The CNB Council examined at its today's session current monetary and economic developments and adopted the report on the work of the central bank in the first half of the year.

The CNB Council also examined the issue of the legal position of its members Sandra Švaljek and Željko Lovrinčević in the context of their announced appointment to the Economic Council of the Government of the Republic of Croatia. Based on the information presented to the public, the issue was raised whether such an appointment might be interpreted as in contravention of Article 45 of the Act on the Croatian National Bank which, in providing for central bank independence, states that CNB Council members may not be appointed by the Croatian Parliament or the Government of the Republic of Croatia to perform some other duty, or whether the appointment at hand involves an altogether different type, nature and scope of work of economic advisers in the form of informal and non-institutionalised personal consultations with the Prime Minister regarding possible solutions to current economic problems, and as such is not in any way directly linked to specific decision making in the Government of the Republic of Croatia.

In the absence of any official information or documents and the fact that the members in question of this highest central bank body could not for the time being provide more specific information on this subject, the CNB Council decided to postpone its final decision until it obtains the information necessary to reach an indisputable and well-founded decision whether the issue at hand is indeed a conflict of interest, prohibited by the letter and spirit of the Act on the Croatian National Bank.

At its today's session, the CNB Council agreed with the appointment of Gordan Miler as Management Board Member of Societe Generale - Splitska banka d.d., Split, Ante Babić as Chairperson and Zdravko Zrinušić as Management Board Member and Deputy Chairperson and Christian Panjol-Tuflija as Management Board Member of Štedbanka d.d., Zagreb and Natalija Jambrečić as Management Board Member of Vaba Banka d.d., Varaždin.