natgillin/translations-raw huggingface dataset:
the second crisis, occurring in banks founded after changes in the economic system that were not able to remain viable, because of either weak management and/or increased competition in the market as the transition period progressed.
drugu krizu dijela banaka osnovanih nakon promjene ekonomskog sustava koje nisu uspjele opstati zbog slabog upravljanja i/ili jačanja konkurencije na tržištu s napretkom tranzicije.
The first banking crisis, the crisis of the old banks, as they were called, started with the beginning of the transition process (and even before it), and is even now ending with the sale of the rehabilitated state banks to foreign strategic investors.
Prva je bankovna kriza, kriza tzv. starih banaka, započela s početkom procesa tranzicije (pa i prije toga), a upravo završava prodajom rehabilitiranih državnih banaka stranim strateškim ulagačima.
Among the costs of this crisis, brought about by the heritage of the past and, partially, as is too often forgotten, by the enormous consequences of the war, I would count:
U troškove te krize, izazvane naslijeđem prošlosti i, djelomično, golemim posljedicama rata na koje se prečesto zaboravlja, ubrajam:
the issuing of the so-called big bonds in 1991, in the amount of about $990 million,
izdavanje tzv. velikih obveznica 1991. godine u iznosu od oko 990 milijuna američkih dolara,
the 1992 conversion of foreign currency savings into a public debt, in the amount of $3,190 million and
pretvaranje devizne štednje u javni dug 1992. godine u iznosu od oko 3.190 milijuna američkih dolara i
the rehabilitation of Slavonska Banka, Splitska Banka, Riječka Banka and Privredna Banka, during the period from 1995 to 1996, at a cost of $473 million.
sanaciju Slavonske, Splitske, Riječke i Privredne banke Zagreb, u razdoblju od 1995. do 1996. godine, u ukupnom iznosu od oko 473 milijuna američkih dolara.
All told, the costs of the first banking crisis, as it is called, can be estimated at about $4,653 million.
Ukupno, troškove tzv. prve bankovne krize možemo procijeniti na oko 4.653 milijuna američkih dolara.
The precise amount of the costs of the first banking crisis is hard to estimate because in the estimates one should not forget revenue, i.e., items that reduce the total costs, such as, for example, income from the privatisation of banks, salaries, profits and tax revenue that the rehabilitated banks would not have been able to make, or to pay, if they had collapsed.
Točan je iznos troška prve bankovne krize teško utvrditi jer u navedenim procjenama ne treba zaboraviti prihode, tj. stavke koje ukupan trošak umanjuju, a to su, primjerice, prihodi od privatizacije banaka, te plaće, dobit i porezne prihode što ih sanirane banke ne bi ostvarile, odnosno uplatile, da su propale.
There is no doubt that these costs have been very high, placing Croatia among countries with the highest costs for the solution of the banking crisis in terms of proportion of GDP, which has been several times analysed and highlighted in CNB reports, as well as in public statements made by employees of the central bank.
Nema sumnje da su ti troškovi vrlo visoki i svrstavaju Hrvatsku među zemlje s najvišim troškovima rješavanja bankarske krize u omjeru prema bruto domaćem proizvodu (BDP-u), što je više puta detaljnije analizirano i isticano u radovima HNB-a, kao i u javnim istupima djelatnika središnje banke.
These high costs are typical of countries caught up in a war, like Kuwait and Israel in parts of their histories.
Tako visoki troškovi tipični su za zemlje zahvaćene ratom, poput Kuvajta (45%) i Izraela (25%) u jednom dijelu njihove povijesti.
The second feature of the crisis is the costs of the payment of insured savings deposits in banks in which bankruptcy proceedings have been started.
Drugi izraz te krize su troškovi isplate osigurane štednje u bankama nad kojima je otvoren stečajni postupak.
These costs were a charge upon the Budget, because not enough premium income had been collected in the fund of the State Agency for Deposit Insurance and Bank Rehabilitation.
Podsjećam da je u 1998. i 1999. godini Hrvatska narodna banka zatražila pokretanje stečajeva za 9 banaka i 4 štedionice.
I would recall that in 1998 and 1999, the Croatian National Bank required that bankruptcy proceedings be started in nine banks and four savings banks, while it withdrew the operating permit from one branch of a foreign bank, one bank and six savings banks.
Uz to, u 2000. godini HNB je zatražio otvaranje stečajeva nad još 3 banke i jednom štedionicom i ukinuo odobrenje za rad jednoj podružnici strane banke, jednoj banci i 6 štedionica.
The cost of paying out insured savings in the case of banks and savings banks where bankruptcy proceedings have already started can be estimated as being in the region of $400 million.
Trošak isplate osigurane štednje kod banaka i štedionica nad kojima je već otvoren stečajni postupak može se procijeniti na oko 400 milijuna američkih dolara.
Once again, this is an estimate.
Opet se radi o procjeni.
If bankruptcies and liquidations that have been proposed should be initiated, this could increase the costs by some additional $50 million.
Ako i kada predloženi stečajevi budu pokrenuti, to bi moglo povećati troškove za dodatnih 50-ak milijuna američkih dolara.
Accordingly, the total costs of the second banking crisis could be estimated at about $800 million.
Dakle, ukupni bi se troškovi druge bankovne krize mogli procijeniti na oko 800 milijuna američkih dolara.
If we add together the costs of the first and the second crisis (with the renewed qualification that this is a matter of gross costs and outline amounts), we will arrive at the sum of about $5.45 billion.
Zbrojimo li troškove prve i druge krize (uz ponovljenu ogradu da se radi o bruto troškovima i okvirnim iznosima), dolazimo do iznosa od oko 5,45 milijardi američkih dolara.
Of this, about 85% is accounted for by the first crisis, and 15% by the second.
Od toga na prvu bankovnu krizu otpada oko 85 posto, a na drugu oko 15 posto troška.
The first crisis, then, was much larger, much more dangerous to the whole of the economic system than the 1998 crisis.
Prva je bankovna kriza bila dakle mnogo veća i opasnija za cjelokupni gospodarski sustav nego kriza iz 1998. godine.
Accordingly, I would like to emphasise the fact that the crisis is on the whole a thing of the past.
Želim naglasiti da je ta kriza svojim najvećim dijelom iza nas.
Here I shall not refer to the causes of the first crisis, because I believe that the socialist inheritance and the consequences of the war are well known to the public at large.
Ovdje se neću osvrtati na uzroke prve bankovne krize jer vjerujem da su socijalističko naslijeđe i posljedice rata dobro poznati široj javnosti.
I shall, however, have a little more to say about the causes of the second banking crisis.
Doduše, nije poznato da smo u samostalnost 1990. godine krenuli s negativnim kapitalom svih banaka i to od 2 mlrd US $.
What, in my estimation, were its main causes?
Nešto više ću reći o uzrocima druge bankovne krize.
It started with the over-indulgent granting of operating licenses for banks in the first half of the nineties.
Ona je počela previše širokogrudnim davanjem odobrenja za rad banaka u prvoj polovici devedesetih godina.
There was not enough caution with respect to the number of banks, and not enough with respect to the people who were installed in managerial positions in the bank.
Oprez je izostao i u pogledu broja banaka, i u pogledu ljudi koji su postavljani na rukovodeća mjesta u bankama.
However, it should be recalled that then the Law did not even seek the so-called prior agreement of the central bank for the appointment of managers, that is the Managements, of the banks, but only some non-binding opinion.
Međutim, valja podsjetiti da tada Zakon i nije tražio tzv. prethodnu suglasnost središnje banke pri imenovanju rukovodećih ljudi, odnosno uprava banaka, već samo neobvezujuće mišljenje.
At the time I was appointed Governor, in March 1996, 55 operating licenses had already been issued to banks.
U času kad sam izabran za guvernera, u ožujku 1996., već je bilo izdano 55 odobrenja za rad banaka.
After that, only six new banking operating licenses were issued (Tršćanska Štedionica - Banka, Hypo Banka Croatia, Libertas Banka Dubrovnik - which was never opened - Bank Austria Croatia, Volksbank, BNP -Dresdner Bank Croatia, Société Générale - which is not working, but at no cost to the taxpayer - and Bayerische Hypo- und Vereinsbank).
Prevelik broj banaka i/ili loše uprave i nadzorni odbori u dijelu banaka koje su namjerno kršile ne samo propise već i sva načela zdravoga bankarskog poslovanja doveli su za nekoliko godina dio banaka u bezizlaznu situaciju.
What ought to be obvious but, it seems, needs constantly repeating, is the simple fact that for the poor performance of the banks that have collapsed it is primarily the people who were managing these banks that are responsible - their management and supervisory boards.
Ono što bi trebalo biti očito, no izgleda da treba stalno ponavljati, jest jednostavna činjenica da su za loše poslovanje propalih banaka odgovorni prije svih oni koji su tim bankama upravljali - znači njihove uprave i nadzorni odbori.
It is not the CNB that made the bad business decisions, or lent money that could not be collected, but the managements of the banks.
Nije HNB donosio loše poslovne odluke, odnosno plasirao sredstva tako da se ne mogu vratiti, već uprave banaka.
Supervision of the banks does not exist to stop bad lending practice, but to observe and penalise it.
I ne služi nadzor banaka tomu unaprijed da spriječi loš plasman, već da ga uoči i sankcionira.
May I be permitted to observe that it is in the very essence of the market economy that every individual player makes its own business decisions and, which is crucial, bears all the consequences of these decisions, including the possible institution of bankruptcy proceedings.
Dopustite mi istaknuti da je u samoj biti tržišnoga gospodarstva da svaki pojedini subjekt za sebe donosi poslovne odluke i, a to je ključno, snosi za te odluke sve posljedice, uključujući i moguće otvaranje stečaja.
The CNB cannot and may not manage the commercial banks, except when the situation has already become so serious that a provisional administrator has to be appointed to protect the creditors (including the depositors) of the bank, which was made possible only by the new Banking Law of the end of 1998.
HNB ne može i ne smije upravljati poslovnim bankama, osim kada situacija već postane tako ozbiljna da je potrebno imenovati privremenog upravitelja kako bi se zaštitili vjerovnici (znači i štediše) banke, a i to je omogućeno tek novim Zakonom o bankama s kraja 1998. godine.
One has to be aware that there is no supervisory institution that can in advance keep a check on every single transaction in a commercial bank.
Valja znati da niti jedna nadzorna institucija ne može unaprijed kontrolirati svaku pojedinu transakciju u poslovnoj banci.
There is risk inherent in the very concept of the market, and not every decision in business, however well meaning it might be, can always be successful.
U samoj je biti tržišta rizik, pa ni svaka poslovna odluka, ma kako dobronamjerna bila, ne mora polučiti uspjeh.
Furthermore, as I have said frequently, there is hardly a country in the world that has not had to come to terms with a banking crisis within the last fifteen years, from the USA to Sweden, Finland to Japan, from Estonia and Latvia to the Czech Republic and Hungary.
Štoviše, već sam često isticao da gotovo i nema zemlje na svijetu koja nije bila u posljednjih petnaestak godina suočena s bankarskom krizom, od SAD-a do Švedske, od Finske do Japana, od Estonije i Latvije do Češke i Mađarske.
Once again, I have to say in public that the procedures of some of the members of bank management and supervisory boards that denounce the CNB for the bad management of the banks that they managed or supervised are absurd.
Još jednom moram javno reći da su apsurdni postupci pojedinih članova uprava banaka i nadzornih odbora koji prozivaju HNB za loše poslovanje banaka kojima su oni upravljali ili koje su nadzirali.
It is the same as if the manager of some company denounced the financial police, claiming that they were to blame for his having run his company badly or having embarked on some legally forbidden activity.
To je slično kao kada bi direktor nekog poduzeća prozvao financijsku policiju da je odgovorna za to što je on loše upravljao poduzećem ili što se upuštao u zakonom zabranjene aktivnosti.
Like a driver who has been stopped by the traffic police accusing the policeman for his having driven too fast.
Ili kada bi vozač, nakon što ga je zaustavio prometni policajac, policajca optužio za to što je on prebrzo vozio.
I have to say that it is actually quite amazing that such pieces of logical bravura can be sold to the public, day after day, case after case.
Moram reći da je upravo nevjerojatno da se takve logičke bravure mogu iz dana u dan i iz slučaja u slučaj plasirati javnosti.
I hold the calls of some politicians and business people that the Governor of the Croatian National Bank be dismissed as a result of such kinds of accusation to be the absolute height of absurdity.
A pravim vrhuncem apsurda smatram pozive nekih političara i poslovnih ljudi da se pod pritiskom takve vrste optužaba smijeni guverner Hrvatske narodne banke.
Secondly, the CNB started building up most of its functions practically from zero when Croatia became independent.
Drugo, HNB je većinu svojih funkcija počeo graditi s osamostaljenjem Hrvatske praktično od ništice.
At the beginning of the nineties, there was no Supervision and Control Section capable of effective supervision of the banks in the contemporary sense.
Početkom devedesetih Sektora nadzora i kontrole osposobljenog za djelotvoran nadzor banaka u suvremenom smislu i nije bilo.
And when I took over the duty of governor in March 1996, this department, although already considerably better equipped, was quite clearly inadequately prepared to deal with the problems of the rapidly developing but already bloated transitional banking system, with its almost 60 banks and some twenty savings banks.
I kada sam preuzeo dužnost guvernera u ožujku 1996. godine, taj je sektor, iako već znatno bolje ekipiran, bio očito nedovoljno spreman da se nosi s problemima vrlo brzo rastućeg, ali već nabujaloga tranzicijskog bankarskog sustava s gotovo 60 banaka i dvadesetak štedionica.
What has, however, been achieved in the meantime in the CNB in the area of bank supervision will be addressed later.
Za to su potrebne godine obrazovanja, rada i stjecanja iskustva.
Accordingly, it was only then that we could take effective measures vis-a-vis banks in which we had earlier spotted problems.
Stoga smo tek tada mogli poduzeti djelotvornije mjere prema bankama, u kojima smo i ranije uočavali naznake problema.
It was actually thanks to the urging of the CNB that the last government proposed the kind of law that gave us the necessary authority.
Upravo je na inzistiranje HNB-a prethodna Vlada predložila takav zakon koji nam je dao potrebne ovlasti.
Fourthly, something that certainly did not help the central bank to supervise banking institutions, at least from the time I have been at the head of it, was the political climate in which the banking system developed, a political climate, throwbacks to which have been visible in the last few days, in which there were attempts to get the CNB to act at variance with the law through political pressure.
Četvrto, ono što zacijelo nije pomagalo središnjoj banci u nadzoru bankarskih institucija, barem od kada sam ja na čelu te institucije, bila je politička klima u kojoj je bankovni sustav rastao, a to je politička klima, koje se recidivi mogu jasno vidjeti posljednjih dana.
The general public is probably not aware that in most developed countries, the major part of the supervisory work of the central bank is done through what is called moral persuasion.
Široj javnosti sigurno nije poznato da se u većini razvijenih zemalja najveći dio supervizijskog posla središnje banke obavlja posredstvom tzv. moralnog uvjeravanja.
In the great majority of cases, this is enough for a bank to change its manner of behaving.
U velikoj većini slučajeva to je dovoljno da banka promijeni svoje ponašanje.
In this country, unfortunately, this was not the case, partly because some bank managements deliberately flouted regulations for their own benefit, and partly because a climate had been created in which some banks were politically protected, and thus did not believe that it was necessary to take the corrective measures enjoined by the CNB.
Kod nas to, nažalost, nije bio slučaj, dijelom zbog toga što su pojedine uprave banaka namjerno kršile propise iz vlastitih interesa, a dijelom zbog toga što je stvarana klima političke "zaštićenosti" pojedinih uprava.
Then I said: "I advocate the elimination of any kind of political influence on the banks, which should lend their money only on the basis of professional banking decisions.
Tada sam rekao: ”Zalažem se za to da se eliminira utjecaj bilo kakve politike na banke i da one samo na temelju stručnih bankarskih odluka plasiraju sredstva.
The banks may not be charitable institutions or local development funds; they are business outfits.
Banke ne smiju biti ni socijalne ustanove, ni lokalni razvojni fondovi, već poslovne ustanove.
For this reason, let us leave the management of banks to bankers, because this is a complex and highly professional business.
Stoga ostavimo upravljanje bankama bankarima, jer je to složen i visokostručan posao.
In the same way, let us not all fall into the trap of the politicking creation of distrust in the banks, because there is no reason for it.
Isto tako nemojmo svi mi upasti u zamku politikanskog stvaranja nepovjerenja u banke jer za to nema osnova.
Only in this way can the banks look after the money entrusted to them and only thus can the stability of the overall financial system be maintained, and this is the basis for economic progress”.
Samo tako banke mogu sačuvati novac koji im je povjeren i samo se tako može očuvati stabilnost ukupnoga financijskog sustava, a to je osnovica gospodarskog napretka.”
Two years later, I can do nothing but repeat this same call.
Taj apel, nažalost, i nakon dvije godine, mogu samo ponoviti.
The four reasons just stated were the main causes of what is called in Croatia today the second banking crisis.
Prethodno navedena četiri razloga glavni su uzroci onoga što danas u Hrvatskoj nazivamo drugom bankovnom krizom.
Could the CNB have stopped the second banking crisis?
Da li je HNB mogao spriječiti drugu bankovnu krizu?
No. The most that could have been done, perhaps, was that some of the banks that went under could have been closed a little earlier.
Ne. Najviše što se u opisanoj situaciji možda moglo učiniti jest to da se dio banaka koje su propale mogao zatvoriti nešto prije.
I am sure, however, that in this case the attacks on the CNB, both political and from the public, would have been still stronger, including statements that it was the CNB that was destroying banks that were really quite healthy.
Siguran sam, međutim, da bi u tom slučaju napad na HNB, i javni i politički, bio još jači, uz tvrdnje kako je upravo HNB uništio banke koje su inače bile dobre.
We have been exposed to violent attacks for two and a half years.
Žestokim smo napadima, uostalom, neprekidno izloženi već dvije i pol godine.
Those who think that the crisis of part of the banking system could have been totally avoided in the situation in which I was appointed to this post are not right, I am afraid.
Oni koji misle da je krizu dijela bankovnog sustava bilo moguće sasvim izbjeći u situaciji u kojoj sam došao na ovu dužnost, nažalost, nisu u pravu.
I have never avoided my responsibilities for the consolidation of the banking system, and I will not avoid them today.
Od odgovornosti za konsolidaciju bankovnog sustava nisam bježao nikada, pa ne bježim ni danas.
Someone had to carry out the elimination of bad banks from the market, because the problems existed.
Netko je eliminiranje loših banaka s tržišta morao provesti jer su problemi bili tu.
Certainly, there have been things along the way that we might have done better, as can be seen today much more easily with hindsight.
Sigurno je da je na tom putu bilo stvari koje smo mogli učiniti bolje, što je danas s povijesnom odmakom lakše uočiti.
But I am equally convinced that the bill for the second banking crisis would have been much bigger if we had conducted ourselves according to the advice and procedures recommended by the critics of the policy that, for all the constraints I mentioned earlier, we did actually run with respect to the banking sector.
No isto sam tako uvjeren da bi iznos druge bankovne krize bio mnogo veći da smo se rukovodili mnogim savjetima i postupcima koje su nam sugerirali kritičari politike koju smo, uza sva ograničenja koja sam prije spomenuo, prema bankarskom sektoru vodili.
I repeat, and this is not the evaluation of the CNB alone, but that of independent foreign analysts as well, the CNB did carry out its main assignment: it stopped the crisis taking on systemic dimensions, and thus creating considerably greater costs.
Ponavljam, a to nije ocjena samo HNB-a, već i neovisnih stranih analitičara, temeljnu je zadaću HNB ispunio: spriječio je da kriza poprimi sistemske razmjere, a time prouzroči i znatno veće troškove.
Today, standing before this House, I can say with all due responsibility that the business of settling the situation in the Croatian banking system is going on successfully, and that we are beginning to harvest the first fruits of the on-going consolidation process.
Danas, stojeći pred ovim časnim domom, mogu odgovorno reći da posao sređivanja stanja u hrvatskom bankovnom sustavu uspješno teče i da počinjemo ubirati i prve plodove konsolidacije, koja se nastavlja.
The situation in Croatian banking is much better than in the last two years, and particularly than it was five or ten years ago.
Situacija u hrvatskom bankarstvu je mnogo bolja nego u protekle dvije godine, a posebice prije 5 ili 10 godina.
Today the interest rates are half of what they were when I came into office.
Danas su kamatne stope prepolovljene u usporedbi s razdobljem s početka moga mandata.
This is a sign that the restructuring of the banking sector has at last given rise to increased efficiency.
To je znak da je restrukturiranje u bankovnom sektoru konačno urodilo povećanjem efikasnosti.
I have to say that we in the CNB are extremely pleased with this and see a good outlook for the whole of the banking system in the years to come; we see a continued increase in efficiency, a fall in interest rates, the reduction of loan risk and, as a consequence, a much more stable banking system.
Moram reći da smo u HNB-u vrlo zadovoljni time i vidimo dobru perspektivu cijeloga našeg bankarskog sustava u godinama koje dolaze: vidimo daljnje povećanje efikasnosti, pad kamatnih stopa, smanjenje kreditnog rizika i, kao posljedicu, puno stabilniji bankarski sustav.
I would hope that after the rapid privatisation of Riječka Banka and Splitska Banka foreign strategic investors will be more in evidence in the Croatian banking market than in Hungary, the banking market of which is considered the most efficient in the transitional countries of Central and Eastern Europe.
Nakon, želim vjerovati, brze privatizacije Riječke i Splitske banke, strani će strateški ulagači na hrvatskom bankarskom tržištu biti čak prisutniji nego u Mađarskoj, čije se bankarsko tržište smatra najefikasnijim među tranzicijskim zemljama Srednje i Istočne Europe.
This is a guarantee of the stability of the domestic banking system in the future and something that can have a soothing effect on savers, after the consolidation problems that our banking system has had to go through in the last two years.
To je jamstvo stabilnosti domaćega bankarskog sustava u budućnosti i nešto što može djelovati smirujuće na štediše nakon konsolidacijskih problema kroz koje je prošao naš bankovni sustav u protekle dvije godine.