This increases the effectiveness and consistency of macroprudential policy in EU Member States and contributes to a level playing field in the Single Market. In December 2015, the ESRB adopted a Recommendation on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2015/2), which aims to harmonise the procedures of voluntary reciprocity for macroprudential policy measures and reduce potential negative cross-border effects of macroprudential measures. The Croatian National Bank transposed the provisions of the Recommendation ESRB/2015/2 into the Croatian legislative framework by adopting the Decision on the reciprocity of macroprudential policy measures adopted by the relevant authorities of other European Union Member States and the assessment of cross-border effects of macroprudential policy measures.
For each macroprudential measure recommended for reciprocation, the CNB reviews the amount of these exposures of domestic credit institutions regarding to the recommended materiality threshold and on this basis decides on a potential reciprocation of the measure. Such approach is also applied by the majority of other EU Member States, which is in accordance with the ESRB recommendation. If due to the low exposure amount a national measure of another Member State is not reciprocated, it is necessary, once a year, to review the change in the exposure or the exposure sub-group to that country and, if they exceed the recommended materiality threshold, the measure should be reciprocated subsequently. Currently, the CNB does not apply any of the recommended national reciprocity measures, but it reviews the materiality of those exposures every year in order to initiate the reciprocation if necessary.
- Decision on the reciprocity of macroprudential policy measures adopted by relevant authorities of other European Union Member States and assessment of cross-border effects of macroprudential policy measures (26/6/2017)
(OG 60/2017) - CNB decisions on the (non-)reciprocity of national macroprudential measures:
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- Decision repealing the Decision on the reciprocity of the macroprudential policy measure adopted by the macroprudential authority of Belgium (OG 88/2022) (available in Croatian only)
- Explanation (available in Croatian only)
- Decision repealing the Decision on the reciprocity of the macroprudential policy measure adopted by the macroprudential authority of Finland (OG 28/2021) (available in Croatian only)
- Explanation (available in Croatian only)
- Decision repealing the Decision on the reciprocity of the macroprudential policy measure adopted by the macroprudential authority of Estonia (OG 28/2021)
- Explanation (available in Croatian only)
- Decision on the non-reciprocity of the macroprudential policy measure adopted by the macroprudential authority of France and recommended for reciprocation by the European Systemic Risk Board under ESRB/2018/8 of 5 December 2018 (11.7.2019)
- Decision on amendments to the Decision on the reciprocity of the macroprudential policy measure referred to in the Recommendation of the European Systemic Risk Board of 24 June 2016 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2016/4) (11.7.2019), (OG 66/2019)
- Decision on the reciprocity of the macroprudential policy measures adopted by the macroprudential authority of Belgium (29.4.2019), (OG 41/2019), the Decision was repealed on 21 July 2022
- Decision on the reciprocity of the macroprudential policy measures adopted by the macroprudential authority of Finland (4.5.2018), (OG 41/2018) (available in Croatian only) – the Decision was repealed on 11 March 2021
- Decision on the reciprocity of the macroprudential policy measures adopted by the macroprudential authority of Estonia (26.7.2017), (OG 73/2017) – the Decision was repealed on 11 March 2021
- Decision repealing the Decision on the reciprocity of the macroprudential policy measure adopted by the macroprudential authority of Belgium (OG 88/2022) (available in Croatian only)