At its session today, the CNB Council examined the latest economic and monetary indicators, adopted the Monetary Policy Projection for the period up to 2018 and the central bank's financial plan for 2016.

The CNB Council also issued several decisions within its field of responsibility. These include the decision abolishing the requirement to allocate the foreign exchange component of reserve requirements and providing for the maintenance of the total reserve requirement foreign exchange component by the average daily balances of liquid foreign exchange claims, which is to be applied as of the reserve requirement calculation on 13 January 2016. This will provide banks with more flexibility in foreign currency liquidity management as an additional incentive towards the reduction of regulatory costs. Banks will be given more room to manage HRK 3.8bn, that is, EUR 493.7m and USD 4.7m, which is the allocated amount of the reserve requirement foreign exchange component. Banks will also be enabled to maintain the foreign exchange component of reserve requirements in non-risk euro settlement accounts with the CNB, with a minimum of 2 percent of the reserve requirement foreign exchange component to be maintained in these accounts as from May 2016.

Also adopted at this session were the decisions establishing the regulatory framework for the TARGET2-HR payment system and our country’s access to this trans-European real time gross settlement system for the euro.

The CNB Council also approved the proposals of the supervisory boards of several credit institutions on new appointments or reappointments to their management boards. Mladen Duliba was thus appointed as Chairman of the Management Board of Croatia banka d.d. Zagreb and Denis Čivgin as Chairman of the Management Board of Imex banka d.d. Split. Branimir Čosić was appointed as Chairman of the Management Board of PBZ stambena štedionica d.d. and Dražen Klarić as Member of the Bank’s Management Board. Antonija Matošin was appointed as Member of the Management Board of Prva stambena štedionica d.d., Zagreb and Liana Keserić and Ivan Žižić were appointed as Management Board Members of Raiffeisenbank Austria d.d. Zagreb. André-Marc Prudent-Toccanier remained Chairman and Nelsi Rončević remained Member of the Management Board of Société Générale Splitska banka d.d., Split, while Yvon Puyou was appointed as a new Member to the Bank’s Management Board. Zvonko Agičić was reappointed as Chairman of the Management Board of Tesla štedna banka d.d. Zagreb for another term and Dubravka Filipčić as Management Board Member.