HNB says will comply with court ruling regarding CHF loan conversion

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.

Last update: Wed, 19/10/2016 - 12:32

More from Croatia

Defence ministry's 2017 procurement outlays to reach EUR 226 mln

The Defence Ministry presented its procurement plan for 2017 worth HRK 1.7 billion of which HRK 470 million will be...

Croatia to decide on its own whether to join sanctions against Dodik

Croatia will decide on its own whether to join in the US sanctions against Republika Srpska President Milorad Dodik...

Erjavec insists on possible incidents if Croatia rejects border arbitration ruling

Slovenia-Croatia relations might be additionally strained over a ruling to be made by an international border...

EC recommends Croatia's gradual integration into Schengen Information System

The European Commission on Wednesday made a recommendation to the Council of the European Union to gradually...

Plenkovic: It's important for Croatia to postion itself in changed global circumstances

It is important how Croatia will position itself in 2017 against a background of the changed global circumstances,...