natgillin/translations-raw huggingface dataset:
Croatian Financial Services Supervisory Agency as the resolution authority for investment firms, groups of investment firms and financial institutions for which it is responsible; and 
Hrvatska agencija za nadzor financijskih usluga kao sanacijsko tijelo za investicijsko društvo, grupu investicijskih društava i financijske institucije za koje je nadležna i
A Note on Kuna Lending 
Bilješka o kunskom kreditiranju
Igor Ljubaj and Suzana Petrović 
Igor Ljubaj i Suzana Petrović
Zagreb, December 2016 
Zagreb, prosinac 2016.
TECHNICAL EDITOR Slavko Križnjak 
LEKTORICA Antonija Vidović
After being on the rise since 2013, lending in domestic currency picked up strongly in 2016. 
Kreditiranje u domaćoj valuti u porastu je od 2013., a zamjetno se ubrzalo u 2016. godini.
This refers mostly 
To se najviše odno­
to household loans, though kuna lending to the corporate sector has also intensified in the recent period. 
si na kreditiranje stanovništva, no u recentnom razdoblju kunsko kreditiranje intenziviralo se i za sektor poduzeća.
5% at end-2012 to 40. 
Ključne riječi: kunski krediti, deeuroizacija
7% to 40. 
1. Dinamika i struktura pojačanoga kunskoga kreditiranja
3% for the household sector and from 32. 
2. Činitelji koji su pogodovali porastu kunskoga kreditiranja
3% to 41. 
Sadržaj
2% for the sector of non-financial corporations). 
DINAMIKA I STRUKTURA POJAČANOGA KUNSKOGA KREDITIRANJA
Contents 
b.).
1 Dynamics and structure of stronger kuna lending 
Promatra li se dinamika na godišnjoj razini, rast
Kuna loans to households grew by HRK 10. 
Tablica 1.
2bn from early 2013 to the end of 2015 and by an additional HRK 8. 
a. Stanje i struktura plasmana stanovništvu i nefinancijskim poduzećima
9bn, respectively (Table 1. 
XII.
HRK 2. 
XII.
9bn (17. 
XII.
Table 1. 
XII.
Kuna loans to households 
Kunski plasmani stanovništvu
F/c loans to households 
Devizni plasmani stanovništvu
F/c loans to non-financial corporations 
Devizni plasmani poduzećima
TOTAL loans to nonfinancial corporations Source: CNB. 
UKUPNO plasmani poduzećima Izvor: HNB
b Absolute and annual rates of change in loans to households and non-financial corporations transaction-based 
b. Apsolutne i godišnje stope promjene plasmana stanovništvu i nefinancijskim poduzećima na temelju transakcija
Absolute transaction-based changes (million HRK) 
Apsolutne promjene na temelju transakcija (mil. HRK)
Transaction-based annual rates of change (%) 
Godišnje stope promjene na temelju transakcija (%) 2015.
Igor Ljubaj and Suzana Petrović 
Devizni plasmani stanovništvu
2% in September 2016, while kuna loans to non-financial corporations grew by 12. 
DINAMIKA I STRUKTURA POJAČANOGA KUNSKOGA KREDITIRANJA
5% (Table 1. 
Igor Ljubaj i Suzana Petrović
b and Figures 1. 
b. i slike 1.
a and 1. 
a. i 1.
Owing to the rise in kuna loans, the trend of household deleveraging, present from 2009, lost a lot of its momentum, while corporate sector loans recorded positive annual growth in mid-2016, for the first time since early 
Zahvaljujući rastu kun­ skih kredita, kod stanovništva se značajno ublažio trend razduživanja koji je prisutan od 2009. godine, dok je kod poduzeća od sredine 2016. zabilježen godišnji pri­ rast kreditiranja prvi put od početka 2014. godine.
In addition to transaction-based data on changes in 
Osim podataka o kretanju plasmana temeljenih na
loans, the data on new loans from interest rate statistics for households confirm the noticeable upturn in kuna lending in the recent period (Figure 2). 
transakcijama, i podaci o novim kreditnim poslovima iz statistike kamatnih stopa za stanovništvo potvrđuju za­ mjetan skok kunskoga kreditiranja u recentnom razdo­ blju (Slika 2.).
Viewed from a longer-run perspective, new household sector loan business has been growing mildly ever since early 2013, in 
Promatra li se duže razdoblje, ti se po­ slovi kod sektora stanovništva blago povećavaju još od početka 2013. godine, za razliku od deviznih koji stagni­ raju.
contrast with foreign currency loans, which have held steady. 
Iznimka je početak 2016., kada je zabilježen znača­
divided into renegotiated loans and original new loans (actual new loans). 
ti na ponovno ugovorene kredite i prvi put ugovorene kredite (stvarne nove kredite).
With regard to original new loans to households (Figure 3. 
Ako se promatraju prvi put ugovoreni novi krediti stanovništva (Slika 3.
b), the amount of these loans in kuna had exceeded the amount of foreign currency loans by April 2015, setting a trend that continued throughout 2016. 
b.), on­ da je još u travnju 2015. iznos tih kunskih kredita nad­ mašio iznos deviznih, a takav trend nastavio se i tijekom 2016.
As regards their structure, in the first nine months of 2016, around two-thirds of actual new loans in kuna were accounted for by consumer loans, mostly general-purpose cash loans, while the remaining portion related to housing loans. 
U njihovoj strukturi, u prvih devet mjeseci 2016. oko dvije trećine stvarnih novih kredita u kunama od­ nosile su se na potrošačke kredite, uglavnom na goto­ vinske nenamjenske kredite, a preostali dio na stambene kredite.
Compared with the same period of the previous year, the share of consumer loans decreased, whereas the share of kuna housing loans more than doubled. 
U usporedbi s istim razdobljem prošle godine, udio potrošačkih kredita smanjio se, dok se udio kun­ skih stambenih kredita više nego udvostručio.
In the same period, the amount of new foreign currency loans edged down, due to the decline in other (non-housing) loans (Figure 3. 
Istodob­ no, iznos novih deviznih kredita blago se smanjuje, čemu pridonosi pad ostalih (nestambenih) kredita (Slika 3.
As regards nonfinancial corporations, almost 60% of original new loans granted from January to September 2016 were loans for working capital, whereas such loans accounted for slightly less than a half of loans granted in the first nine months of 2015; investment loans accounted for around 7% of total actual new corporate loans, or nearly twice 
Kada je riječ o nefinancijskim poduzećima, gotovo 60% prvi put odobrenih kunskih kredita od siječnja do rujna 2016. odnosilo se na kredite za obrtna sredstva u od­ nosu na nešto manje od polovine u prvih devet mjeseci prošle godine, dok je u istom tom razdoblju na kredite za investicije otpalo oko 7% ukupnih stvarnih novih kre­ dita poduzećima, što je gotovo dvostruko više u odnosu na razdoblje od siječnja do rujna 2015. godine.
Source: CNB. 
godišnje stope promjene na temelju transakcija
1.a Households 
Izvor: HNB
Foreign currency loans to households 
Kunski plasmani stanovništvu
Total loans to households 
Devizni plasmani stanovništvu
Kuna loans to non-financial corporations 
Ukupni plasmani stanovništvu
billion HRK 
HRK
including 3. 
uključujući 3.
Note: The new business volume includes the amount of renegotiated loans. 
Napomena: U iznos novih poslova uključen je iznos ponovno ugovorenih kredita i iznos stvarnih novih kredita.
Total f/c loans 
Ukupno devizni
F/c housing loans 
Stambeni devizni
Total kuna loans 
Ukupno kunski
Kuna housing loans 
Stambeni kunski
2 It should be noted that, in statistical terms, loans converted from Swiss franc to euro loans were recorded as renegotiated loans (Figure 3. 
2 Valja napomenuti da se statistički konverzija iz CHF u EUR evidentirala kao ponovno ugovoreni kredit (Slika 3.
a), whereas the refinancing of euro loans by kuna loans was recorded as genuinely new business (Figure 3. 
a.), a refinanciranje eurskih kredita kun­ skim kreditima kao potpuno novi posao (Slika 3.
DyNAMICS AND STRUCTURE OF STRONGER KUNA LENDING 
DINAMIKA I STRUKTURA POJAČANOGA KUNSKOGA KREDITIRANJA
Figure 3. 
mlrd.
a Amounts of renegotiated household loans 
HRK
Total f/c loans - left 
a. Iznosi ponovno ugovorenih kredita stanovništvu
F/c housing loans - left 
Izvor: HNB
Total kuna loans - right 
Ukupno devizni - lijevo
Kuna housing loans - right 
Stambeni devizni - lijevo
b Amounts of original new household loans 
Stambeni kunski - desno
actual new loans 
mlrd.
Source: CNB. 
HRK
Total f/c loans 
Slika 3.
F/c housing loans 
b. Iznosi prvi put ugovorenih kredita stanovništvu
Total kuna loans 
stvarni novi krediti
Kuna housing loans 
Izvor: HNB
Figure 4 Share of kuna loans in total loans 
Ukupno devizni
Source: CNB. 
Stambeni devizni
Loans to non-financial corporations 
Ukupno kunski
as much as in the period from January to September 
Udio kunskih plasmana u ukupnim plasmanima
Stronger kuna lending accompanied by the repay 
Izvor: HNB
a and Figure 4). 
Plasmani nefinancijskim poduzećima
7% at end2012 to 40. 
a. i Slika 4.).
2 Factors that supported stronger kuna lending 
2. Činitelji koji su pogodovali porastu kunskoga kreditiranja
The increase in the share of kuna loans in total 
Na porast udjela kunskih plasmana u ukupnim pla­
loans was driven by several factors:3 (i) changes in the structure of banks' sources, mostly in favour of demand deposits; (ii) the fall in the general level of interest rates that led to the decrease in interest rates on kuna loans (this is related to the preceding factor); (iii) household demand for kuna loans prompted by the negative experience with Swiss franc-indexed loans (including the refinancing of converted euro loans by kuna loans); (iv) expansionary monetary policy measures of the Croatian National Bank accompanied by regulatory changes that ensure greater awareness of consumers about currency risk; (v) stronger competition among banks to grant new loans in the context of generally subdued lending activity; and (vi) lesser reliance of banks on external sources in foreign currency due to the rise in domestic deposits and the fact that domestic lending continues to be subdued (which is confirmed by the fact that banks invest foreign currency liquidity surplus in foreign assets instead of the domestic market). 
smanima djelovalo je nekoliko činitelja3 (i) promjena u strukturi izvora banaka, ponajprije u korist depozita na transakcijskim računima; (ii) pad opće razine kamatnih stopa koja je rezultirala smanjenjem kamatnih stopa na kunske kredite (činitelj povezan s prethodnim); (iii) po­ tražnja stanovništva za kunskim kreditima zbog nega­ tivnog iskustva s kreditima indeksiranima uz švicarski franak (uključujući refinanciranje konvertiranih eurskih kredita kunskima); (iv) ekspanzivne mjere monetarne politike Hrvatske narodne banke zajedno s regulatornim izmjenama koje osiguravaju veću informiranost potroša­ ča o valutnom riziku; (v) pojačana konkurencija među bankama za plasiranje novih kredita u uvjetima općenito potisnute kreditne aktivnosti te (vi) manje oslanjanje ba­ naka na inozemne izvore u stranoj valuti potaknuto pora­ stom domaćih depozita i činjenicom da je domaća kredit­ na aktivnost i nadalje potisnuta (što potvrđuje činjenica da višak devizne likvidnosti banke plasiraju u inozemnu aktivu, a ne na domaće tržište).
The rise in the share of kuna loans in total loans was also the result of the maturity of the existing foreign currency debt, i.e. deleveraging, and writeoffs and sale of the existing credit portfolio (mostly that linked to a foreign currency). 
Na sam porast udje­ la kunskih plasmana u ukupnim plasmanima utjecalo je i dospijeće postojećega deviznog duga, odnosno razdu­ živanje te otpis i prodaje postojećega kreditnog portfelja (većinom uz valutnu klauzulu).
The impact of each of these factors is briefly explained in the text below. 
U nastavku teksta ukrat­ ko se objašnjava utjecaj svakog od činitelja.
Room for credit de-euroisation largely depends on 
Prostor za kreditnu deeuroizaciju uvelike ovisi o
deposit de-euroisation and it can be observed that the share of kuna sources in total sources of bank financing has increased in recent years. 
depozitnoj deeuroizaciji te se može primijetiti kako je u ukupnim izvorima sredstava banaka posljednjih godina došlo do porasta udjela kunskih izvora.
The growth in demand deposits actually reflects client preference for holding more liquid financial assets in the environment of falling deposit interest rates. 
Rast depozitnog nov­ ca zapravo odražava sklonost klijenata držanju likvidnije financijske imovine u uvjetima pada pasivnih kamatnih stopa banaka.
At the same time, the banks have steadily decreased their external funding sources (mostly foreign exchange) and increased foreign assets. 
Istodobno, banke kontinuirano smanjuju inozemne izvore financiranja koji su pretežito devizni te povećavaju inozemnu aktivu.
As regards the cost of funding for the Croatian 
Uz utjecaj ekspanzivne monetarne politike na pad
banking system, the fall in domestic interest rates was due to the expansionary monetary policy as well as to EURIBOR and the national reference rate (NRR)4 continuing their downward trend to reach record lows. 
domaćih kamatnih stopa, što se tiče troška izvora sred­ stava hrvatskoga bankovnog sustava, EURIBOR i nacio­ nalna referentna stopa (NRS)4 bilježe kontinuirani trend pada te se nalaze na najnižim dosad zabilježenim razina­ ma.
Although the risk premium for Croatia is higher than that 
Iako je premija za rizik za Hrvatsku viša u odnosu na usporedive zemlje, snižene međunarodne i domaće refe­
Note: Total sources of other monetary institutions also include foreign liabilities. 
Napomena: Ukupni izvori drugih monetarnih institucija uključuju i inozemnu pasivu.
Figure 6 Interest rates on new household loans 
Kamatne stope na nove poslove kredita stanovništvu
Note: The new business volume includes the amount of renegotiated loans and the amount of actual new loans. 
Napomena: U iznos novih poslova uključen je iznos ponovno ugovorenih kredita i iznos stvarnih novih kredita.
for peer countries, thanks to lower risk aversion, and improved domestic fiscal movements and growth prospects, lower international and domestic benchmark interest rates opened room for banks to reduce interest rates on new loans (Figure 6), which certainly provided a boost to kuna lending. 
rentne kamatne stope pod utjecajem veće sklonosti rizi­ ku te poboljšanih domaćih fiskalnih kretanja i perspektive rasta, otvorile su bankama prostor za snižavanje kamat­ nih stopa na nove kredite (Slika 6.), što se zasigurno po­ zitivno odrazilo na rast kunskoga kreditiranja.
In the context of the general decrease in interest rates, the lowering of interest rates on kuna loans was also supported by the structure of deposits, i.e. the higher level of demand deposits, which led to a gradual narrowing of the spread between kuna and euro interest rates, while for new housing loans interest rates were equal in some months. 
U uvjeti­ ma općeg pada kamatnih stopa snižavanju kamatnih sto­ pa na kunske kredite pridonijela je i struktura depozita, odnosno veća razina depozita na transakcijskim računi­ ma, što je rezultiralo postupnim smanjivanjem razlike iz­ među kunskih i eurskih kamatnih stopa, a kod novih je stambenih kredita u pojedinim mjesecima primjetljivo i izjednačavanje kamatnih stopa.
Furthermore, credit standards and demand for cor 
Nadalje, standardi odobravanja i kreditna potra­
porate loans continued to improve in the first three quarters of 2016, which also supported the increase in kuna lending (Figure 7). 
žnja poduzeća nastavili su se poboljšavati tijekom prva tri tromjesečja 2016. godine, što također pogoduje pora­ stu kunskoga kreditiranja (Slika 7.).
According to the Bank Lending Sur 
Prema odgovorima
a Interest rates on renegotiated household loans 
a. Kamatne stope na ponovno ugovorene kredite stanovništvu
Note: Total loans do not include loans whose new business volume is equal to balances (credit card loans, overdraft facilities, revolving loans and receivables on charge cards). 
Napomena: Ukupni krediti ne uključuju one kredite čiji su novi poslovi jednaki stanjima (kredite po kreditnim karticama, prekoračenja po transakcijskim računima, revolving kredite i potraživanja s osnove kartica s odgodom plaćanja (engl. charge card)).
b Interest rates on original new household loans 
b. Kamatne stope na prvi put ugovorene kredite stanovništvu
actual new loans 
stvarni novi krediti
Credit standards (left) 
Standardi odobravanja (lijevo)
Demand (right) 
Potražnja (desno)
EASING 
UBLAŽAVANJE
INCREASE 
POVEĆANJE
DECREASE 
SMANJENJE
Note: The data refer to the net percentage of banks weighted by the share in total corporate loans. 
Napomena: Podaci se odnose na neto postotak banaka ponderiran udjelom u ukupnim kreditima poduzećima.
Credit standards for housing loans (left) Demand for housing loans (right) 
Standardi odobravanja stambenih kredita (lijevo) Potražnja za stambenim kreditima (desno)
INCREASE 
POOŠTRAVANJE
DECREASE 
UBLAŽAVANJE
TIGHTENING 
POVEĆANJE
EASING 
SMANJENJE
Demand for consumer and other loans (right) 
Potražnja za potrošačkim i ostalim kreditima (desno)
Credit standards for consumer and other loans (left) 
Standardi odobravanja potrošačkih i ostalih kredita (lijevo)
Note: The data refer to the net percentage of banks weighted by the share in total household loans. 
Napomena: Podaci se odnose na neto postotak banaka ponderiran udjelom u ukupnim kreditima stanovništvu.
vey, the easing of credit standards was mostly influenced by bank liquidity, financing options for banks in the market, positive expectations regarding general economic developments and competition among banks. 
banaka iz Ankete o kreditnoj aktivnosti na ublažavanje standarda za kredite najviše je djelovala likvidnost bana­ ka, mogućnost financiranja banaka na tržištu, pozitiv­ na očekivanja u vezi s općim gospodarskim kretanjima kao i konkurencija među bankama.
As regards the household sector, developments in demand for consumer and housing loans were the most favourable since this Survey was first conducted (Figure 8). 
Što se tiče sektora stanovništva, bilježe se najpovoljnija kretanja potražnje za potrošačkim i stambenim kreditima od početka pro­ vođenja Ankete (Slika 8.).
It should be said that several large banks in ad hoc responses to the Survey in the last quarter of 2015 and the first half of 2016 put a special emphasis on stronger demand for kuna loans, in particular for refinancing needs. 
Pritom valja naglasiti da su pojedine velike banke u ad hoc odgovorima u Anketi u posljednjem tromjesečju 2015. i u prvoj polovini 2016. upravo naglasile pojačanu potražnju na tržištu za kun­ skim kreditima, posebno u slučaju refinanciranja posto­ jećih kredita.
The convergence of interest rates on kuna and for 
Konvergencija kamatnih stopa na kunske i devizne
eign currency loans, accompanied by the easing of credit standards, was reflected in larger demand for kuna loans, which was further boosted by increasingly greater awareness of individuals about currency risk associated with foreign currency borrowing. 
kredite praćena ublažavanjem standarda odobravanja kredita odrazila se na povećanje potražnje za kunskim kreditima koje je zasigurno dodatno potaknuto sve ve­ ćom osviještenošću građana o valutnom riziku koji do­ nosi zaduživanje vezano uz stranu valutu.
This was the result of the negative experience of debtors with Swiss franc-indexed loans that, owing to the weakening of the kuna against the franc, faced the materialisation of exchange rate risk in the form of significant increases in loan annuities and principal. 
Razlog tome je negativno iskustvo dužnika s kreditima indeksiranima uz švicarski franak koji su zbog slabljenja kune prema franku doživjeli materijalizaciju tečajnog rizika u obliku značajnog povećanja anuiteta otplate i glavnice kredita.
Not only is this the preference of new borrowers, but some existing borrowers wish to refinance currency indexed loans with kuna loans. 
Osim novih zajmoprimaca, i neki postojeći žele kredi­ te uz valutnu klauzulu refinancirati kreditima u kunama, što pridonosi porastu kunske kreditne potražnje.
Furthermore, by pursuing an expansionary mon 
Nadalje, HNB je ekspanzivnom monetarnom poli­
By relaxing a series of monetary policy instruments, the CNB reduced the regulatory burden on the banks, while the maintenance of relatively larger costs of regulation for foreign currency sources than on kuna sources, has encouraged banks to strengthen their kuna business (Figure 10). 
HNB je nizom ublažavanja postojećih instrumenata monetarne politike smanjio regulatorno opterećenje ba­ naka, pri čemu je i dalje zadržan relativno veći regulator­ ni trošak za izvore u devizama u odnosu na kunske izvo­ re, čime se banke potiče na jačanje kunskog poslovanja (Slika 10.).
In addition to the above, kuna liquidity was cre 
Osim navedenog, kunska je likvidnost kreirana
ated by usual purchases of foreign currency in the domestic market and regular reverse repo operations, as well as structural repo operations introduced in February 2016. 
i uobičajenim kupnjama deviza na domaćem tržištu te redovitim obratnim repo operacijama, kao i struktur­ nim repo operacijama uvedenima u veljači 2016. godi­ ne.
Structural repo operations have provided the banks with access to long-term sources of kuna liquidity at competitive interest rates and encouraged more vigorous and more favourable lending in domestic currency to corporates and households. 
Strukturnim repo operacijama bankama se otvorio pristup dugoročnijim izvorima kunske likvidnosti po konkurentnoj kamatnoj stopi te se potaknulo intenzivni­ je i povoljnije kreditiranje gospodarstva i stanovništva u domaćoj valuti.
8% at the first two auctions and a rate of 1. 
Usto, intenziviranju ponude kunskih kredita pogo­
In addition, the supply of kuna loans was also 
U sklo­ pu te Odluke banke koje u ponudi imaju devizne kredite
Under the Decision, banks that offer loans denominated in or indexed 
5 Vidi Okvir 2.
EASING 
POOŠTRAVANJE
Credit institutions' assets held for regulatory purposes (excluding excess liquidity) include calculated kuna reserve requirements, allocated foreign currency reserve requirements, marginal reserve requirements, CNB bills, and minimum required foreign currency claims. 
Imovina kreditnih institucija koja se drži zbog regulative (umanjena za viškove likvidnosti) uključuje obračunatu obveznu pričuvu u kunama, izdvojenu obveznu pričuvu u devizama, graničnu obveznu pričuvu, blagajničke zapise HNB-a i minimalno potrebna devizna potraživanja.
Total cost of regulation 
Ukupni trošak regulacije
Cost of regulation - HRK 
Trošak regulacije - kunski
Cost of regulation - f/c 
Trošak regulacije - devizni
Note: Cost of regulation is estimated as the weighted difference between the minimum required return on loans and the nominal cost of bank funding, while taking account of the amount of funds that banks cannot place due to regulatory requirements. 
Napomena: Trošak regulacije procijenjen je kao vagana razlika između najmanjega potrebnog povrata na plasmane i nominalnog troška izvora financiranja banaka, uvažavajući veličinu sredstava koja banke ne mogu plasirati zbog regulatornih zahtjeva.
to foreign currency are obliged, among other things, to offer their prospective future clients kuna loans for the same purpose or, if they do not make such loans, inform clients about other banks that do offer such kuna loans. 
i kredite s valutnom klauzulom dužne su, između osta­ log, potencijalnim klijentima ponuditi i kunski kredit za istu namjenu ili, ako ga nemaju u ponudi, informirati ih o drugim bankama koje nude takve kunske kredite.
The Decision goes beyond the European Systemic Risk Board (ESRB) recommendations adopted in September 2011, which primarily relate to limits on foreign currency lending to unhedged borrowers. 
European Systemic Risk Board, ESRB) donesene u ruj­ nu 2011., koje se prije svega odnose na ograničavanje odobravanja kredita u stranoj valuti nezaštićenim zajmo­ primcima.
Supervisory authorities should encourage financial institutions to offer customers domestic currency loans for the same purposes as foreign currency loans as well as financial instruments to hedge against foreign exchange risk. 
Supervizorska tijela trebala bi poticati financij­ ske institucije da klijentima ponude zajmove u domaćoj valuti u iste svrhe, kao i zajmove u stranoj valuti te finan­ cijske instrumente za poduzimanje zaštite od valutnog ri­ zika.