that financial intermediaries are better equipped to manage various kinds of risks arising in that process, such as credit risk, liquidity risk, etc.
stva zbog većeg stupnja specijalizacije i omogućuju diversifikaciju rizika smanjivanjem izloženosti bankarskom sektoru (Europska komisija, 2012.).
Most European countries are characterised by
No, djelovanje banaka u sjeni često je prociklično
bank-centric financial systems in which banks play the dominant role in the mobilisation of savings, capital allocation and risk management.
jer potiče financiranje dugom i nastanak cjenovnih balona u uzlaznim fazama ciklusa (Bakk-Simon i drugi, 2012.).
In bank-centric systems the problems of banks may result in a lack of funding to the economy as there are no sufficiently developed alternative sources of finance, while a welldeveloped network of financial intermediaries raises the possibility of regulatory arbitrage.
Usto, iz perspektive središnje banke važan je utjecaj banaka u sjeni na monetarnu politiku jer njihovo djelovanje može oslabiti učinke monetarnih mjera i instrumenata (Deutsche Bundesbank, 2014.).
In particular, if a specific market segment is burdened by strict, and often costly, regulations, this increases the motivation of both entities with surplus funds and entities with deficient funds to simplify their operations or make them less costly, which encourages the development of different types of financial intermediation outside credit institutions or potentially unregulated activities within banks.
S obzirom na to da banke u sjeni nisu izolirane od ostatka financijskog sustava, problemi se iz njih preko financijskih tržišta i drugih sudionika procesa financijskog posredovanja vrlo brzo mogu proširiti i na ostale financijske institucije, posebice na banke, a može doći i do prekograničnoga prelijevanja nestabilnosti.
Shadow banking should not be perceived as a
Svi navedeni rizici dodatno potvrđuju nužnost
problem if risks are appropriately managed and if investments are made in the types of assets whose value is justified by fundamentals.
snažnijega i bolje koordiniranog nadzora banaka u sjeni s ciljem smanjenja sistemskih rizika, odnosno negativnih posljedica mogućih kriznih epizoda.
In addition, from the central bank's perspective, shadow banking has a strong influence on monetary policy as it may weaken the effects of monetary measures and instruments (Deutsche Bundesbank, 2014).
U tom smislu važan je korak uspostava učinkovitog sustava prikupljanja usporedivih podataka o poslovanju takvih institucija na međunarodnoj razini.
Risks to financial stability associated with shadow
Među recentnim aktivnostima poduzetima s ciljem
banking include risks of potential budget expenditures to bail out these institutions, risks to depositors in shadow banks and risks to affiliated institutions with large exposures to such institutions, which can also be materialised in the form of fiscal costs.
kreiranja okvira kojim bi se poslovanje banaka u sjeni počelo regulirati i stvaranja baze podataka treba izdvojiti prikupljanje prvih podataka o kretanjima sredstava po
However, the lack of reliable data and information
Kada se promatra institucionalni okvir EU-a, na
on the operations of such institutions significantly hampers the examination of systemic risks that could threaten financial stability (Adrian, Ashcraft and Cetorelli, 2013).
makrorazini za stabilnost ukupnog sustava zaduženi su Europski odbor za sistemske rizike i Jedinstveni nadzorni mehanizam (engl.
Apart from being a problem by itself, the absence of comprehensive regulation to ensure adequate supervision of shadow banks results in reduced transparency of these institutions with respect to their liabilities, assets, ownership structure and so on.
Single Supervisory Mechanism), koji obavlja nadzor banaka u sklopu Europske središnje banke, dok su na mikrorazini za stabilnost zaduženi Europsko nadzorno tijelo za bankarstvo (engl.
An important step forward in this regard is the establishment of an effective system for collecting comparable data on international operations of shadow banks.
European Banking Authority - EBA), Europsko nadzorno tijelo za vrijednosne papire i tržišta kapitala (engl.
Among recent actions aimed at creating a frame
European Securities and Markets Authority), Europsko nadzorno tijelo za osiguranje i strukovno mirovinsko osiguranje (engl.
work that would begin to regulate shadow banking and at establishing a database one should mention the col
European Insurance and Occupational Pensions Authority - EIOPA) kao i Jedinstveni nadzorni mehanizam.
In addition, there are authorities in each member state that are responsible for the stability of the overall system.
i nadalje postoje razlike i u propisima i u njihovoj provedbi.
SHADOW BANKING IN CROATIA
BANKARSTVO U SJENI U HRVATSKOJ
The Croatian financial system is one of the most
Hrvatski financijski sustav jedan je od najrazvijeni
developed segments of the domestic economy.
jih segmenata domaćega gospodarstva.
However, when the structure, liquidity of individual market segments and the type and complexity of operations performed are considered, it is still relatively underdeveloped.
No, kada se promatraju njegova struktura, likvidnost pojedinih tržišnih segmenata te vrsta i složenost poslova koji se na njemu obavljaju, on je još relativno slabo razvijen.
Applying the methodology of the Financial Stability
Slijedeći metodologiju Odbora za financijsku sta
Board (Jackson and Matilainen, 2012), the basic steps in analysing shadow banks are an assessment of their share in the overall financial system and macro-mapping of the financial system on the basis of financial institutions' balance sheets, which enables an overview of developments in the financial system over time and an analysis of links between institutions within the system.
bilnost (Jackson i Matilainen, 2012.), osnovni koraci u analizi banaka u sjeni jesu ocjena njihova udjela u ukupnom financijskom sustavu i makromapiranje financijskog sustava na temelju bilanci financijskih institucija koje omogućuje sagledavanje kretanja u financijskom sustavu tijekom vremena te analizu međusobnih veza institucija unutar sustava.
Following the approaches of other countries, the starting point for analysis were financial accounts, which are a compi
Slijedeći pristupe drugih zemalja, polazna osnova za analizu jesu financijski računi koji su kompilirani prikaz dostupnih podataka HNB-a,
lation of available data of the CNB, Ministry of Finance, FINA and HANFA (Deutsche Bundesbank, 2014).
Ministarstva financija, Fine i Hanfe (Deutsche Bundesbank, 2014.).
Research into the potential risks related to shadow banking is based on an analysis of the structure and connections between the segments of the financial system, risks related to maturity and liquidity (mis)matches and the degree of the use of financial leverage.
Istraživanje potencijalnih rizika vezanih uz bankarstvo u sjeni zasnovano je na analizi strukture i međusobnih veza među dijelovima financijskog sustava, rizika povezanih s ročnim i likvidnosnim (ne)usklađenostima i stupnjem korištenja financijske poluge.
As data on the size of assets of financial institutions
Podaci o veličini aktive financijskih institucija u
Assets, million HRK
Udio u ukupnoj imovini financijskog sektora, %
Assets, million HRK
Imovina, mil. HRK
Share in total financial sector assets, in %
Udio u ukupnoj imovini financijskog sektora, %
Banks
Imovina, mil. HRK
Factoring
n.a.
n.a.
Stambene štedionice
n.a.
Obvezni mirovinski fondovi
n.a.
Štedne banke
Credit unions
n.a.
n.a.
Kreditne unije
Table 2.
Tablica 2.
a Structure of Croatian financial sector assets
a Struktura imovine hrvatskoga financijskog sustava
June 2015
VI. 2015.
Share in total financial sector assets, in %
Udio u ukupnoj imovini financijskog
Banks
sektora, %
Pension funds
Banke
Insurance companies
Mirovinski fondovi
Other financial intermediaries (leasing, factoring, credit unions) Money market funds
Osiguravajuća društva Ostali financijski posrednici (lizing, faktoring, kreditne unije)
Investment funds other than money market funds
Novčani fondovi
Financial auxiliaries (insurance intermediaries, brokers, capital management institutions, exchange offices)
Investicijski fondovi osim novčanih fondova Pomoćne financijske institucije (posrednici u osiguranju, brokeri, institucije za upravljanje kapitalom, mjenjači)
Captive financial institutions (such as holding companies and SPEs)
Društva koja se bave prijenosom financijskih sredstava (poput holding društava i društava za upravljanje)
Source: CNB - financial accounts.
Izvor: HNB - financijski računi
b Structure of Croatian financial sector assets (excluding pension funds)
b Struktura imovine hrvatskoga financijskog sustava (bez mirovinskih fondova)
Insurance companies
Banke
70%2 of the overall financial system, Croatia's financial system is classified as a bank-centric system, common in most European countries.
karski sektor, čiji udio u ukupnom financijskom sustavu kontinuirano premašuje 70%2, što Hrvatsku svrstava u bankocentrične sustave karakteristične za većinu europskih zemalja.
From the perspective of time, the share of as
Promatrano tijekom vremena, udio imovine ne
sets of non-bank financial institutions in the total assets of the financial system went up from 22% at end2006 to around 27% at end-June 2015 (Tables 1 and 2.
bankovnih financijskih institucija u ukupnoj imovini financijskog sustava povećao se s 22% na kraju 2006. na oko 27% na kraju lipnja 2015. (tablice 1. i 2.
It should be noted that the share of pension funds grew substantially after 2008.
Pritom je važno naglasiti kako u razdoblju nakon 2008. godine znatno raste udio mirovinskih fondova.
This increase was due to received payments by members, amounting to HRK 53.
Rast njihova udjela posljedica je primljenih uplata članova, koje od osnivanja iznose 53,4 mlrd. kuna, odnosno približno 76% imovine mirovinskih fondova.
Source: CNB - ﬁnancial accounts.
Izvor: HNB - financijski računi
Banks
Banke
Pension funds
Mirovinski fondovi
Insurance companies
Osiguravajuća društva
Other ﬁnancial intermediaries (leasing, factoring, credit unions)
Ostali financijski posrednici (lizing, faktoring, kreditne unije)
Money market funds
Novčani fondovi
Investment funds other than money market funds
Investicijski fondovi osim novčanih fondova
Financial auxiliaries (insurance intermediaries, brokers, capital management institutions, exchange ofﬁces)
Pomoćne financijske institucije (posrednici u osiguranju, brokeri, institucije za upravljanje kapitalom, mjenjači)
Captive ﬁnancial institutions (such as holding companies and SPEs)
Društva koja se bave prijenosom financijskih sredstava (poput holding društava i društava za upravljanje)
Accordingly, if pension funds are excluded from financial intermediaries (Table 2.
se iz financijskih posrednika isključe mirovinski fondovi (Tablica 2.
b), it is obvious that the importance of other non-bank financial intermediaries has not grown.
b), može se uočiti da se važnost drugih nebankovnih financijskih posrednika ne povećava.
In addition, it should be said that the increase in the share of non-bank financial institutions in the period since the end of 2008 has been in part caused by regulatory arbitrage as macroprudential measures in the pre-crisis period were directed at banks, while the rest of the system was beyond the reach of regulations, as is best exemplified by changes in the assets of leasing companies.
Usto, treba istaknuti i da je rast dijela nebankovnih financijskih institucija u razdoblju do kraja 2008. u određenoj mjeri bio posljedica regulatorne arbitraže s obzirom na to da su makroprudencijalne mjere u pretkriznom razdoblju bile usmjerene na banke, dok je ostatak sustava bio izvan njihova dosega, a najbolji primjer toga je kretanje imovine društava za lizing.
Holders of the Ministry of Finance's approval for the provision of consumer credit services3 in most cases have contracts with banks whose loans they offer under a simplified procedure.
Imatelji odobrenja Ministarstva financija za pružanje usluga potrošačkoga kreditiranja3 u većini slučajeva imaju ugovore s bankama čije kredite nude po pojednostavljenoj proceduri.
They do not charge the service directly to users but have special arrangements with banks from which they generate their income.
Pritom ne naplaćuju uslugu direktno od korisnika, već imaju posebne aranžmane s bankama od kojih ostvaruju prihode.
In addition, Croatia's accession to the EU has fa
Također, ulaskom Hrvatske u EU olakšan pristup
cilitated access to the domestic market by financial service entities that are registered in the member states.
domaćem tržištu dobili su subjekti koji pružaju financijske usluge registrirani u zemljama članicama.
Some of their activities are recorded directly in the part of financial accounts that covers operations with the rest
Dio njihovih aktivnosti evidentiran je izravno u dijelu financijskih računa koji se odnosi na poslovanje s inozemstvom, a dio neizravno preko veza s dijelovima domaćega finan
While there are definitely some entities whose activities are beyond official records at the moment, current anecdotal evidence does not indicate that their operations could give rise to systemic risks.
Iako zasigurno postoji i dio subjekata čije su aktivnosti trenutno izvan dosega službenih evidencija, anegdotalni dokazi u ovom trenutku ne upućuju na to da bi njihovo poslovanje moglo rezultirati sistemskim rizicima.
Some financial entities whose operations have
U proteklih nekoliko godina na hrvatskom su se tr
HANFA issued specific warnings several times about the increased risks of dealing with such entities4.
Hanfa je u nekoliko navrata izdala posebna upozorenja koja upućuju na povećane rizike poslovanja s takvim subjektima4.
Maturity mismatch between assets and liabilities
Ročna neusklađenost imovine i obveza kod neban
of non-bank financial institutions, measured in terms of the ratio between short-term liabilities and short-term assets, should not present systemic risk as this ratio is below 100% in most sectors.
kovnih financijskih institucija mjerena omjerom kratkoročnih obveza i kratkoročne imovine ne bi trebala činiti sistemski rizik jer je kod većine sektora taj omjer niži od 100%.
Investment funds are an exception, as can be expected considering that investments in these funds are usually treated as short-term liabilities, while investments in debt and equity securities are regarded as long-term assets although the character
Iznimka su investicijski fondovi, što je očekivano jer se ulozi investitora tretiraju kao kratkoročne obveze, dok se ulaganja u dužničke i vlasničke vrijednosne papire promatraju kao dugoročna imovina, premda karakter tih ulaganja primarno ovisi o likvidnosti tih instrumenata (Slika 2.).
Source: CNB - ﬁnancial accounts.
Slika 2.
Money market funds
Izvor: HNB - financijski računi
Investment funds
kratkoročne obveze / kratkoročna imovina, %
Insurance companies
Omjer obveza i kapitala, %
Pension funds
Novčani fondovi
Other ﬁnancial intermediaries
Investicijski fondovi
Financial auxiliaries
Osiguravajuća društva
Captive ﬁnancial institutions
Mirovinski fondovi
4 Royal međugeneracijska solidarnost, FX dealers, Plus500UK Ltd Admiral Markets AS - Admiral ulaganja, FXLider.
Društva koja se bave prijenosom financijskih sredstava
of such investments primarily depends on the liquidity of these instruments (Figure 2).
Mirna Dumičić i Tomislav Ridzak
4.3 Mutual exposures of financial institutions and selected sectors
Međusobne izloženosti financijskih institucija i odabranih sektora
In order to get a general impression of mutual ex
Kako bi se stekao opći dojam o međusobnim ve