The Croatian National Bank (HNB) said on Wednesday it would comply with the High Administrative Court ruling that rejected its application to declare null and void the Information Commissioner's decision ordering the central bank to provide the Franak association with the requested information concerning the conversion of Swiss franc-denominated loans.
The HNB had asked the court to examine the Information Commissioner's decision in light of three laws obligating the central bank to ensure data confidentiality.
The HNB says that the High Administrative Court ruling is extremely important because it is the first time that a Croatian court has ruled that the HNB must disclose confidential bank and supervisory data in its possession to ensure the right of access to information.
"This is a precedent in court practice concerning banking supervision which might have significant effects in the future," the central bank said in a statement.
The HNB said that it would comply with the court ruling, but that in disclosing data and in conducting proportionality tests following future requests for information it would continue to carefully assess the interest of the public in relation to its obligation to maintain the confidentiality of supervisory information as required by Croatian and EU regulations governing banking supervision.