natgillin/translations-raw huggingface dataset:
All credit institutions, in other words all banks, savings banks and housing savings banks, fall within the scope of the application of the supervisory review and evaluation process. 
(Opseg supervizije kreditnih institucija) Zakona o kreditnim institucijama i člancima 1. i 2.
Element 
Element klasifikacije
OSIIs 
OSII
systemic importance / size 
sistemska važnost/veličina
> HRK 1. 
> 1,5 mlrd.
5bn 
HRK
size 
veličina
housing savings banks 
stambene štedionice
business model 
poslovni model
The category from the previous table does not represent the risk profile of the institution but rather its classification upon which the Croatian National Bank decides on the scope and intensity of its supervisory engagement. 
Kategorija iz prethodne tablice nije ocjena profila rizičnosti kreditne institucije, već klasifikacija na temelju koje Hrvatska narodna banka odlučuje o obuhvatu i intenzitetu supervizorskog angažmana.
The minimum supervisory engagement is defined as follows. 
Minimalni supervizorski angažman definiran je kako slijedi
Assessment of all SREP elements (at least) 
Procjena svih elemenata SREP-a (minimalno)
Summary of the overall SREP assessment 
Sažetak cjelokupne SREP ocjene
Dialogue 
Dijalog
1 Quarterly 
Tromjesečno Godišnje Godišnje
Ongoing engagement with the CI's management body and senior management; engagement with the CI for assessment of each element 
Kontinuirani angažman s upravljačkim tijelom i višim rukovodstvom kreditne institucije; angažman s kreditnom institucijom za procjenu svakog elementa.
Engagement with the CI's management body and senior management at least every 3 years 
159/2013., 19/2015. i 102/2015.)
Individual risk assessment 
Uredba (EU) br.
In the course of supervision of the credit institution's operation, the Croatian National Bank, in accordance with Article 180, para. 1 and 2, Article 181 of the Credit Institutions Act and Article 2 of the Decision on the method of exercising supervision of credit institutions and imposing supervisory measures, assesses the arrangements, strategies, policies, processes and procedures implemented by the institutions to comply with the legal requirements, and evaluates risks to which the institutions are or might be exposed, risks that an institution poses to the financial system taking into account the identification and measurement of systemic risk, and risks revealed by stress testing taking into account the nature, scale and complexity of an institution's activities. 
Hrvatska narodna banka obavlja superviziju poslovanja kreditnih institucija nadzorom bonitetnom analizom (prikupljanjem i analizom izvješća i informacija, kontinuiranim praćenjem poslovanja kreditnih institucija i drugih osoba koje su prema odredbama Zakona o kreditnim institucijama i drugim propisima dužne izvještavati Hrvatsku narodnu banku, obavljanjem neposrednog nadzora nad poslovanjem kreditne institucije, nalaganjem supervizorskih mjera i izdavanjem mišljenja, odobrenja i suglasnosti te procjenjivanjem kreditne institucije u skladu sa Zakonom o kreditnim institucijama, Uredbom (EU) br.
For credit institutions in categories 1 and 2, the Croatian National Bank conducts a more comprehensive and granular risk assessment than for credit institutions in categories 3 and 4. 
Pri procjenjivanju profila rizičnosti, a uzimajući u obzir tehničke kriterije za supervizorsku procjenu propisanu člankom 181.
In the assessment of the risk profile, and taking into account the technical criteria for supervisory review set out in Article 181 of the Credit Institutions Act, the Croatian National Bank at a minimum assesses and evaluates the following risks: credit risk, market risks, liquidity risk, interest rate risk in the non-trading book and operational risk. 
Hrvatska narodna banka za ocjenu prethodno navedenih elemenata SREP-a upotrebljava raspon od 1 do 4, pri čemu ocjene u rasponu predstavljaju sljedeće:
The Croatian National Bank uses the following scores for SREP elements: 1 (no discernible risk) 
1 (nema zamjetnog rizika)
2 (low risk) 
2 (nizak rizik)
3 (medium risk) 
3 (umjeren rizik)
4 (high risk). 
4 (visok rizik).
Further, for the overall SREP score, an additional score 'F' is used to reflect the supervisory view that the CI is failing or likely to fail. 
Dodatno, za cjelokupnu SREP ocjenu Hrvatska narodna banka primjenjuje i ocjenu "F", koja se dodjeljuje kreditnim institucijama za koje Hrvatska narodna banka ocjenjuje da propadaju ili je vjerojatno da će propasti.
Review and evaluation of ICAAP 
SBRS-PNPO-31072016
Credit Institutions Act (OG 159/2013, 19/2015 and 102/2015) Decision on the internal capital adequacy assessment process for credit institutions (OG 20/2014) 
- pregled postupka za provedbu ICAAP-a koji su institucije dužne primjenjivati
In accordance with Article 19 of the Decision on the internal capital adequacy assessment process 
Odluka o postupku procjenjivanja adekvatnosti internoga kapitala kreditne institucije (NN, br.
The contents of the report are determined in more detail in the Annex to the Decision on the internal capital adequacy assessment process for credit institutions. 
Sadržaj izvješća detaljnije je određen u Dodatku Odluke o postupku procjenjivanja adekvatnosti internoga kapitala kreditne institucije.
Overall SREP assessment and supervisory measures 
SBRS-PNPO-31072016
Description of the guidance of the competent authority on the overall SREP assessment and supervisory measures taken by the competent authority on the basis of the overall SREP assessment 
Ukupna procjena i nadzorne mjere SREP-a
Credit Institutions Act (OG 159/2013, 19/2015 and 102/2015) Decision on the method of exercising supervision of credit institutions and imposing supervisory measures (OG 23/2014 and 55/2014) 
Opis smjernica nadležnog tijela o ukupnoj SREP procjeni i nadzornim mjerama koje nadležno tijelo poduzima na temelju ukupne SREP procjene
The Croatian National Bank issues supervisory measures for the purpose of timely undertaking of activities to improve the safety and stability of operations of a credit institution and the removal of established illegalities and irregularities. 
Hrvatska narodna banka nalaže supervizorske mjere radi pravodobnog poduzimanja aktivnosti za poboljšanje sigurnosti i stabilnosti poslovanja kreditne institucije te otklanjanje utvrđenih nezakonitosti i nepravilnosti.
3, XVIII. 
4. i XIX.
Published: 7/7/2009 
Ekonomska kriza i monetarna politika
Željko Rohatinski, PhD, governor of the Croatian National Bank from July 12, 2000 till July 7, 2012 
Dr. Željko Rohatinski, na dužnosti guvernera HNB-a od 12. srpnja 2000. do 7. srpnja 2012.
Crisis and Economic Policy Frameworks 
Kriza i okviri ekonomske politike
Event 
Događanje
Round table at the HAZU Department of Social Sciences 
Okrugli stol Razreda za društvene znanosti HAZU
1. A year ago, the Croatian economy grew at an annual rate of 4. 
1. Prije godinu dana hrvatsko gospodarstvo raslo je po godišnjoj stopi od 4.
3% (approximately the same as in the previous seven years), whereas a need for an even faster growth was discussed at various professional and political forums. 
3% (približno kao i u prethodnih sedam godina), dok se na raznim skupovima stručnog i političkog karaktera govorilo o potrebi još bržeg rasta.
The necessity was emphasized for investment growth, job creation, stronger incentives, the development of people's share ownership, house building as a growth generator, the strengthening of the welfare state, etc. 
Isticana je potreba za većim investicijama, novim radnim mjestima, većim poticajima, razvoju narodnog dioničarstva, stanogradnji kao lokomotivi rasta, jačanju socijalne države i slično.
Nowadays, the economy slumps at a rate of 6,7%, and the main issue is how to mitigate the effects of the global crisis spillover to this country and after that, to resume the previous upturn within the general economic recovery. 
Danas gospodarstvo pada po stopi od 6,7% i govori se o tome kako ublažiti efekte prenošenja globalne krize na naše prostore, a zatim se na valu općeg ekonomskog oporavka što prije vratiti na prijašnju uzlaznu putanju.
Both of these approaches are wrong. 
Oba pristupa su pogrešna.
Only a year ago, the obvious dangers of the economic growth were underestimated, whereas now the reestablishment of the pattern which only heightens the effects of the global crisis spillover to the Croatian economy and its trends is coveted. 
Prije godinu dana još su bile podcijenjene eklatantne opasnosti dotadašnjeg tipa gospodarskog rasta, sada se priželjkuje ponovno uspostavljanje obrasca koji je samo potencirao efekte prenošenja svjetske krize na stanje i tendencije u hrvatskoj ekonomiji.
As if this had taught us no lesson, and as if nothing could be learned from it. 
Kao da nismo dobili lekciju i kao da iz nje ne možemo ništa naučiti.
And the lesson is that long-term growth cannot rely on domestic demand expansion which permanently generates profound internal and external imbalances, thus increasing general indebtedness. 
A to je da ekonomski rast ne može dugoročno biti temeljen na ekspanziji domaće potražnje koja permanentno generira fundamentalne vanjske i unutarnje neravnoteže i time povećava opću zaduženost.
As a matter of fact, its growth has also enhanced the risk that potential problems with the inflow of capital, the growth of its prices or problems with monocultural export supply might disrupt the entire pattern of growth and reverse it completely. 
Njenim rastom povećavao se, naime, i rizik da potencijalni problemi u priljevu kapitala, porastu njegove cijene ili problemi u monokulturnoj izvoznoj ponudi sruše cijeli obrazac rasta i pretvore ga u njegovu suprotnost.
And this is exactly what happened. 
To se upravo i dogodilo.
Consequently, the way out of the present situation cannot be to further widen the imbalances, but to reduce them significantly, even if there were no long-term restrictions on their further financing, and even more so where such restrictions are very rigid in the short run. 
Otuda, izlazak iz sadašnje situacije načelno se ne može bazirati na dodatnom širenju neravnoteža već na njihovom bitnom smanjivanju, čak i da ne postoje dugoročna ograničenja u njihovom daljnjem financiranju, a pogotovo kad su ta ograničenja kratkoročno vrlo izražena.
Therefore, it is generally necessary to apply an “anti-cyclical economic policy" based on a healthy core and built-in shock absorbers. 
Za to je, općenito, potrebno voditi "anticikličnu" ekonomsku politiku sa "zdravom jezgrom" i ugrađenim amortizerima.
As there has not been such an integrated policy so far, we are now in a situation that we must reduce deficits in the midst of the recession, which can further aggravate it. 
Kako do sada takvu integralnu politiku nismo imali, došli smo u situaciju da deficite moramo smanjivati u vrijeme recesije, što ju može još više produbiti.
2. The genesis of this problem is well known from the experience of some other countries where strong foreign capital inflows and credit expansion exerted a powerful influence on goods and services markets, as well as the securities and real estate markets. 
2. Geneza problema dobro je poznata i iz iskustva nekih drugih zemalja gdje su intenzivan priljev inozemnog kapitala i kreditna ekspanzija imali snažan utjecaj na tržišta roba i usluga, te vrijednosnih papira i nekretnina.
In the former case, the credit-supported demand for goods and services exceeding the short-term domestic supply capacities was satisfied by stronger import- based supply, which led to an increase in the current account deficit, but also helped maintain the relative price stability on these markets. 
U prvom slučaju kreditima podržavana potražnja za robama i uslugama iznad kratkoročnih kapaciteta domaće ponude zadovoljavala se povećanom ponudom iz uvoza, što je rezultiralo porastom deficita tekućih transakcija platne bilance ali i zadržalo relativnu stabilnost cijena na tim tržištima.
Naturally, this was not the case with the financial market, where supply was much more restricted so that the growth of demand (additionally financed on the basis of individual preferences for converting a portion of domestic savings into capital) resulted in a considerable price increase, which finally produced a pure bubble effect. 
To naravno nije bio slučaj na financijskom tržištu, gdje je ponuda mnogo ograničenija pa je rast potražnje - koja se dodatno financirala i temeljem individualnih preferencija o pretvaranju dijela domaće štednje u kapital - doveo do bitnog povećanja cijena, što je u konačnici rezultiralo čistim "bubble efektom".
This in fact led to a vicious circle in which credit expansion, supported by optimistic expectations, resulted in an asset price increase, providing an incentive to investors and raising the prices of collateral, which all together further encouraged credit expansion. 
Time se zapravo ušlo u "začarani krug", u kojem je kreditna ekspanzija podržavana optimističkim očekivanjima dovela do povećanja cijena imovine što je ohrabrivalo investitore i povećavalo cijene kolaterala, a sve to zajedno podržavalo još snažniju kreditnu ekspanziju.
Thus, strong credit and investment growth, as well as rising prices of securities and real estate coincided with relatively low inflation measured by the consumer price index. 
Tako se istodobno pojavio brzi rast kredita i investicija, te rast cijena vrijednosnih papira i nekretnina, a da je istodobno inflacija mjerena indeksom potrošačkih cijena ostala na relativno niskim razinama.
As this process was also connected with the real growth of economy, it increased preparedness for taking risks, thus giving further impetus to the credit cycle. 
Budući da je taj proces bio povezan i s realnim rastom ekonomije, on je povećavao spremnost za preuzimanje rizika što je davalo dodatni zamah kreditnom ciklusu.
Vice versa, after the change of expectations about the risks and return on investment, caused by both internal and external factors, the entire process took the opposite direction and prices plunged, negatively affecting the real sector which is currently burdened by a huge debt and low investment activity. 
Suprotno, kad su promijenjena očekivanja u pogledu rizika i povrata na investicije, a uzroci su bili i unutarnje i vanjske prirode, cijeli proces je krenuo u obrnutom smjeru, cijene su strmoglavo pale s negativnim utjecajem na realni sektor, koji je sada opterećen visokim dugom i niskom investicijskom aktivnošću.
Such capital flows also had a strong impact on changes in monetary systems and monetary policies in general, particularly in small, highly euroised economies. 
Istodobno, takvi su tokovi kapitala bitno utjecali i na promjene u monetarnim sustavima, te monetarne politike općenito, a u malim, visoko euriziranim zemljama posebno.
These policies were no more based on fully endogenous creation of money supply by central banks which, through an interaction with demand, target the general price level, exchange rate and interest rates. 
Osnovu tih politika više nije moglo predstavljati potpuno endogeno kreiranje ponude novca od strane središnje banke, koja onda kroz interakciju s potražnjom ciljano determinira opću razinu cijena, tečaj i kamatne stope.
In contrast to this “neoclassical” scenario, in an environment of liberalised financial flows, monetary policy, as a kind of a “filter”, has through the interrelationship between relative prices and returns, influenced capital inflows into and outflows from the country's financial system, thus acting as a moderator of the general economic performance. 
Za razliku od te "neoklasične" slike, monetarna politika u uvjetima liberaliziranih financijskih tokova je prije svega postala "filter" koji kroz odnose relativnih cijena i prinosa utječe na ulazak i izlazak globalnog kapitala iz financijskog sustava zemlje, te prvenstveno na taj način djeluje i kao jedan od moderatora općih ekonomskih performanci.
This capital has its benchmark foreign interest rate and its conversion into the domestic currency has an appreciation effect on the exchange rate. 
Pri tome taj kapital ima svoju referentnu inozemnu kamatnu stopu, a njegova konverzija u nacionalnu valutu aprecijacijski utječe na tečaj.
Therefore, the primary task of the CNB's policy in the previous years was to regulate the inflow of capital into the banking system in such a way that it supports, rather than impedes sustainable economic growth through its unchecked expansion. 
Zato je primarni zadatak politike HNB-a u proteklim godinama bio da dimenzionira ulazak kapitala u bankovni sustav na način da on bude podrška održivom ekonomskom rastu, a ne da posljedicama svoje nekontrolirane ekspanzivnosti postane njegovo ograničenje.
In doing so, it had to be borne in mind that all large banks in Croatia actually operated as financial conglomerates, and as such, they directed the employed foreign capital and alternative forms of domestic savings to the markets, with a view to maximizing returns at the conglomerate level. 
Kod toga se moralo imati na umu da sve velike banke u Hrvatskoj zapravo posluju kao financijski konglomerati pa se u njima angažirani strani kapital i alternativni oblici domaće štednje integralno usmjeravaju na tržišta, s ciljem maksimiranja prinosa na razini konglomerata.
Under such policy approach, in selecting monetary policy instruments priority was given to those which made the banks' external sources of funds more expensive and limited their credit multiplication, i.e. which, ultimately, reduced high rates of return on bank capital, being the main motive for aggressive credit supply. 
Takav pristup monetarnoj politici stavio je težište u odabiru njezinih instrumenata na one koji poskupljuju eksterne izvore sredstava banaka, ograničavaju njihovu kreditnu multiplikaciju, odnosno koji, u krajnjoj konzekvenci, funkcionalno smanjuju visoke stope prinosa na kapital banaka kao osnovni motiv agresivne ponude kredita.
To this end, the CNB has primarily applied, and gradually tightened, direct influence measures (marginal reserve requirement on foreign borrowing, compulsory purchase of CNB bills in case of excessive growth of bank placements, minimum required foreign currency claims and maintaining a high reserve requirement rate), and, complementarily, prudential measures aimed at maximizing the effects and reducing the linearity of direct measures. 
U tu svrhu HNB je prvenstveno koristio i postupno zaoštravao mjere izravnog utjecaja (granična obvezna pričuva na inozemno zaduživanje, obvezan upis blagajničkih zapisa na brži rast plasmana banaka, minimalno potrebna devizna potraživanja, te zadržavanje visoke stope obvezne pričuve), a onda komplementarno i prudencijalne mjere, kako bi osnažio i smanjio linearnost djelovanja izravnih mjera.
Of course, such policy was not readily accepted by banks and very often by some political agents. 
Takva politika, naravno, nije bila dobro primana od strane banaka, a nerijetko i od strane pojedinih političkih struktura.
And not only by them! 
I na samo od njih.
International financial institutions have precisely anticipated the risks arising from expansionary foreign capital inflow, but have given preference to prudential and market-oriented monetary policy solutions, emphasizing the long-term damages of "administrative" measures. 
Međunarodne financijske institucije su vrlo precizno detektirale rizike koji izviru iz ekspanzivnog ulaska stranog kapitala, ali su u sferi monetarne politike preferirale rješenja prudencijalnog i "tržišnog" karaktera, naglašavajući dugoročnu štetnost "administrativnih" mjera.
The CNB's ability to resist these pressures at the onset of the global financial crisis had two positive effects. 
Sposobnost HNB da se odupre tim pritiscima, rezultirala je u vrijeme izbijanja svjetske financijske krize s dva pozitivna učinka.
First, while the Croatian monetary policy has never been really restrictive in the way that insufficient money supply would limit economic growth, it has still significantly impeded the growth of credit and foreign debt, and consequently the growth of credit liabilities of the corporate and household sectors, relative to what it might have been without such policy. 
Prvo, iako monetarna politika u Hrvatskoj nije nikada bila stvarno restriktivna u smislu da nedostatna ponuda novca ograničava ekonomski rast, njeno djelovanje je ipak znatno usporilo rast kredita i inozemnog duga, pa time i kreditnih obveza sektora poduzeća i stanovništva, u odnosu na onaj koji bi bio bez takve politike.
And second, the application of the "administrative" instruments made it possible to create liquid reserves at the entire banking system level, which served as the necessary shock absorber when the external shock occurred. 
I drugo, korištenje "administrativnih" instrumenata omogućilo je formiranje likvidnih rezervi na razini ukupnog bankovnog sustava, koje su poslužile kao nužan amortizer u trenutku eksternog šoka.
3. The crisis awareness heightened in Croatia during October 2008, due primarily to the stock market crash which was expected to end in a large-scale financial collapse. 
3. Percepcija krize široko je ekspandirala u Hrvatskoj tijekom listopada 2008. godine, prvenstveno povezana s padom burze, nakon kojeg se očekivao financijski kolaps širih razmjera.
However, this did not take place, thanks to a prompt and efficient reaction on the part of the monetary system, based exactly on the principle of anti-cyclicality. 
To se nije dogodilo, jer je monetarni sustav reagirao brzo i efikasno, upravo na načelima anticikličnosti.
At that moment, it was crucial to prevent the loss of saver confidence in the banking system and maintain monetary policy credibility. 
Presudno je u tom trenutku bilo spriječiti gubitak povjerenja štediša u bankovni sustav i zadržati vjerodostojnost monetarne politike.
Without this, the "vicious circle" of the financial crisis would be set in motion, described by Paul Krugman as the interdependence of three elements causing the loss of confidence - exchange rate depreciation, the growth of interest rates and a slump in demand - which results in financial problems for enterprises, banks and households that lead to further erosion of confidence. 
Bez toga aktivirao bi se, naime, "klasični krug" financijske krize, koji Paul Krugman prikazuje kao međuzavisnost triju elemenata: gubitak povjerenja - deprecijacija tečaja, rast kamatnih stopa, nagli pad potražnje - financijski problemi za poduzeća, banke i stanovništvo, koji pak rezultiraju daljnjim gubitkom povjerenja.
Although all these elements were, and in part still are, present, the intensity of their manifestation has been kept at a level preventing a chain reaction. 
Iako su svi ti elementi bili, a dijelom su još uvijek prisutni, intenzitet njihovog ispoljavanja održan je u okvirima koji nisu inicirali lančanu reakciju.
For this purpose, the CNB repealed the marginal reserve requirement (effect: EUR 450m) and reduced the general reserve requirement rate from 17% to 14% (effect: EUR 1,115m), thus releasing EUR 1,555m of immobilized liquidity in to banks. 
U funkciji toga, HNB je ukidanjem granične obvezne pričuve (učinak 450 mil. eura) i smanjenjem opće stope obvezne pričuve sa 17% na 14% (učinak 1115 mil. eura) oslobodio bankama 1555 mil. eura imobilizirane likvidnosti.
Moreover, by lowering the rate of minimum required foreign currency claims from 28. 
Pored toga, smanjenjem minimalnih deviznih potraživanja sa 28.
5% to 20%, it provided the banks with a possibility to use their reserves in the amount of EUR 2,084m. 
5% na 20% omogućio je bankama da aktiviraju svoje pričuve u iznosu od 2084 mil. eura.
Further monetary and prudential measures included increasing the allowed open foreign currency positions of banks, concluding swap agreements and interventions in the foreign exchange market (net effect: EUR 200m), which additionally improved the mobility of liquidity within the banking and financial systems. 
Poduzete su i druge mjere monetarnog i prudencijalnog karaktera, kao što su povećanje dozvoljene otvorenosti devizne pozicije banaka, zaključivanje swap poslova te intervencije na deviznom tržištu (neto 200 milijuna eura), kojima je dodatno povećana mobilnost likvidnosti unutar bankovnog i financijskog sustava.