HRK 1.34bn of CNB profit distributed to the government budget

Published: 11/3/2009

At its session today, the CNB Council reviewed the latest monetary and economic developments and adopted the monetary policy projection for the second quarter of 2009, as well as the international reserves management report for the previous year.
The independent auditor's assessment of the central bank's report concerning the last year's work and financial operations, which showed surplus of income over expenditures in the amount of HRK 3.39bn, was also presented to the CNB Council. In accordance with the legislation, HRK 2.04bn of the above indicated amount was allocated to the CNB's general reserves, whereas HRK 1.34bn was distributed to the government budget.
Pursuant to the CNB Council decision, banks, savings banks and branches of foreign banks operating in the Republic of Croatia and authorised by the Croatian National Bank are allowed to use as collateral for central bank's intraday and Lombard loans the Ministry of Finance T-bills denominated in euro, and not only in kuna, as was the case before, with an original maturity of up to one year.
The CNB Council gave its consent to the proposal of the supervisory board of Hypo Alpe-Adria-Bank d.d., Zagreb to appoint Tadija Vrdoljak for a term of office of three years and Ivan Mihaljević for a term of office of one year as members of the management board of that bank, whereas the required consent was not given to the proposal of the supervisory board of Kreditna banka d.d., Zagreb for the appointment of Branko Malenica as a member of the management board of that bank.