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     1st quarter 2012
                        Agenda
   Central bank’s objectives and structure
   Real sector
   Monetary policy
   External sector
   Banking sector
    Central bank’s objectives and tasks
 STABILITY OF PRICES
 SUPPORTING THE ECONOMIC POLICY OF THE
  GOVERNMENT, WITHOUT PREJUDICE TO ITS
  PRIMARY OBJECTIVE
 Management of the international reserves
 Issuing banknotes and coins
 Issuing and revoking licenses for banks and bank
  supervision
 Regulating, improving and supervising the payment
  system
 Performance of operations on behalf of the Republic
  of Croatia, as provided by law
           Independence of the CNB
 Institutional: decisions are reached independently of
  other institutions’ influence
 Functional: clear by defined goal and independence in
  choosing the instruments and measures for achieving
  that goal
 Personal: guarantees the protection of the Governor and
  the Council members from various kinds of pressure,
  precisely determines the conditions for the appointment
  and removal from office, and guards against the conflict
  of interest
 Financial: revenues and expenditures of the CNB are
  solely determined by the nature of the monetary and
  exchange rate policies
Structure of the CNB
                           Agenda
   Central bank’s objectives and structure
   Real sector
       Aggregate demand and supply
       Labour market
       Prices
       Fiscal policy
   Monetary policy
   External sector
   Banking sector
                               Real GDP rates of change

                              Croatia                                                                           Peer countries

    6           5.4                         5.1                                      6
         4.9                         4.9
                       4.1    4.3                                                                                          4.9
    4                                                                                5
                                                   2.2                                                                                            4.1        4.2
                                                                                                                  3.9
    2                                                                                4    3.4
                                                                          0.3
    0                                                                              %3                                                  2.8                             2.7
%                                                                                                     2.0
    -2                                                            -1.2               2

    -4                                                                               1

    -6                                                                               0
                                                          -6.0




                                                                                                                           Slovak R.




                                                                                                                                                  Bulgaria


                                                                                                                                                             Romania
                                                                                           Czech R.


                                                                                                      Hungary




                                                                                                                                       Slovenia




                                                                                                                                                                       Croatia
                                                                                                                  Poland
    -8
         2002


                2003


                       2004


                              2005


                                     2006


                                            2007


                                                   2008


                                                           2009


                                                                   2010


                                                                          2011*




* First three quarters of 2011                                                    Average annual growth rate, 2001 – 2010
At the end of 2010 CBS released revised annual GDP data for                       Sources: Eurostat, CBS, national statistical offices
period from 1995 to 2007. The data from 2007 are
provisional. More information can be found on www.dzs.hr
Source: CBS
  Gross value added structure,
                          in current prices, 2010



                 Public. admin.
                  and defense                       Agriculture 5,5%
                     18,7%



                                                       Industry 19,0%


                                                       Construction
                                                          6,7%


        Fin. inter. and
        real est. 27,3%
                                                    Trade 11,1%

              Transport, storage                  Hotels and
                    and                        restaurants 4,5%
                communication
                    7,3%




Source: CBS
      Contributions of domestic
and net foreign demand to GDP growth

                        12

                         8
    percentage points




                         4

                         0

                         -4
                                                   Domestic demand
                         -8                        Net foreign demand
                                                   GDP
                        -12
                              2002

                                     2003

                                            2004

                                                   2005

                                                          2006

                                                                 2007

                                                                        2008

                                                                               2009

                                                                                      2010

                                                                                             2011*
  * First three quarters of 2011
  Due to the methodology of GDP calculation, its real annual rate of change in first three quarters is not
  equal to the sum of components' contributions.
  The data from 2007 are provisional.
  Source: CBS
                                                               Unemployment rate

                                          Croatia                                                                          ILO unemployment rate,
                                                                                                                             peer countries, 2010

  25                                                                                                                  16
                                                                                                                      14
  20                                                                                                                  12
                                                                                                                      10
 15                                                                                                               %   8
 %                                                                                                                    6
  10                                                                                                                  4
                                                                                                                      2
   5                               Registered unemployment rate
                                                                                                                      0
                                   ILO unemployment rate




                                                                                                                                                                                Bulgaria
                                                                                                                                                                     Slovenia
                                                                                                                           Czech R.




                                                                                                                                                                                           Romania


                                                                                                                                                                                                     Croatia
                                                                                                                                      Hungary


                                                                                                                                                Poland


                                                                                                                                                         Slovak R.
   0
                                                                                                         2011*
       1997
              1998
                     1999


                                   2001
                                          2002
                                                 2003
                                                        2004
                                                               2005
                                                                      2006
                                                                             2007
                                                                                    2008


                                                                                                  2010
                            2000




                                                                                           2009




Since the beginning of 2007 results from the Labour Force                                                        Note: ILO unemployment rate refers to persons aged 15-74.
Survey have been published in quarterly dynamics. ILO                                                            Source: Eurostat
unemployment rate refers to persons aged 15 years and
over.
* CBS figure – January – December 2011 (preliminary data);
ILO unemployment rate – first three quarters of 2011
Source: CBS
    Nominal and real net wages

      25                                                                                                                    800

                                                                                                                            700
      20
                                                                                                                            600
      15
                                                                                                                            500




                                                                                                                                  EUR
   % 10                                                            Real growth rate – left                                  400
                                                                   Nominal net wage – right
                                                                                                                            300
       5
                                                                                                                            200
       0
                                                                                                                            100

      -5                                                                                                                    0




                                                                                                                    2011*
           1996
                  1997


                                1999
                                       2000
                                              2001
                                                     2002
                                                            2003
                                                                   2004


                                                                                 2006
                                                                                        2007
                                                                                               2008
                                                                                                      2009
                         1998




                                                                          2005




                                                                                                             2010
* January – November 2011
Sources: CBS, CNB
Total monthly labour costs in the economy,
                  2010

          1600
          1400
          1200
          1000
        EUR




              800
              600
              400
              200
                0
                      Czech R.




                                                                           Bulgaria


                                                                                      Romania
                                 Hungary




                                                                Slovenia




                                                                                                Croatia
                                                    Slovak R.
                                           Poland




      Total labour cost is shown as average monthly gross wage.
      Sources: CBS, national statistical offices
Gross value added in industry per person
               employed

                          6

                          4

                          2
      percentage change




                          0

                          -2

                          -4         GVA in industry
                                     Employment
                          -6
                                     GVA in industry per person employed
                          -8

             -10
                               2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*




   * First three quarters of
   2011
   Source: CBS
                                                                                                       Inflation

                                            Croatia                                                                                             Year-on-year inflation rates and
                                                                                                                                                  components’ contribution to
                                                                                                                                                   consumer price inflation in
                                                                                                                                                           Croatia
    7                                                                                                                                  10
                                                           Core inflation                                                               9                        Energy
    6                                                                                                                                   8                        Unprocessed food
                                                                                                                                                                 Processed food




                                                                                                                         %, percentage points
    5                                                                                                                                   7
                                                                                                                                                                 Industrial non-food without energy
                                                                                                                                        6                        Services
    4                                                                                                                                   5                        Consumer price index

    3                                                                                                                                   4
%                                                                                                                                       3
    2                                                                                                                                   2
    1                                                                                                                                   1
                                                                                                                                        0
    0                                                                                                                                  -1
    -1                                                                                                                                 -2




                                                                                                                                                 12/09
                                                                                                                                                 12/07




                                                                                                                                                 10/08
                                                                                                                                                 12/08




                                                                                                                                                 10/09




                                                                                                                                                 10/10
                                                                                                                                                 12/10




                                                                                                                                                 10/11
                                                                                                                                                 12/11
                                                                                                                                                  2/08
                                                                                                                                                  4/08
                                                                                                                                                  6/08
                                                                                                                                                  8/08


                                                                                                                                                  2/09
                                                                                                                                                  4/09
                                                                                                                                                  6/09
                                                                                                                                                  8/09


                                                                                                                                                  2/10
                                                                                                                                                  4/10
                                                                                                                                                  6/10
                                                                                                                                                  8/10


                                                                                                                                                  2/11
                                                                                                                                                  4/11
                                                                                                                                                  6/11
                                                                                                                                                  8/11
         1996
                1997
                       1998


                                     2000
                                            2001
                                                   2002
                                                          2003
                                                                 2004
                                                                        2005
                                                                               2006
                                                                                      2007
                                                                                             2008
                                                                                                    2009
                                                                                                           2010
                                                                                                                  2011
                              1999




CPI inflation (1996-1998 RPI inflation) and core inflation,
average year-on-year rate of change, last data is year-on-                                                                  Source: CBS
year rate of change
Source: CBS
        Inflation in Croatia,
    eurozone and peer countries

     10
                        2010              2011
       8
                                                                                                           6,1 5,8
       6
                                           4,7
   %                                             3,9         3,9         4,1
       4                                                                                            3,4
                                  2,7                  2,7                                    3,0
                 2,1                                                             2,1 2,1                                     2,3
       2                  1,6
           1,2                                                                                                         1,1
                                                                   0,7
       0




                                                                                                             Romania
                                                         Poland


                                                                     Slovak R.


                                                                                   Slovenia
                               Eurozone


                                             Hungary




                                                                                                Bulgaria
             Czech R.




                                                                                                                         Croatia
Average year-on-year rate of change.
Inflation in Croatia is measured by consumer price index, and in the other selected countries by
harmonized index of consumer prices
Sources: CBS and Eurostat
                              Consolidated general government
                                 revenues and expenditures

                                     Croatia                                                               Peer countries, 2010

           50                                                                              60
                                 Revenues          Expenditures                                                       Revenues                Expenditures
                                                                                           50
           40
                                                                                           40




                                                                                % of GDP
% of GDP




           30
                                                                                           30


           20                                                                              20

                                                                                           10
           10
                                                                                           0




                                                                                                            Hungary
                                                                                                Czech R.




                                                                                                                                                            Bulgaria


                                                                                                                                                                       Romania
                                                                                                                                                 Slovenia




                                                                                                                                                                                 Croatia
                                                                                                                         Poland


                                                                                                                                  Slovak R.
            0
                2002   2003   2004   2005   2006    2007   2008   2009   2010



           All data are shown on cash basis, except data on HAC and HC
           after 2004. Consolidated general government revenues and              According to ESA 95 methodology.
           expenditures are shown according to GFS 2001 methodology.             Sources: Eurostat, MoF
           Expenditures include acquisition of nonfinancial assets.
           Source: MoF
                     Consolidated general government
                                 balance

                               Croatia                                                     Peer countries, 2010
           0
                                                                                0

           -1                                                                   -1
                                                                                -2
           -2                                                                   -3




                                                                     % of GDP
% of GDP




                                                                                -4
           -3                                                                   -5
                                                                                -6
           -4
                                                                                -7
                                                                                -8
           -5                 Overall fiscal balance, GFS 2001
                                                                                -9
                              Net lending/borrowing, ESA 95




                                                                                                                   Slovak R.




                                                                                                                                          Bulgaria
                                                                                     Czech R.




                                                                                                                                                               Croatia
                                                                                                                                                     Romania
                                                                                                Hungary




                                                                                                                               Slovenia
                                                                                                          Poland
           -6
                2002 2003 2004 2005 2006 2007 2008 2009 2010



    Overall fiscal balance (GFS 2001) in the 2002 - 2003 period is
    shown on a cash basis and from 2004 on modified accrual          According to ESA 95.
    basis. HAC, HC, HFP and DAB are included from 2001, HAC is       Sources: Eurostat, MoF
    excluded in 2008. Pensioner debt repayments are included in
    calculation of the balance (for more information on the
    methodology of balance calculation see Box 4 in Bulletin 165).
    Sources: Eurostat, MoF, CNB
                                      General government debt

                                    Croatia                                                                 Peer countries, 2010

           70                                                                               90
                  General government debt                                                   80
           60     General government debt including government guaranteed debt              70
           50                                                                               60




                                                                                 % of GDP
                                                                                            50
% of GDP




           40
                                                                                            40

           30                                                                               30
                                                                                            20
           20                                                                               10
                                                                                            0
           10




                                                                                                 Czech R.




                                                                                                                                                                             Croatia
                                                                                                                        Poland




                                                                                                                                                        Bulgaria


                                                                                                                                                                   Romania
                                                                                                                                             Slovenia
                                                                                                              Hungary




                                                                                                                                 Slovak R.
           0
                2002 2003 2004 2005 2006 2007 2008 2009 2010


    Government guaranteed debt includes other sectors' domestic                  Sources: Eurostat, CNB
    and external debt guaranteed by central government (including
    HBOR). From 2008 general government debt does not include
    debt of HAC.
    Source: CNB
                          Agenda
   Central bank’s objectives and structure
   Real sector
   Monetary policy
       Central bank’s policy
       Monetary developments
       Interest rates
   External sector
   Banking sector
Foreign exchange interventions
      and exchange rate

                 3.000                                                                                                                                                   8,0
                 2.500
                                                                                                                                                                         7,8
                 2.000
                 1.500                                                                                                                                                   7,6
  million HRK




                 1.000




                                                                                                                                                                               EUR/HRK
                   500                                                                                                                                                   7,4
                     0                                                                                                                                                   7,2
                  -500
                -1.000                                                                                                                                                   7,0
                -1.500
                                             Foreign exchange interventions - left                                                                                       6,8
                -2.000
                                             Exchange rate - right
                -2.500                                                                                                                                                   6,6
                                                                               1/1/03




                                                                                                                   1/1/07




                                                                                                                                                       1/1/11
                         1/1/97
                                  1/1/98
                                           1/1/99
                                                    1/1/00
                                                             1/1/01
                                                                      1/1/02


                                                                                        1/1/04
                                                                                                 1/1/05
                                                                                                          1/1/06


                                                                                                                            1/1/08
                                                                                                                                     1/1/09
                                                                                                                                              1/1/10


                                                                                                                                                                1/1/12
Note: EUR/HRK exchange rate before 1999 is calculated as product of DEM/HRK exchange
rate and conversion factor (1.95583).
Source: CNB
Exchange rate movements before CNB intervention
     and amount of intervention, 1996 – 2012

                                               1,0
            EUR/HRK exchange rate, change, %

                                               0,8
                                               0,6
                                               0,4
                                               0,2
                                               0,0
                                               -0,2
                                               -0,4
                                               -0,6
                                               -0,8
                                                  -3.000    -2.000   -1.000      0       1.000    2.000     3.000

                                                                      intervention, in million HRK
                                                      (positive value indicates that CNB buys foreign exchange)



        Exchange rate of the intervention day relative to exchange rate 4 days prior to intervention (y-axis) and the
        intervention amount (x-axis).
        Note: EUR/HRK exchange rate before 1999 is calculated as product of DEM/HRK exchange rate and
        conversion factor (1.95583).
        Source: CNB
Creation and withdrawal of reserve money

                      7


                      5




                                                                                           creation
                      3
        billion HRK




                      1




                                                                                          withdrawal
                      -1


                      -3
                           Regular reverse repo auctions and lombard loans
                           Foreign exchange transactions of the CNB
                      -5
                            3/06
                            6/06
                            9/06

                            3/07
                            6/07
                            9/07
                           12/08
                            3/08
                            6/08
                            9/08

                            3/09
                            6/09
                            9/09

                            3/10
                            6/10
                            9/10
                           12/10
                            3/11
                            6/11
                            9/11
                           12/06




                           12/08




                           12/09




                           12/11
      Note: Foreign exchange transactions include purchases and sales of foreign currency by the CNB
      with commercial banks, MoF and swap agreements. Positive values ​reflect the purchase of foreign
      currency. Values ​for the reverse repo transactions and lombard loans are shown as change in one
      quarter.
      Source: CNB
        Reserve requirements
       and minimum f/c liquidity

      80                                                                    80
      70                                                                    70
      60                                                                    60
      50                                                                    50
  % 40                                                                      40 %
      30                                                                    30
      20                                                                    20
      10                                                                    10
        0                                                                   0
            10/03

            12/05




            11/07




            10/10

            12/11
             1/02
             8/02
             3/03

             5/04

             7/05
             2/06
             9/06
             4/07

             6/08
             1/09
             8/09
             3/10

             5/11
                             Reserve requirement
                             Marginal reserve requirement
                             Minimal foreign currency liquidity
                             % of RR in f/c allocated in HRK



Shaded area represent periods when banks' credit growth was regulated with compulsory CNB bills.
Source: CNB
Liquidity surplus and overnight interest
                  rate

        22                                                                                                                10
                           Liquidity surplus
        20                                                                                                                9
                           (including overnight
        18                 deposits with the                                                                              8
                           CNB) – right
        16                                                                                                                7
                           Overnight interbank
        14                 interest rate – left
                                                                                                                          6




                                                                                                                              billion HRK
        12
      % 10                                                                                                                5
                                                                                                                          4
         8
         6                                                                                                                3
         4                                                                                                                2
         2                                                                                                                1
         0                                                                                                                0
             1/06
                    6/06


                                   4/07
                                          9/07
                                                 2/08
                                                        7/08




                                                                                      3/10
                                                                                             8/10
                                                                                                    1/11
                                                                       5/09




                                                                                                           6/11
                           11/06




                                                               12/08


                                                                              10/09




                                                                                                                  11/11
   Source: CNB
                                  Base money M0

              70
                                 Other deposits
              60                 Overnight deposits
                                 CNB bills on obligatory basis
              50                 Statutory reserves in HRK
                                 Settlement accounts
billion HRK




              40                 Banks' cash in vaults
                                 Currency outside banks
              30

              20

              10

               0
                          4/95
                   6/94


                                 2/96



                                                        8/98
                                                               6/99
                                                                      4/00
                                                                             2/01
                                                                                    12/01


                                                                                                    8/03
                                                                                                           6/04
                                                                                                                  4/05
                                                                                                                         2/06



                                                                                                                                                8/08
                                                                                                                                                       6/09
                                                                                                                                                              4/10
                                                                                                                                                                     2/11
                                        12/96
                                                10/97




                                                                                            10/02




                                                                                                                                12/06
                                                                                                                                        10/07




                                                                                                                                                                            12/11
Source: CNB
CNB's international reserves and money
                supply

                     12
                     11   International reserves
                     10   Money supply
                      9
                      8
       billion EUR




                      7
                      6
                      5
                      4
                      3
                      2
                      1
                      0
                          11/05




                          10/08
                          10/01

                          12/02




                          12/09
                           5/02
                           1/00
                           8/00
                           3/01




                           7/03
                           2/04
                           9/04
                           4/05

                           6/06
                           1/07
                           8/07
                           3/08

                           5/09

                           7/10
                           2/11
                           9/11
    Source: CNB
                                Banks assets

                 450
                       Claims on central government
                 400
                       Claims on private sector
                 350   Foreign assets
                       Reserves and other assets
                 300
   billion HRK




                 250
                 200
                 150
                 100
                 50
                  0     6/04




                        8/08
                        6/94
                        4/95
                        2/96
                       12/96
                       10/97
                        8/98
                        6/99
                        4/00
                        2/01
                       12/01
                       10/02
                        8/03

                        4/05
                        2/06
                       12/06
                       10/07

                        6/09
                        4/10
                        2/11
                       12/11
Source: CNB
                    Bank placements to the non-banking
                                 sector

                    Bank placements to the                                                    Credit to GDP ratio
                     non-banking sector

                           Placements – left                                  120
              300                                                35
                           Year-on-year rate of change – right                                                                                          2009                2010
                                                                 30           100
              250
                                                                 25            80
              200                                                20
billion HRK




                                                                 15         % 60
              150                                                      %
                                                                 10            40
              100                                                5
                                                                               20
                                                                 0
              50
                                                                 -5             0




                                                                                                                  Bulgaria




                                                                                                                                                                                  Romania
                                                                                    Estonia




                                                                                                                                                             Poland




                                                                                                                                                                                            Czech R.
                                                                                                                                                                      Slovak R.
                                                                                                       Slovenia



                                                                                                                             Lithuania
                                                                                              Latvia




                                                                                                                                                   Hungary
                                                                                                                                         Croatia
               0                                                 -10
                    12/03




                     9/10
                     3/00
                    12/00
                     9/01
                     6/02
                     3/03

                     9/04
                     6/05
                     3/06
                    12/06
                     9/07
                     6/08
                     3/09
                    12/09

                     6/11
                    12/11




Source: CNB                                                                Sources: National central banks
                                               Banks' loans

     50

                                                                                                               Household loans
     40
                                                                                                               Corporate loans
     30


     20
 %
     10


      0


  -10


  -20
                 8/00




                                                      7/03




                                                                                          6/06
          1/00


                        3/01
                               10/01
                                       5/02
                                              12/02


                                                             2/04
                                                                    9/04
                                                                           4/05
                                                                                  11/05


                                                                                                 1/07
                                                                                                        8/07
                                                                                                                3/08
                                                                                                                       10/08
                                                                                                                               5/09
                                                                                                                                      12/09
                                                                                                                                              7/10
                                                                                                                                                     2/11
                                                                                                                                                            9/11
year-on-year rate of change
Source: CNB
Loans to households - structure

               160
                            Mortgage loans
               140
                            Car loans
               120          Other loans
 billion HRK




               100          Housing loans

               80
               60
               40
               20
                 0
                            9/04




                                                                                                  9/09
                     3/04


                                   3/05
                                          9/05
                                                 3/06
                                                        9/06
                                                               3/07
                                                                      9/07
                                                                             3/08
                                                                                    9/08
                                                                                           3/09


                                                                                                         3/10
                                                                                                                9/10
                                                                                                                       3/11
                                                                                                                              9/11
Source: CNB
       Currency structure of
banks' credits to the private sector

          100
           90
           80
           70
           60
     %     50
           40
           30
           20
           10
            0
                3/02




                                                                                          9/09



                                                                                                        3/11
                       12/02

                               9/03

                                      6/04

                                             3/05

                                                     12/05

                                                             9/06

                                                                    6/07

                                                                           3/08

                                                                                  12/08



                                                                                                 6/10



                                                                                                               12/11
                                      EUR           CHF         HRK        Other currencies




  Note: Loans in foreign currency include loans denominated in that currency and loans indexed to
  that currency.
  Source: CNB
                      Broad money (M4)

                250
                      Households' blocked f/c deposits
                      F/c deposits
                200   Kuna deposits*
                      Money supply (M1)
                150
  billion HRK




                100


                50


                 0
                      9/97




                      1/05

                      5/06
                      1/97

                      5/98
                      1/99
                      9/99
                      5/00
                      1/01
                      9/01
                      5/02
                      1/03
                      9/03
                      5/04

                      9/05

                      1/07
                      9/07
                      5/08
                      1/09
                      9/09
                      5/10
                      1/11
                      9/11
* including kuna deposits with a currency clause
Source: CNB
Euroisation of the banking system

         90      including kuna deposits with a currency

         85

         80

         75
               including kuna deposits with a currency
         70
     %
         65

         60

         55      Share of f/c deposits in total time and
                 saving deposits
         50      Share of f/c deposits in M4
         45
              5/98




              1/03




              9/07
              1/97
              9/97

              1/99
              9/99
              5/00
              1/01
              9/01
              5/02

              9/03
              5/04
              1/05
              9/05
              5/06
              1/07

              5/08
              1/09
              9/09
              5/10
              1/11
              9/11
 Source: CNB
Average lending interest rates

      22
              Short-term corporate loans without a currency clause
      20      Short-term household loans without a currency clause
              Long-term corporate loans with a currency clause
      18      Long-term household loans with a currency clause

      16
      14
  %
      12
      10
      8
      6
      4
           12/02
           12/99

           12/00

           12/01




           12/03

           12/04

           12/05

           12/06

           12/07

           12/08

           12/09

           12/10

           12/11
            6/00

            6/01

            6/02

            6/03

            6/04

            6/05

            6/06

            6/07

            6/08

            6/09

            6/10

            6/11
Source: CNB
Average deposit interest rates

   12
              Kuna time deposits
              Foreign currency time deposits
   10
              Kuna sight deposits
              Foreign currency sight deposits
     8

 % 6


     4


     2

     0
         12/01
         12/99

         12/00




         12/02

         12/03

         12/04

         12/05

         12/06

         12/07

         12/08

         12/09

         12/10

         12/11
          6/00

          6/01

          6/02

          6/03

          6/04

          6/05

          6/06

          6/07

          6/08

          6/09

          6/10

          6/11
Source: CNB
                           Interest rate spread

                      14
                                  methodology
                                 changed as of
                      12         1 January 2002
                                                  Kuna loans* - kuna deposits*
                                                  Kuna loans** - f/c deposits
  percentage points




                                                  Total loans - total deposits
                      10


                      8


                      6


                      4


                      2
                           12/99

                           12/00

                           12/01

                           12/02

                           12/03

                           12/04

                           12/05

                           12/06

                           12/07

                           12/08

                           12/09

                           12/10

                           12/11
                            6/00

                            6/01

                            6/02

                            6/03

                            6/04

                            6/05

                            6/06

                            6/07

                            6/08

                            6/09

                            6/10

                            6/11
* without a currency clause
** with a currency clause
Source: CNB
Yield on T-bills and kuna government
                 bond

       9,000
                                  T-bill - 91 day
                                  T-bill - 182 days
       8,000                      T-bill - 364 days
                                  T-bill - 728 days
                                  BND - 5 years
       7,000

       6,000

       5,000

       4,000

       3,000

       2,000

       1,000
               1/03
               5/03
               9/03
               1/04
               5/04
               9/04
               1/05
               5/05
               9/05
               1/06
               5/06
               9/06
               1/07
               5/07
               9/07
               1/08
               5/08
               9/08
               1/09
               5/09
               9/09
               1/10
               5/10
               9/10
               1/11
               5/11
               9/11
               1/12
   T-bills – average price in a month; BND – price on the last trading day in a month.
   Note: Since the five-year kuna government bond matured in May 28, 2008, the seven-year kuna
   government bond, which matures in July 11, 2013, has been chosen for the purpose of further
   display of government bonds' yields movements.
   Sources: MoF; ZSE
                                   Bonds listed on the ZSE

                                                           Nom inal         Nom inal                                                                           Nom inal     Nom inal
                       Year of   Original                                                                                   Year of   Original
           Issuer                              Currency     value           interest                  Issuer                                       Currency     value       interest
                        issue    m aturity                                                                                   issue    m aturity
                                                          (m illions)         rate                                                                            (m illions)     rate

            State                                                                                   Corporative


Republic of Croatia      2002       10 years     EUR               500      6.875%     Hrvatska elektroprivreda d.d.          2006       7 years     HRK              500   5.000%
Republic of Croatia      2004       10 years     EUR               650      5.500%     Ingra d.d.                             2006      10 years     HRK              162   6.125%
Republic of Croatia      2004       15 years     EUR               500      5.375%     Atlantic grupa d.d.                    2006       5 years     HRK              115   5.750%
Republic of Croatia      2005       10 years     EUR               350      4.250%     Optima telekom d.o.o.                  2007       7 years     HRK              250   9.125%
Republic of Croatia      2005       10 years     HRK             5,500      5.250%     Jadran Galenski laboratorij d.o.o.     2007       5 years     HRK              125   5.650%
Republic of Croatia      2006        7 years     HRK             4,000      4.500%     Jadranka d.d.                          2007       5 years     HRK               75   6.475%
The City of Split        2006        7 years     EUR                    8   4.563%     Jadrolinija d.d.                       2007       5 years     HRK               70   6.500%
The City of Rijeka       2006       10 years     EUR                25      4.125%     Odašiljači i veze d.o.o.               2007       7 years     HRK              100   7.250%
Republic of Croatia      2007       10 years     HRK             5,500      4.750%     Hrvatska elektroprivreda d.d.          2007      10 years     HRK              700   6.500%
The City of Vinkovci     2007       10 years     HRK                42      5.500%     Rijeka promet d.d.                     2008      10 years     HRK              192   6.813%
The City of Osijek       2007       10 years     HRK                25      5.500%     Plodine d.d.                           2008       5 years     HRK              100   9.000%
The City of Split        2007        8 years     EUR                    8   4.750%     Metronet telekomunikacije d.d.         2009       4 years     EUR               20   12.000%
The City of Split        2008        9 years     EUR                    8   6.000%     Športski centar Višnjik d.o.o.         2008       6 years     EUR               10   8.813%
Republic of Croatia      2010       10 years     HRK             5,000      6.750%     HP-Hrvatska pošta d.d.                 2009       3 years     EUR               41   9.000%
Republic of Croatia      2010       10 years     EUR             1,000      6.500%     Hospitalija trgovina d.d.              2010       7 years     EUR                8   9.750%
Republic of Croatia      2010        7 years     HRK             4,000      6.250%     Erste&Steiermärkische banka d.d.       2011       6 years     EUR               80   6.500%
Republic of Croatia      2011        5 years     HRK             1,500      5.750%     Jadran Galenski laboratorij d.o.o.     2011       5 years     HRK              140   5.350%
Republic of Croatia      2011       11 years     EUR              600       6.500%




Stock as at 31 January 2012
Source: ZSE
                          Agenda
   Central bank’s objectives and structure
   Real sector
   Monetary policy
   External sector
       Exchange rate
       Foreign trade
       Current account
       External debt
       FDI
   Banking sector
              Exchange rate policy
   Managed floating
   Exchange rate is market determined and based on
    supply and demand
   Central bank intervenes on the forex market
    through the forex auctions, but it DOES NOT defend
    any predetermined rate or band
           Foreign exchange market
   Kuna is fully convertible
   No restrictions on repatriation of profits and
    liquidation of investment
   Banks freely determine the exchange rate, engage
    in the foreign exchange operations and conduct
    international payment transactions
Current account deficit and FDI inflows in
                Croatia
                   12
                                      10.5                   Current account deficit (in % of GDP)
                                                             FDI (in % of GDP)
                   10
                                                                                                                    8.8

                   8                                                      7.2                                7.2
        % of GDP




                                                     6.4                                              6.6
                        5.9                   5.8                                6.0
                   6                                                                           5.3                         5.2
                               4.1                                                      4.1
                   4
                                                                   3.0
                                                            2.3
                   2                                                                                                              1.2

                   0
                        1995
                               1996
                                       1997
                                              1998
                                                     1999
                                                            2000
                                                                   2001
                                                                          2002
                                                                                 2003
                                                                                        2004
                                                                                               2005
                                                                                                      2006
                                                                                                             2007
                                                                                                                    2008
                                                                                                                           2009
                                                                                                                                  2010
   Note: FDI inflows to Croatia and current account balance exclude Pliva's transfer of patent rights to the
   affiliated company abroad in 2003.
   Source: CNB
Structure of the current account balance

                   10


                    5


                    0
     billion EUR




                    -5

                                  Goods
                   -10            Services
                                  Income
                                  Transfers
                                  Balance
                   -15
                         1999




                                                                   2005
                                2000

                                       2001

                                              2002

                                                     2003

                                                            2004



                                                                          2006

                                                                                 2007

                                                                                        2008

                                                                                               2009

                                                                                                      2010
 Source: CNB
Current account balance by countries,
                2010

                 3
                                  2.1
                 2
                 1
                 0
      % of GDP




                 -1
                                                                   -0.8        -1.0                   -1.2
                 -2
                 -3
                 -4
                      -3.8                            -3.4
                                            -4.5                                           -4.1
                 -5
                                  Hungary




                                                                    Slovenia



                                                                                Bulgaria



                                                                                            Romania
                                             Poland




                                                                                                       Croatia
                                                       Slovak R.
                       Czech R.




    Sources: Eurostat, CNB
                              CNB midpoint exchange rate




                                   6,5
                                               7,0
                                                       7,5
                                                                     8,0
                                                                                     8,5




                       6,0
              1/1/05




Source: CNB
              1/5/05
              1/9/05
              1/1/06
              1/5/06
              1/9/06
              1/1/07
              1/5/07
              1/9/07
              1/1/08
                                                                   EUR/HRK




              1/5/08
              1/9/08
                                                                   CHF/HRK – right
                                                                   USD/HRK – right




              1/1/09
              1/5/09
              1/9/09
              1/1/10
              1/5/10
              1/9/10
              1/1/11
              1/5/11
                                                                                           HRK vs. EUR, USD and CHF




              1/9/11
              1/1/12
                             4,5
                                         5,0
                                                5,5
                                                      6,0
                                                             6,5
                                                                                     7,5




                       4,0
                                                                           7,0
                                                                                                                      Daily nominal exchange rates
   Index of nominal and real
  effective kuna exchange rate

                    105                       Nominal
                                              Real, consumer prices
                                              Real, producer prices
                                              Real, unit labour costs in total economy
                                              Real, unit labour costs in industry
                    100
  index, 2005=100




                    95



                    90



                    85
                          Q1/05
                          Q2/05
                          Q3/05
                          Q4/05
                          Q1/06
                          Q2/06
                          Q3/06
                          Q4/06
                          Q1/07
                          Q2/07
                          Q3/07
                          Q4/07
                          Q1/08
                          Q2/08
                          Q3/08
                          Q4/08
                          Q1/09
                          Q2/09
                          Q3/09
                          Q4/09
                          Q1/10
                          Q2/10
                          Q3/10
                          Q4/10
                          Q1/11
                          Q2/11
                          Q3/11
                          Q4/11
The fall of index denotes appreciation of the kuna.
Source: CNB
                                                                           index, 2005 = 100




                                                                                    100
                                                                                                              110
                                                                                                                                             120




                                                                      80
                                                                            90




                                                                 70
                                                         Q1/05
                                                         Q2/05
                                                         Q3/05
                                                         Q4/05
                                                         Q1/06
                                                         Q2/06




Sources: BIS; CNB
                                                         Q3/06
                                                         Q4/06
                                                         Q1/07
                                                         Q2/07
                                                         Q3/07
                                                         Q4/07
                                                         Q1/08

                                                                                                               Poland


                                                                                          Croatia
                                                         Q2/08                                                          Hungary
                                                                                                                                  Czech R.




                                                                                                    Romania
                                                         Q3/08
                                                         Q4/08
                                                         Q1/09
                                                         Q2/09
                                                         Q3/09
                                                         Q4/09
                                                         Q1/10
                                                         Q2/10
                                                         Q3/10
                                                         Q4/10




The fall of index denotes real effective appreciation.
                                                         Q1/11
                                                         Q2/11
                                                         Q3/11
                                                         Q4/11




                                                                           index, 2005 = 100
                                                                                    100
                                                                                                              110
                                                                                                                                             120




                                                                      80
                                                                            90




                                                                 70




                                                         Q1/05
                                                         Q2/05
                                                         Q3/05
                                                         Q4/05
                                                         Q1/06
                                                         Q2/06
                                                         Q3/06
                                                                                                                                                              deflated by CPI




                                                         Q4/06
                                                         Q1/07
                                                         Q2/07
                                                         Q3/07
                                                         Q4/07
                                                         Q1/08
                                                         Q2/08
                                                         Q3/08
                                                         Q4/08
                                                         Q1/09
                                                         Q2/09
                                                         Q3/09
                                                                                          Latvia
                                                                                          Estonia




                                                         Q4/09
                                                                                          Bulgaria




                                                                                          Slovenia
                                                                                          Lithuania
                                                                                          Slovak R.




                                                         Q1/10
                                                         Q2/10
                                                         Q3/10
                                                         Q4/10
                                                         Q1/11
                                                                                                                                                   Index of real effective exchange rate




                                                         Q2/11
                                                         Q3/11
                                                         Q4/11
                          Merchandise trade

                 2,500
                           Exports (f.o.b.)
                 2,000
                           Imports (c.i.f)
                 1,500     Balance

                 1,000
   million EUR




                   500

                     0

                  -500

                 -1,000

                 -1,500
                          12/00




                          12/04




                          12/08
                          12/99



                          12/01

                          12/02

                          12/03



                          12/05

                          12/06

                          12/07



                          12/09

                          12/10

                          12/11
                           6/00

                           6/01

                           6/02

                           6/03

                           6/04

                           6/05

                           6/06

                           6/07

                           6/08

                           6/09

                           6/10

                           6/11
Seasonally adjusted data.
Source: CBS
               External debt by debtors

              50
              45                 Government
                                 Croatian National Bank
              40
                                 Banks
              35                 Other sectors
                                 Direct investments
billion EUR




              30
              25
              20
              15
              10
              5
              0




                                                                                                                                    11/11
                   1995
                          1996
                                  1997
                                         1998
                                                1999
                                                       2000
                                                              2001
                                                                     2002
                                                                            2003
                                                                                   2004
                                                                                          2005
                                                                                                 2006
                                                                                                        2007
                                                                                                               2008
                                                                                                                      2009
                                                                                                                             2010
Source: CNB
         External debt by creditors

               50
                              Portfolio investment
               45
                              Currency and deposits
               40             Official creditors
               35             Private creditors
 billion EUR




               30
               25
               20
               15
               10
               5
               0




                                                                                                                                    11/11
                    1995
                           1996
                                  1997
                                         1998
                                                1999
                                                       2000
                                                              2001
                                                                     2002
                                                                            2003
                                                                                   2004
                                                                                          2005
                                                                                                 2006
                                                                                                        2007
                                                                                                               2008
                                                                                                                      2009
                                                                                                                             2010
Source: CNB
Estimated future principal and interest
              payments
                                       by debtors

                   20
                   18                         Government
                   16                         Croatian National Bank
                   14                         Banks
                                              Other private sector
     billion EUR




                   12
                                              Direct investment
                   10
                   8
                   6
                   4
                   2
                   0
                        2011*




                                                                                Other
                                2012



                                       2013



                                                   2014



                                                             2015



                                                                       2016
    * Repayments made until end-November 2011 and projected repayments for December.
    Source: CNB
International reserves in EUR and in months of
         imports of goods and services


                             7.5                                                                                                      12
                                           International reserves (in                                                  10.4 10.7
                             7.0           months of imports)
                                                                                                         9.3 9.1                      10
                             6.5                                                                  8.7
                                           International reserves (in bil.
         months of imports




                             6.0           EUR)
                                                                                           7.4                                        8




                                                                                                                                          billion EUR
                             5.5                                             6.6 6.4

                             5.0                               5.3 5.7                                                                6
                             4.5                        3.8
                                                 3.0                                                                                  4
                             4.0
                                   2.3 2.4
                             3.5
                                                                                                                                      2
                             3.0
                             2.5                                                                                                      0
                                   1997
                                          1998
                                                 1999
                                                        2000
                                                               2001
                                                                      2002
                                                                             2003




                                                                                                  2006
                                                                                                         2007
                                                                                                                2008
                                                                                                                        2009
                                                                                                                               2010
                                                                                    2004
                                                                                           2005




      Source: CNB
                 External debt ratios

    300

    250          Outstanding external debt / GDP
                 External debt service / Exports of goods and services
                 Outstanding external debt / Exports of G&S
    200

    150
%

    100

    50

      0
          1996



                        1998

                               1999



                                             2001

                                                    2002



                                                                  2004

                                                                         2005



                                                                                       2007

                                                                                              2008



                                                                                                            2010
                 1997




                                      2000




                                                           2003




                                                                                2006




                                                                                                     2009
Source: CNB
     External debt ratios by countries, 2010

    Outstanding external debt/Exports of                                                                        Outstanding external debt/GDP
                   G&S
    300                                                                                                   160
                                                                                           264.3                            139.5
                                                                                                          140
    250
                                                                                207.5                     120                                                 114.9
    200                                                                                                                                                                   101.8                  101.3
                                                        176.8       175.7                                 100
                      162.0      160.2
    150                                                                                                   80                                     75.3                                 74.6
%                                                                                                     %                                66.4
                                           93.3                                                           60    49.2
    100
          63.9
                                                                                                          40
     50
                                                                                                          20
     0                                                                                                     0
                                                                                 Romania
                                            Slovak R.
                                  Poland




                                                         Slovenia
                       Hungary




                                                                     Bulgaria
           Czech R.




                                                                                            Croatia




                                                                                                                                                  Slovak R.
                                                                                                                                        Poland




                                                                                                                                                                                       Romania
                                                                                                                             Hungary




                                                                                                                                                                           Bulgaria
                                                                                                                                                               Slovenia
                                                                                                                 Czech R.




                                                                                                                                                                                                  Croatia
Sources: Eurostat, CNB and central banks’ websites
                                                                     FDI inflows to Croatia

                                                       Croatia                                                                                                 Peer countries, 2010
          4,500                                                                                    4,219
                                                                                                                                                     8,000
          4,000                                                                            3,651                                                                                                             7,319
          3,500                                                                                                                                      7,000
          3,000                                                                    2,765                                                             6,000
million EUR




          2,500                                                                                            2,380                                              5,121




                                                                                                                                       million EUR
                                                                                                                                                     5,000
          2,000                               1,762
                              1,363   1,467           1,468                                                                                          4,000
          1,500                   1,141   1,138
                                                   950                                                                    1,048
          1,000            850                                                                                                                       3,000
                    480
              500                                                                                                  281
                                                                                                                                                     2,000
                0                                                                                                                                                                         1,208
                                                                                                                           Q1–Q3/11*

                                                                                                                                                     1,000
                    1997
                           1998
                                  1999


                                                2001
                                                       2002
                                                              2003
                                                                     2004


                                                                                    2006
                                                                                            2007


                                                                                                            2009
                                                                                                                   2010
                                         2000




                                                                            2005




                                                                                                    2008




                                                                                                                                                                        630
                                                                                                                                                                                 397                281
                                                                                                                                                        0
                                                                                                                                                             Czech R. Slovenia Slovak R. Hungary   Croatia   Poland




     * Preliminary data                                                                                                                Source: WIIW
     Source: CNB
FDI per capita in selected transition
      economies, 1993 – 2010

         12,000
                                                                                                                                   10,353
         10,000

          8,000                                                                                                        7,203
   EUR




                                                                                    5,534                   5,679
          6,000                                                         5,151                  4,938
                                                      3,945
          4,000                           3,420 3,612
                             3,040
                  2,447
          2,000

             0




                                                                                                                        Czech R.
                   Romania




                                           Poland

                                                    Latvia




                                                                         Bulgaria

                                                                                     Croatia
                                                             Slovenia




                                                                                                             Hungary




                                                                                                                                     Estonia
                                                                                                Slovak R.
                              Lithuania




   Source: WIIW
Foreign direct investment in Croatia

                 4,500
                 4,000          International fin. institutions
                 3,500          Other developing countries
                 3,000          European developing countries
                                Other developed countries
  million EUR




                 2,500
                                2004 EU member countries
                 2,000
                                EU-15
                 1,500
                 1,000
                   500
                     0
                  -500
                -1,000
                         1997

                                  1998

                                         1999

                                                2000

                                                       2001

                                                              2002

                                                                     2003

                                                                            2004

                                                                                   2005

                                                                                          2006

                                                                                                 2007

                                                                                                        2008

                                                                                                               2009

                                                                                                                      2010

                                                                                                                             Q1–Q3/11*
  * Preliminary data
  Source: CNB
                     FDI in Croatia
            1993 – Q3/2011* (25,617.5 million
                         EUR)
                            European
                                        Other developing
                           developing      countries
                 Other       coun.            0.2%
               developed      1.1%
               countries
                 6.9%                               International fin.
                                                       institutions
                                                          1.1%


             2004 EU
             member
            countries
              15.4%

                                                            EU 15
                                                            75.2%




* Preliminary data
Source: CNB
                     FDI in Croatia
          Q1 – Q3/2011* (1,048.5 million EUR)


                        Other
                                  International fin.
                     developing
                                     institutions
                      countries
                                        1.0%
                        0.2%
   Other developed
      countries
        11.6%
      2004 EU
      member
     countries
       13.0%
                                                       EU 15
                                                       69.8%
         European
        developing
         countries
           4.4%




* Preliminary data
Source: CNB
Foreign direct investments in Croatia
                1993 – Q3/2011* (25,617.5 million
                             EUR)
                                      Financial intermediation, except insurance
                                      and pension funds
                                      Wholesale trade and commission trade

                                      Post and telecommunications

                                      Manufacture of coke, refined petroleum
                                      products
                                      Real estate activities

                                      Manufacture of chemicals and chemical
                                      products
                                      Retail trade, except of motor vehicles and
                                      motorcy
                                      Manufacture of other non-metallic mineral
                                      products
                                      Other business activities

                                      Extraction of crude petroleum and natural
                                      gas
                                      Other activities




    * Preliminary data
    Source: CNB
Foreign direct investments in Croatia
            Q1 – Q3/2011* (1,048.5 million EUR)


                                 Financial intermediation, except
                                 insurance and pension funds
                                 Manufacture of chemicals and
                                 achemical products
                                 Real estate activities

                                 Real estate investments

                                 Manufacture of other non-metallic
                                 mineral products
                                 Manufacture of coke, refined petroleum
                                 products and nuclear fuel
                                 Post and telecommunications

                                 Supporting and auxiliary transport
                                 activities
                                 Manufacture ofbasic metals

                                 Other business activities

                                 Other activities




     * Preliminary data
     Source: CNB
                              Agenda
   Central bank’s objectives and structure
   Real sector
   Monetary policy
   External sector
   Banking sector
       Size, structure and concentration
       Leverage ratio and capital adequacy
       Profitability
       Coverages
       Structure of loans and deposits by institutional sectors
Total assets of the banking system

                  450
                                                                                       391.1 402.3
                  400                                                   370.1 378.4
                                                                345.1
                  350
                                                        304.6
                  300
    billion HRK




                                                260.3
                  250                   229.3
                                204.1
                  200   174.1
                  150
                  100
                  50
                   0




                                                                                               Q3/11
                         2002


                                 2003


                                         2004


                                                 2005




                                                                 2007




                                                                                2009


                                                                                        2010
                                                         2006




                                                                         2008



  Source: CNB
                    Number of banks

  50
  45                                               Foreign owned banks
                                                   Private domestic banks
  40
                                                   State owned banks
  35     23
                19
  30                   15
                              14                      16     15
  25                                 15     16                      15      17
  20
  15
         21     20     20
  10                          18     16               16     17     16
                                            15                              14
   5
   0     2      2      2      2      2      2         2      2      2       2
         2002




                       2004


                              2007


                                     2006


                                            2007


                                                      2008


                                                             2009
                2003




                                                                    2010


                                                                            Q3/11
Source: CNB
Banking system by ownership

                        100
                        90
                        80
    % of total assets




                        70
                        60
                              90.2    91.0    91.3    91.3    90.8    90.4    90.6    90.9    90.3    90.3
                        50
                        40                            Foreign owned banks
                        30                            Private domestic banks

                        20                            State owned banks

                        10                                            4.9
                              5.8     5.6     5.6     5.3     5.0             4.9     5.0     5.4     5.4
                         0    4.0     3.4     3.1     3.4     4.2     4.7     4.4     4.2     4.3     4.4
                                       2003


                                               2004


                                                       2005


                                                               2006


                                                                       2007


                                                                               2008


                                                                                       2009
                               2002




                                                                                               2010


                                                                                                       Q3/11
Source: CNB
                              Concentration index
       share of assets of the 2(4) largest banks in total
                            assets

                     70                       64.9     64.9                       64.8     65.2     65.3     66.4
                                                                 64.1    63.9
                                     61.6
                            58.6
                     60

                     50
  % of total asset




                          44.1     42.7     43.0     43.0                                                  42.3
                                                              41.3     40.9     41.6     41.7     42.0
                     40

                     30
                                                            Two largest banks
                     20                                     Four largest banks

                     10

                     0
                            2002




                                              2006




                                                                2006


                                                                         2007


                                                                                  2008


                                                                                           2009
                                     2003




                                                       2005




                                                                                                    2010


                                                                                                             Q3/11
Source: CNB
Herfindahl – Hirschman index (HHI)

      1,450
                      All banks
      1,400

      1,350

      1,300

      1,250

      1,200

      1,150




                                                                                   Q3/11
               2002


                         2003




                                         2005


                                                2006


                                                       2007


                                                              2008




                                                                            2010
                                  2004




                                                                     2009
 Source: CNB
                             Leverage ratio
                            equity capital/total assets


    16
                                                                   13.7    13.9    13.9
    14                                                     13.0
    12                                             11.5

          9.4                               9.7
    10               9.2      8.7    8.8
  % 8

     6

     4

     2

     0




                                                                                    Q3/11
                     2003


                              2004


                                     2005


                                            2006




                                                            2008


                                                                    2009
              2002




                                                    2007




Source: CNB                                                                 2010
              Capital adequacy ratio
          regulatory capital/total exposure to risks


    25


    20                                                                     18.78 19.46
          17.15                                                    16.43
                     16.24                         16.36
                             15.33 14.62                   15.16
    15                                   13.98
  %
    10


      5


      0




                                                                                   Q3/11
              2002




                              2004


                                     2005




                                                    2007


                                                            2008


                                                                    2009


                                                                            2010
                      2003




                                            2006




Source: CNB
                          ROAA and ROAE

   18
                            16.1
   16                                15.1                                 ROAA before tax
                   14.5
          13.7                                                            ROAE after tax
   14
                                              12.4
   12                                                  10.9
                                                                    9.9
   10
  %
    8                                                                                                   7.4
                                                                                6.4         6.5
    6
    4
        1.6      1.6      1.7      1.7      1.5      1.6      1.6                                 1.3
    2                                                                     1.1         1.1
    0
                   2003


                            2004


                                     2005




                                                       2007


                                                                2008




                                                                                        2010
          2002




                                              2006




                                                                            2009




                                                                                                    Q3/11
Source: CNB
  Classification of placements and
off-balance sheet liabilities of banks

        100

                                                    3.2      3.1     3.3
           98                      4.6      4.0
                5.9        5.1                                               5.3
           96                                                                           7.9
                                                                                                8.9
           94
       %
           92
                                                    96.8    96.9    96.7
                                   95.4     96.0
                           94.9                                              94.7
           90   94.1
                                                                                        92.1
                                                                                                91.1
           88           Risk category A    Risk categories B-1, B-2, B-3 and C

           86


                                                                      2008




                                                                                                 Q3/11
                 2002


                            2003


                                    2004


                                             2005


                                                     2006


                                                             2007




                                                                                 2009


                                                                                         2010
  Source: CNB
                             Coverages

     80%

     70%                                                         Coverage 1

     60%                                                         Coverage 2

     50%

     40%

     30%

     20%

     10%

      0%
              2002


                     2003




                                           2006




                                                                                Q3/11
                             2004


                                    2005




                                                  2007


                                                          2008


                                                                  2009


                                                                         2010
Coverage 1 = Total value adjustments and provisions/Total placements and off-balance sheet liabilities
Coverage 2 = Value adjustments and provisions / B -1, B-2, B-3 and C placements and off-balance sheet
liabilities
Source: CNB
Structure of extended loans (gross) by
         institutional sectors
                             30 September 2011

                           Other
                                               Government
                           0.9%
                                                  units
                                                 10.6%
                                                              Financial
                                                             institutions
                                                                2.8%




              Households*
                44.6%
                                               Enterprises
                                                 41.1%




  * Includes non-profit institutions serving
  households.
  Source: CNB
Structure of received deposits by institutional
                   sectors
                           30 September 2011


                   Government
                      units                 Financial
                      2,1%                 institutions
                                              5,5%

                                                   Enterprises
        Non-residents                                15,9%
           18,6%

                                                 Non-profit
                                                institutions
                                                   1,3%




                         Household
                           56,7%



     Source: CNB

				
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