natgillin/translations-raw huggingface dataset:
Since any more significant impact of the state-owned banks, particularly the state owned mortgage [hypothec] banks is felt precisely in Germany and Austria, changes in ownership structures here will have direct and indirect impacts on banking in Croatia, through changes in the credit rating or ownership of certain banks the branches of which do business on our market.
Kako se znatniji utjecaj državnih banaka, posebno takozvanih državnih hipotekarnih banaka, osjeća upravo u Njemačkoj i Austriji, promjena tih vlasničkih struktura imat će posredne i neposredne utjecaje na bankarstvo u Hrvatskoj promjenom keditnog rejtinga ili vlasništva nekih banaka čije podružnice posluju na našem tržištu.
However, since the banks in the applicant countries are mainly internationalised and privatised, or well on the way to so being, some EU states will have much more difficulty in respect this EU norm than the applicant countries.
Međutim, kako su banke u zemljama kandidatkinjama uvelike internacionalizirane i privatizirane, neke države EU imat će mnogo više problema s poštovanjem te EU norme nego zemlje kandidatkinje u kojima su bankovni sustavi već uvelike privatizirani (ili su na najboljem putu da to postanu).
More important than this will be changes in the public mood with reference to “foreign banks”.
Važnija od toga bit će promjena javnog raspoloženja prema takozvanim stranim bankama.
That is, public attitudes to the EU, globalisation and foreign ownership go, as a rule, through a number of phases.
Naime, odnos javnosti prema EU, globalizaciji i stranim vlasnicima po pravilu prolazi kroz nekoliko faza.
Initial rapture is followed by revulsion and disappointment, when the first problems appear, showing that there is no ideal system (this phase started in Croatia after the Rijeka banka crisis, which at the moment the scandal of foreign currency losses broke out was owned by a German state-owned bank).
Nakon početnog oduševljenja slijede odbojnost i razočaranje kada se pojave prvi problemi koji pokažu da ne postoji idealan sustav (ta je faza u Hrvatskoj započela nakon krize u Riječkoj banci, koja je u trenutku izbijanja afere s gubicima u deviznom trgovanju bila u vlasništvu njemačke državne, a ne privatne banke).
If the public gets cold feet at loss of sovereignty in the control of banks, it is easy to match this with arguments about essentially easier interest rates and loan conditions in an internationalised system and the vast costs that the taxpayer had to stand in the “national” system.
Ako se javnost uplaši zbog gubitka suvereniteta kontrolom nad bankama, tome je lako parirati argumentima: bitno povoljnijim kamatnim stopama i uvjetima kreditiranja u internacionaliziranom sustavu te golemim troškovima što su ih porezni obveznici imali u sustavu koji je bio “nacionalan”.
However, bearing in mind Croatian political traditions, and the constant demand in them for stronger government interference in the economy, it is questionable whether any political elite will have any interest in preserving the achieved openness of the banking system if public pressure takes on greater dimensions than those we have seen to date.
Međutim, imajući na umu hrvatske političke tradicije i u njima stalni zahtjev za jačim državnim uplitanjem u gospodarstvo, upitno je hoće li bilo koja politička elita imati interesa očuvati dosegnutu otvorenost bankovnog sustava ako pritisak javnosti poprimi veće razmjere od ovih kojima smo danas svjedoci.
In the next few years the attitude of the public towards the opening of not only the banking system but of all segments of economic and social life will have to be attentively scrutinized.
U sljedećih nekoliko godina treba pomno pratiti odnos javnosti prema otvaranju ne samo bankovnog sustava, već svih segmenata gospodarskog i ukupnog života društva.
It is precisely in this attitude that the answer to the question of the possible speed of Croatian convergence on EU standards lies.
Upravo je u tom odnosu odgovor na pitanje kolika je moguća brzina hrvatske konvergencije prema normama EU.
DEVELOPMENT OF THE CAPITAL MARKET
RAZVOJ TRŽIŠTA KAPITALA
The fourth problem common to the EU and the applicant countries as well as Croatia relates to the inadequate development of the share capital market.
Četvrti problem koji je zajednički i EU i zemljama kandidatkinjama i Hrvatskoj odnosi se na nedovoljnu razvijenost tržišta dioničkog kapitala.
In placing their resources, banks endeavour to minimise risks.
Plasirajući sredstva, banke nastoje minimizirati rizike.
The sources of resources of the banks are mainly not permanent (apart from their capital and the few long-term deposits)vi, but are medium-term and short-term, which means that the banks have limited opportunities for term transformation as it is known for the sake of placing long-term funds.
Izvori sredstava banaka uglavnom nisu trajni (osim kapitala i malobrojnih dugoročnih depozita)vi, nego su srednjeročni i kratkoročni, što znači da banke imaju ograničenu mogućnost takozvane ročne transformacije radi dugoročnog plasiranja sredstava.
From this it derives that the banks cannot be any kind of substitute for genuine investors, who do not put their money into debts but into capital, and thus take on much more risk, at the same time providing lasting resources for investment in corporate operations.
Iz toga proizlazi da banke nikako ne mogu zamijeniti prave ulagatelje, koji ne plasiraju novac u dug nego u kapital, i time preuzimaju mnogo veće rizike, istodobno osiguravajući trajna sredstva za investiranje i poslovanje poduzeća.
In addition, trading in developed share capital markets provides a transparent price for share capital, which leads to its rapid migration from firms and sectors with low profit and dividend levels into firms and branches with high profits and dividends.
K tome, trgovanje na razvijenim tržištima dioničkog kapitala osigurava transparentnost cijene dioničkog kapitala, što dovodi do njegova brzog seljenja iz poduzeća i grana s niskim profitima i dividendama u poduzeća i grane s visokim profitima i dividendama.
This ultimately ensures the quality of the investment process and stable economic growth.
To u konačnici osigurava kvalitetu procesa investiranja i stabilan gospodarski rast.
Although the share capital market is the core of capitalism, it cannot develop spontaneously.
Premda tržište dioničkog kapitala čini jezgru kapitalizma, ono se ne može razviti spontano.
The development of it requires deliberate government intervention through the provision of a legislative, information and other infrastructure necessary for the functioning of an effective market.
Njegov razvoj zahtijeva svjesnu državnu intervenciju osiguranjem zakonodavne, informacijske i druge infrastrukture nužne za funkcioniranje djelotvornog tržišta.
In this area, Europe is behind the US, UK and SE Asia, and the transitional countries have on the whole joined this old and inglorious European tradition.
Na tom području Europa zaostaje za SAD-om, Velikom Britanijom i jugoistočnom Azijom, pa su se i tranzicijske zemlje uglavnom pridružile toj staroj i neslavnoj europskoj tradiciji.
After the fall of the Wall, not enough attention was devoted to the development of the capital market.
Nakon pada Berlinskoga zida, razvoju tržišta kapitala nije pridana dovoljna pozornost.
In the second phase, under pressure of high budgetary deficits, they resorted to the sale of the big state corporations to finance shortfalls in the budget.
U drugoj su fazi, stiješnjeni visokim proračunskim deficitima, pribjegli prodaji velikih državnih tvrtki kako bi novcem od prodaje financirali manjkove proračuna.
The essential elements of the development of a capital market, such as the passing of legislation, the establishment of capital market regulatory institutions (Securities Commission, Agency for Protection of Market Competition), privatisation of companies by private sale on the market, the establishment of cheap and efficient platforms for secondary trading all occurred sporadically and on the whole too late.viii Thus we arrived at the situation as shown in Table 5.
Bitni elementi razvoja tržišnog kapitala, kao što su donošenje legislative, uspostava regulativnih institucija tržišta kapitala (npr. Komisije za vrijednosne papire, Agencije za zaštitu tržišnog natjecanja), privatizacija kompanija privatnim plasmanom na tržište, uspostava jeftinih i učinkovitih platformi za sekundarno trgovanje, događali su se sporadično i, po pravilu, prekasno.viii Tako smo došli do situacije kakva je u tablici 5.
The data show that Europe (as symbolised by Germany) is globally way behind the US, that the applicant countries (with the exception of Germany) range around the value of the indicator for Germany, while Croatia is quite clearly behind everyone, including the advanced applicant countries.
Podaci pokazuju da Europa (koju simbolizira omjer za Njemačku) globalno zaostaje za SAD-om, da se zemlje kandidatkinje (s izuzetkom Mađarske) kreću oko vrijednosti pokazatelja za Njemačku, dok Hrvatska vidno zaostaje za svima, pa i za naprednim zemljama kandidatkinjama.
In its action plan for financial services, worked out in 1999 and accepted in 2000, the EU mapped out the creation of a single European financial market by 2005, which primarily relates to the capital market.
Akcijskim planom za financijske usluge, izrađenim 1999. i prihvaćenim 2000, u EU je zacrtano stvaranje jedinstvenog europskog financijskog tržišta do 2005, što se prije svega odnosi na tržište kapitala.
Unlike the EU, which has a clear target and determined deadlines, and unlike the more developed transitional countries like Hungary and CR, whose markets are relatively well developed for European conditions, Croatiax, with one of the lowest ratios of market capitalisation, is right at the margin of global changes.
Za razliku od EU, koji ima jasan cilj i zacrtane rokove, te za razliku od naprednih tranzicijskih zemalja poput Mađarske i Češke, čija su tržišta kapitala razmjerno razvijena za europske prilike,x Hrvatska se s jednim od najnižih omjera tržišne kapitalizacije nalazi na margini globalnih promjena.
The reasons need to be sought at several levels.
Razloge treba tražiti na nekoliko razina.
First of all, privatisation in an unregulated environment, which relied on the self-managing and centralised state model, and not the model of allotment of shares, contributed to the dissemination of distrust and a feeling of injustice.
Prvo, privatizacija u nereguliranom okruženju, koja se oslonila na samoupravni i centralizirani državni model, a ne na model podjele dionica, pridonijela je širenju nepovjerenja i osjećaja nepravde.
Ultimately, it was not possible to create broad-based shareholding.
U konačnici, nije se uspjelo u stvaranju širokoga sloja aktivnih dioničara.
Secondly, Croatia is a country that had fallen behind the advanced applicant countries in economic and business education, and understanding of the importance, manner of function and regulation of the capital market remained limited.
Drugo, Hrvatska je zemlja koja je za naprednim zemljama kandidatkinjama zaostala u ekonomskom i poslovnom obrazovanju, pa je i spoznaja o važnosti, načinu funkcioniranja i regulaciji tržišta dioničkog kapitala ostala ograničena.
Thirdly, in the Croatian economic elite, there is still the tradition of direct market intervention, which is not aimed at the developed of the market infrastructure, rather at the suspension or replacement of market mechanisms, which ultimately prevents the further development of a capital market, because there is a tendency to look for alternative (administrative) mechanisms for the allocation of capital.
Treće, u Hrvatskoj gospodarskoj eliti i dalje postoji tradicija izravne tržišne intervencije koja nije usmjerena na razvoj tržišne infrastrukture nego na suspenziju i supstituciju tržišnih mehanizama, što u konačnici sprječava daljnji razvoj tržišta kapitala jer postoji tendencija traženja alternativnih (administrativnih) mehanizama alokacije kapitala.
As for the deep and lasting developmental obstacles, at this moment it is not clear how and in what period of time they can be overcome, and there is a danger that the lack of development of the share capital market will be an essential limiting factor in Croatian competitiveness during EU accession.
Kako je riječ o dubokim i trajnim razvojnim preprekama, u ovom trenutku nije jasno kako ih je i u kojem roku moguće svladati, pa prijeti opasnost da će nerazvijenost tržišta dioničkog kapitala biti bitan ograničavajući činitelj hrvatske konkurentnosti pri ulasku u EU.xi
DEVELOPMENT OF THE REGULATORY ENVIRONMENT
RAZVOJ REGULATIVNOG OKRUŽENJA
The process of the transition in this country is on the whole understood as the process of the adjustment of standards to those of the developed market economy democracies.
Proces tranzicije u nas uglavnom je shvaćen kao proces normativne prilagodbe standardima razvijenih tržišnih demokracija.
It is not a rarity for politicians (irrespective of party or background) to talk of changes in laws and standards as if they were goals in themselves.
U nas nije rijetkost da mnogi političari (bez obzira na stranku i milje iz kojega potječu) programatski govore o zakonskim i normativnim promjenama, kao da su one cilj same po sebi.
This is perhaps the reason why in Croatia, from the point of view of standards, there are no insuperable gaps with the advanced applicant countries for the EU, at least in the area of monetary policy and financial services.
To je možda razlog zbog kojega Hrvatska, u normativnom smislu, ne bilježi teško premostiva zaostajanje za naprednim zemljama kandidatkinjama za EU, barem kada je riječ o području monetarne politike i financijskog posredovanja.
As we have already pointed out a few times in this paper, convergence in standards is important, but it is not a crucially determining factor in convergence with the EU, and hence we shall devote only a few lines to specifically legal issues, not letting slip of the fact that issues of standards are not any problem at all at the moment when the economic (structural), interest and socio-psychological lines of force are at work in conformity with the standards in the EU.
Kako smo nekoliko puta u ovom tekstu već istaknuli, normativno je približavanje važan, ali ne i presudan element približavanja EU, pa ćemo stoga izrazito normativnim pitanjima posvetiti samo nekoliko redaka, ne smetnuvši pritom s uma činjenicu da normativna pitanja nisu nikakav problem u trenutku kada ekonomske (strukturne), interesne i socio-psihološke silnice djeluju u suglasju s normama EU.
As already said, the CNB Law of 2001 is mainly harmonised with EU standards.
Kako je već rečeno, Zakon o HNB-u iz 2001. uglavnom je usklađen s normama EU.
In the process of passing it, the opinions of experts for central banking from the European Commission were made use of, in order to widen the understanding of the necessity of accepting certain standards, which is the first case of the kind in our legislative practice, as far as money and banking are concerned.
U procesu njegova donošenja koristilo se mišljenje stručnjaka za središnje bankarstvo Europske komisije kako bi se proširilo razumijevanje o nužnosti prihvaćanja pojedinih normi, što je prvi takav slučaj u našoj legislativnoj praksi kada je riječ o novcu i bankarstvu.
Very likely this is one of the reasons why our Central Bank Law is already harmonised with the main normative parameters of the European Commission.
Vjerojatno je i to jedan od razloga zbog kojega je naš Zakon o središnjoj banci već sada usklađen s glavnim normativnim parametrima EU.
The new Banks Law conforms to EU standards to such a level that Croatia, with the amendments to this law and according to the definitions of some byelaws, certainly meets the requirements for EU membership.
Novi Zakon o bankama usklađen je s normama EU do te razine da Hrvatska s izmjenama i dopunama toga zakona i sukladnim određenjima podzakonskih akata može postati članicom EU.
Since by 2005 Basel II will start to be applied, this will be an opportunity for a further step in convergence on EU standards.
(v. fusnotu 2), i to će biti prilika za daljnji korak u konvergenciji prema normama EU.
Of course, there are many legal approaches that contain provisions that will have to be abolished or modified on the way to the EU (Law concerning Loan Business with Foreign Countries, the Inland Payments Clearing Law, the State Agency for the Security of Deposits and the Rehabilitation of Banks Law), just as there are legislative areas that are not sufficiently standardised in comparison with the EU (electronic financial business, security instruments, registers, regulation of financial conglomerates).
Naravno, postoje mnoga zakonska rješenja koja sadržavaju odredbe što će se na putu prema EU morati ukinuti ili modificirati (Zakon o kreditnim poslovima s inozemstvom, Zakon o platnom prometu u zemlji, Zakon o Državnoj agenciji za osiguranje štednih uloga i sanaciju banaka), kao što postoje i legislativna područja koja su u nas podnormirana u usporedbi s EU (elektronsko financijsko poslovanje, instrumenti osiguranja, registri, regulacija financijskih konglomerata).
However, these are areas in which, without any major problems, via laws or byelaws, convergence with EU can be achieved within the period for joining.
Međutim, riječ je o područjima koja se bez većih problema putem zakonskih i podzakonskih zahvata mogu približavati normama EU unutar pristupnoga roka.
The only serious open area is that of foreign currency operations.
Jedino ozbiljno otvoreno područje ostaje područje deviznoga poslovanja.
This area will be treated in a separate chapter, because the current proposals for new solutions do not guarantee any progress on the road towards the EU.
To područje obrađujemo u posebnom poglavlju jer sadašnji prijedlozi novih rješenja ne jamče napredak na putu prema EU.
OPENNESS TO THE FLOWS OF INTERNATIONAL CAPITAL
OTVORENOST PREMA TOKOVIMA MEĐUNARODNOG KAPITALA
The degree of openness, and the dynamics of further opening up, to the flows of international capital are the most important elements of economic policy in a small and open country like Croatia.
Stupanj otvorenosti i dinamika daljnjeg otvaranja prema tokovima međunarodnog kapitala najvažniji su elementi ekonomske politike u maloj i otvorenoj zemlji kakva je Hrvatska.
All the financial issues that we considered in the previous chapters essentially depend on how the country defines itself vis-a-vis international financial currents.
Sva financijska pitanja koja smo razmatrali u prethodnim poglavljima bitno ovise o tome kako se zemlja određuje prema međunarodnim financijskim tokovima.
An error in this area can cancel out the effects of an excellent monetary and financial policy, but at the same time, the effects of bad monetary and fiscal policies can largely annul an intelligent policy of opening up to international capital.
Pogreška na tom području može poništiti učinke izvrsne monetarne i fiskalne politike, ali se istodobno utjecaj loše monetarne i fiskalne politike uvelike može poništiti pametnom politikom otvaranja prema međunarodnom kapitalu.
The reason for such importance being ascribed to international financial flows is that foreign currency inflows and drains are a much more important determinant of changes of money supply (which is to a large extent of foreign origin), supply of loans, savings and economic activities than the monetary policy of one's own central bank.xii In other words, what for the USA is represented by Fed actions is in Croatia foreign currency flows.
Razlog takve važnosti međunarodnih financijskih tokova jest to što su devizni priljevi i odljevi mnogo važnija odrednica promjena novčane mase (koja je dobrim dijelom deviznoga podrijetla), ponude kredita, štednje i ekonomske aktivnosti nego monetarna politika vlastite središnje banke.xii Drugim riječima, ono što su za SAD akcije FED-a (Američka banka federalnih pričuva), to su za Hrvatsku tokovi deviza.
Since in the EU accession process a greater degree of openness of the Croatian economy is to be expected, the anyway already important foreign currency issues will become even more important, for which reason they deserve a special place in this paper.
Kako se u procesu pridruživanja EU može očekivati sve veći stupanj otvorenosti hrvatskoga gospodarstva, ionako važna devizna pitanja postat će još važnija, zbog čega zaslužuju posebno mjesto u ovome radu.
The current state of affairs in Croatia is such that we are very open to influxes of international capital, which is fine.
Trenutačno je stanje u Hrvatskoj takvo da smo vrlo otvoreni prema priljevu međunarodnog kapitala, što je dobro.
Direct foreign investment and repatriation of profit have the same rights as domestic investment, the influx of foreign currency deposits is unrestricted,xiii and firms, banks and the government can borrow at foreign banks and on the international capital market.
Izravna strana ulaganja i repatrijacija dobiti izjednačeni su s domaćim ulaganjima, priljev deviznih depozita nije ograničen,xiii a tvrtke, banke i država mogu se zaduživati kod inozemnih banaka i na međunarodnom tržištu kapitala.
Certain forms of regulation do exist to do with the purchase of real estate (foreign natural persons can do this only with a special license) and of the usual reporting for the sake of the foreign debt statistics and the prevention of money laundering.
Određeni oblici regulacije postoje kada je riječ o kupovanju nekretnina (fizičke osobe to mogu samo uz posebne dozvole) te o uobičajenom izvještavanju radi statistike vanjskog duga i sprječavanja pranja novca.
On the outflow side, there are however many barriers.
Na odljevnoj strani, pak postoje brojne prepreke.
Citizens and firms may not have accounts with foreign banks (the corporate sector can, with special permission) or invest in foreign securities, and direct investments abroad can be made only be firms.
Građani i tvrtke ne mogu otvarati račune kod inozemnih banaka (tvrtke to mogu uz posebne dozvole) i ulagati u strane vrijednosne papire, a izravna ulaganja u inozemstvo moguća su samo za tvrtke.
The easy inflow and difficult outflow of capital make the current system asymmetrical and irrational, and the possibilities for the international diversification of portfolios are limited.
Lak priljev i težak odljev kapitala sadašnji sustav čine asimetričnim i neracionalnim, a mogućnosti međunarodne diversifikacije portfelja ograničene su.
In other words, the regulation system is created in such a way as artificially to create a larger supply of foreign currency in the country (and thus creating artificial pressure for the currency to appreciate) than that which would exist if the international currency flows were liberalised on the outflow side as well.
Drugim riječima, regulacijski je sustav postavljen tako da umjetno stvara veću ponudu deviza u zemlji (a time stvara i umjetni pritisak na aprecijaciju valute) od one koja bi postojala da su međunarodni tokovi kapitala liberalizirani i na odljevnoj strani.
The causes of this state of affairs should be sought in the heritage of the regulations from ex-Yugoslaviaxiv, in which the foreign currency legislation was written in such a way as to solve the constant problem of foreign currency shortage and to enhance the spread of government control over the economy.
Uzroke takvoga stanja treba tražiti u naslijeđu regulative iz bivše Jugoslavije,xiv u kojoj se devizno zakonodavstvo pisalo radi rješavanja stalnog problema “nestašice deviza” i širenja državne kontrole nad gospodarstvom.
However, the inherited regulations are not very distant from the standards that the EU at the moment requires from Croatia.
Ipak, naslijeđena regulativa nije previše udaljena od normi koje EU u ovom trenutku zahtijeva od Hrvatske.
During the four years after the signing of the SAA, i.e., by 2006, Croatia has to enable EU citizens free trade in land (apart form agricultural land, forests, nature reserves and the maritime zone) on conditions identical to those for Croatian citizens.
Naime, tijekom četiri godine nakon potpisivanja Sporazuma o stabilizaciji i pridruživanju, tj. do 2006, Hrvatska mora građanima EU omogućiti slobodno trgovanje zemljištem (osim poljoprivrednog zemljišta, šuma, prirodnih rezervata i pomorskog dobra) uz jednake uvjete kao i građanima Hrvatske.