Financial Stability Council

Published: 30/6/2015 Modified: 10/2/2016
The Financial Stability Council was established with a view to improving coordination among various institutions competent for financial stability as well as the design and implementation of macroprudential policy. The Financial Stability Council consists of representatives of key institutions competent for the maintenance of financial stability in the Republic of Croatia.

The Financial Stability Council (Council) was established in late 2013 on the basis of the Act on the Financial Stability Council.

The most important tasks of the Council are as follows: to participate in the design of macroprudential policy, to analyse systemic risks, to ensure coordination between the competent authorities and to take actions related to the fulfilment of the requirements specified in warnings and recommendations of the European Systemic Risk Board (ESRB). The most important power of the Council concerns the issuance of warnings and recommendations to the competent authorities, other government administration bodies and legal persons with public authorities in the Republic of Croatia. The purpose of warnings is to draw attention to systemic risks that may threaten financial stability, while recommendations indicate the need to introduce new or amend existing measures and instruments to be taken with the objective of safeguarding financial stability.

The Council consists of representatives of key institutions for the safeguarding of financial stability in the Republic of Croatia, namely the Croatian National Bank (CNB), the Croatian Financial Services Supervisory Agency (HANFA), the Ministry of Finance of the Republic of Croatia and the State Agency for Deposit Insurance and Bank Resolution (DAB).

In the first year of its work, the Council established the foundations for the exercise of its tasks and powers, defined the basic guidelines for its operation and took actions necessary for the design of the macroprudential policy of the Republic of Croatia.