MPs put forward changes to law regulating central bank

As many as 45 lawmakers from the ruling and Opposition parties on Wednesday put forward amendments to the Law on the Croatian National Bank (HNB), which will enable the State Audit Office to review annual reports on the overall performance of the central bank, and will also make it possible for parliament to debate and vote on the bank's annual report.

The proposed amendments, signed by MPs from nine parties and seven minority and independent deputies in parliament, envisages that the position of governor and vice-governors can be held for a maximum of two consecutive terms.

The bill was signed by MP Ivan Kovacic (Bridge) and will be presented in parliament by MP Ivan Lovrinovic (Bridge) and MP Goran Maric (Croatian Democratic Union - HDZ).

The sponsors of the bill, sent into fast-track procedure, claim that most European Union member states conduct an annual audit of the business and reports of their central banks which is not foreseen in Croatia by law. "Because the State Audit Office cannot review the HNB's financial and business reports, a high level of distrust in the transparency of the work and business conducted by the HNB has been created in public," the proponents said.

They warned of the "arbitrary and incorrect interpretation of EU regulations," which, they said, had unnecessarily delayed voting on the HNB report for 2014.

They recall that the current law regulates that the governor's and vice-governor's term lasts for six years without any restrictions which allows for "long-life" service.

"For example, an HNB vice-governor has been conducting that duty for 25 years now and there are others who are serving a third term as vice-governors or members of the HNB advisory council," the bill's sponsors said.

Last update: Wed, 27/04/2016 - 17:43

More from Croatia

Plenkovic underlines OECD's importance for Croatia

Croatian Prime Minister Andrej Plenkovic, who on Thursday started his visit to Davos, where the World Economic Forum...

Croatian, Slovenian ministers believe agreement on Cimos to be reached soon

Croatian State Property Management Minister Goran Maric and Slovenian Economy and Technology Minister Zdravko...

Croatian, Serbian ministers of interior discuss migrants

Croatian Interior Minister Vlaho Orepic said on Thursday that he had agreed with his Serbian counterpart Nebojsa...

Research shows Croatians generally happy people

The Institute of Social Science "Ivo Pilar" on Thursday held a news conference to present the preliminary results of...

Szijjarto says Hungary must be reimbursed for money invested in INA

The Croatian government must reach an agreement with the Hungarian energy group MOL on a buyout of its stake in...