19:51 / 13.01.2022.

Author: Nikola Badovinac

Central bank to cooperate as accusations of insider trading swirl

Croatian National  Bank

Croatian National Bank

Foto: Sanjin Strukic / Pixsell

In response to recent allegations of insider trading, the Croatian National Bank (HNB) said on Thursday it would actively cooperate with state institutions to find out whether the buying and selling of banks' securities by its employees was illegal or unethical. 

The HNB will actively cooperate with the HANFA regulator and other state institutions authorised to probe the work and actions of HNB executives and employees, a press release said.

The bank also said the public interest in the matter was justified, especially if the buying and selling of stocks and securities was done by the leaders and employees of the institution overseeing those banks.

The HNB said it was its duty to inform the public that governor Boris Vujčić, his deputy Sandra Švaljek and other employees had acted in line with the regulations and ethical standards which were in force at the relevant time, adding that according to the information known so far, there were no indications that they had used insider information.

Croatia joined the EU in mid-2013 and since then it has been aligning its legal system with EU law, which process includes regulations on operations of the European Central Bank, of which the HNB will become a member once Croatia joins the euro area, the HNB said.

The HNB has been enhancing with its own regulations the ethical principles of work and doing business which will be fully aligned with ECB law when Croatia introduces the euro, the press release added.

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