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F i n a n c i a l s e c t o r i s a n i n i t i a l w h e e l f o r t h e n a t i o n a l e c o n o m y . T h e s t r u c t u r e a n d r e g u l a t i o n o f t h e f i n a n c i a l s e c t or plays an important role in economic growth.
Therefore, it is of major importance for the Republic of Croatia to establish a new and efficient financial system. Fundamental (comprehensive) changes in the financial infrastructure started right after independence and the initiation of the transition process.
Financial sector in the Republic of Croatia is characterized by domination of the banking sector. The non-deposit sector is relatively small and not enough diversified and it mainly consists of financial institutions like pension funds, insurance companies, investments funds and brokerage houses in the money and capital market.
The aim of this paper is to determine the existing, as well as the optimal structure of the non-deposit financial sector in the Republic of Croatia.
Conclusion of this paper points out that there are measures concerning the financial sector we can implement to improve the performance of the Croatian economy.
NON-DEPOSIT FINANCIAL INTERMEDIATION INSTITUTIONS
Croatian financial market is characterised by the domination of banking sector. This can be clearly seen from Table 1, presenting the shares of different financial institutions in total financial assets in Croatia.
Table 1 Assets of Financial Institutions in the Republic of Croatia
Assets of Financial Institutions Dec. 1999Dec. 2000Dec. 2001June 2002At the end of a period, in millions of HRK and percentage
Amount%Amount%Amount%Amount%1Banks93,251.589.3109,949.188.8142,605.689.3146,104.288.02Insurance companies7,620.27.38,615.57.09,670.16.110,709.06.43Investment funds408.70.4685.10.62,044.81.35,395.33.24Savings and credit cooperatives675.30.6793.60.6982.30.61,092.90.75Savings and loan associations (building societies)152.30.1513.80.41,254.00.81,423.10.96Privatization investment funds2,335.02.23,242.22.63,183.32.0610.30.47Pension funds722.60.4Total 104,442.9100.0123,799.3100.0159,740.1100.0166,057.4100.0Source: Croatian National Bank, Securities and Exchange Commission
In Table 1 it can be seen that since the end of 1999 the banks' share in the total financial assets has been quite stable. Domination of the banks has not been threatened by the rapid growth of investment funds and compulsory private pension funds to any greater extent either.
As it can be gathered from Table 2, in mid-2002 the banks possess most of the assets and have the greatest share of assets in the GDP. However, they are smaller in number than savings and credit cooperatives, and there are roughly as many banks as insurance companies and investment funds. That is, there are many non-deposit institutions that have quite a small share in the total assets of the financial system and quite a low share in the country's GDP.
Table 2 Shares of Financial Institutions in the GDP (June 2002)
Relative relevance of financial institutions in the Republic of CroatiaAssets% of total assetsNumber of institutions% of total numberAssets as % of GDP(in millions of HRK and percentage)Banks146,104.288.04722.686.3Insurance companies10,709.06.42512.06.3Investment funds5,395.33.22311.13.2Savings and credit cooperatives *1,092.90.710048.10.6Savings and loan associations (building societies)1,423.10.931.40.8Privatization investment funds610.30.431.40.4Pension funds722.60.473.40.4Total166,057100.0208100.098.1GDP20,263USD169,318HRK* Linear estimate based on the situation as in December 2001Source: Croatian National Bank, Securities and Exchange Commission
The structure of financial markets can be seen from Table 3, presenting the relative relevance of different types of financial instruments. It can be seen that the bank loans are prevalent, however not to the extent in which the banks' assets dominate the total assets of the financial system. The reason for that is that the banks in their equity portfolios also have large portfolios of shares and bonds.
Table 3 Financial Market Structure (July 2002)
Financing in the Republic of Croatia Amount% of total amount% of GDPBank loans (cons.)85,956.7068.450.8Market capitalization shares 29,799.9023.717.6Market capitalization bonds9,820.427.85.8Total125,577.02100.074.2Source: Croatian National Bank, Zagreb Stock Exchange
Table 4 presents the relative size of the subsectors as parts of the financial sector in Croatia and several transitional countries.
Table 4 Relative Size of Financial Subsectors in Croatia and Transitional Countries
SloveniaPolandCzech R.HungaryEstoniaLatviaLithuaniaCroatiaBanks and other credit dep. institutionsTotal assets (billions of EUR)19.4136.087.042.04.46.24.420.3Number of banks2171338337221347Number of specialized credit institutions841Number of savings banks33Number of savings and loan cooperatives45191100Total number of institutions697133823272254150INSURANCETotal assets (billions of EUR)1.813.36.41.5Number of institutions15432213263125INVESTMENT FUNDSTotal assets (billions of EUR)2.53.52.50.7Number of institutions53851365174223PENSION FUNDSTotal assets (billions of EUR)5.51.70.1Number of institutions1419027TOTALTotal assets (billions of EUR)23.7158.397.642.04.46.24.422.6Number of institutions1377982314952057127205Source: National central banks and stock exchanges
It is interesting that also on the financial markets of Poland and the Czech Republic, the candidate countries to join the European Union, the banks control 85.9 % and 89.1 % of the total financial assets respectively. Accordingly, one can conclude that the current domination of banks in the Croatian financial system will most probably continue, regardless of further deepening of the market, new financial services and higher proficiency of investors.
Apart from the above mentioned, Table 4 also shows that the number of banks in Croatia is relatively large, larger than in the Czech Republic and Hungary, the two countries with a population almost twice bigger than the Croatian.
Taking into account only banks and not savings and loan cooperatives it can be concluded that in all countries, with the exception of Poland, more non-banking financial institutions are established.
PENSION FUNDS
From 1991 to 2001 the state-run pension fund existed in the form pay-as you-go system (PAYG). There was a high dependency ration because every pensioner was financed by only one and half employees. There was and still is a negative demographic trend which could in the future affect the collapse of the whole system. Therefore Croatia entered a pension reform in a form of a three pillar system. The PAYG public pension system is complemented by two privately-managed, fully-funded pillars one mandatory (the second pillar) and one voluntary (the third pillar). For this two pillars to become operational, it will be necessary to create the appropriate financial infrastructure, including the establishment of private pension funds that will receive and invest a share of the pension contribution. Pension system reform started in 2001.
All persons under 40 years of age on January 1, 2002 were required to contribute 5 percent of their wages to regulated pension funds and persons between 40 and 50 years of age on the same date were also permitted to contribute to such funds. Registration of pension fund participants is administered by REGOS while the funds themselves are regulated by HAGENA. Seven funds were formed (primarily as subsidiaries or joint ventures of banks) to attract participants. Any fund must attract not less than 80,000 members before the end of 2003 in order to remain in business, a target as yet achieved by only three funds, and there is consequently an expectation that many funds will merge.
Table 5 Mandatory Pension Funds in Croatia Premiums and Assets (in millions of HRK)
Number of pension fundsMembersNet premiumsTotal Assets20017217,50220027938,4341,923.62,036.9Source: Hagena
According to the data above the funds have gathered a lot of members in 2002 and their premiums, as well as total assets are growing rapidly. That means that in several years pension funds will compete, in terms of total assets, the insurance sector which is today second only to banks.
The main problems of pension funds performing their business today are as follows: a) their size related to the whole market (huge demand for blue chip securities where only a few listings (shares and bonds) in the first quotation on the stock exchanges are available), b) existence of conservative investment restrictions, especially in foreign securities to prevent portfolio losses and c) they are exposed to currency risk since most of government bonds are indexed in foreign currencies mostly in Euro while the pension benefits are to be paid in HRK.
2.2. INVESTMENT FUNDS
Privatisation investment funds
Privatisation investment funds (PIFs) were established through the voucher privatization process. With the new Privatization Law, coupon (voucher) privatization started in Croatia as the so-called mini mass privatization program in 1997 and targeted a relatively small group of people, mainly victims of war.
The main purpose of the Coupon Privatization Program (CPP) was to significantly accelerate the transfer of assets to the private sector. The large majority of the companies in the portfolio of the Croatian Privatization Fund (CPF) were largely sold through the Program; in total 471 companies had their shares sold in this way.
As the conditions for fund managers to participate in the mini-mass privatization were tough, only seven fund managers registered with CROSEC and get a license from the Ministry of Privatization until the beginning of 1998.
One fund manager is from abroad (Expandia invest), one is a joint business venture between a foreign and domestic corporation (EPIC invest - EPIC Vienna, Austria and ICF a brokerage house Zagreb, Croatia). The other fund managers are domestic institutions and most of them were established by banks, insurance companies or brokerage houses in Croatia.
According to the results of the final auctions when investment funds converted vouchers into shares of the CPF and the first year of PIFs listing on Croatian OTC financial market, four important characteristics which might influence future investment fund behavior toward corporate governance were pointed out: first, the high dispersion of funds shares in companies on the list; second, there are only a small number of companies where one of the PIFs has a majority of shares; third, most companies on the list of CPF are suffering because of the loss in the recent years and fourth the evaluation of companies showed a significantly lower estimated fair value than their nominal value.
In general PIFs performance in 1999 and 2000 was bad because of accounting losses and poor liquidity and low share prices in trading on OTC financial market in Croatia. But in 2001 and 2002 PIFs share prices raised because of the forthcoming funds transformation into closed-end funds.
Table 6 Privatization investment funds in Croatia - Assets (in millions of HRK)
YearTotal Assets (in HRK)Total Assets (in Euro)Number of active IFNumber of registered IFGrowth rate1998////-19992,416.1317.977-9.220003,174.5417.77731.420013,170.4417.277-0.12002388.551.122-1.0Source: Securities and Exchange Commission
According to Table 6 PIFs total assets were not negligible in the Croatian financial market, but a very high percentage of those portfolios was actually invested in not liquid shares of loss making firms and it was crucial to find real entrepreneurs willing to restructure the firms.
Closed-end funds
At the end of 2002 five PIFs switched into closed-end funds where up to that moment only two closed-end funds were existing.
Table 7 Closed-end investment funds in Croatia - Assets (in millions of HRK)
YearTotal Assets
(in HRK)Total Assets
(in Euro)Number of Active IFNumber of registered IFGrowth rate1998////-1999374.949.322-2000486.664.02229.82001608.180.02225.020022,658.6349.866-10.9Source: Securities and Exchange Commission
Open-end funds
At the end of 2002 there were 23 open-end investment funds in Croatia, among them 6 were investing in bonds, 6 in money market instruments, 5 in equitiess and 6 were mixed funds investing in bonds and equities.
In terms of total assets (2,5 billions HRK in 2002) the most important funds were money market funds representing about 63.6% of total assets, followed by funds investing in bonds 26.0%, mixed funds 7.4% and equity funds 3.1%.
Growing importance of open-end investment funds in Croatia is represented by data shown in Table 8.
Table 8 Open-end investment funds in Croatia - Assets (in millions of HRK)
YearTotal Assets (in HRK)Total Assets (in Euro)Number of active IFNumber of registered IFGrowth rate19976.70.911-19982.90.424-56.8199925.33.335771.82000169.522.3510569.320011,307.3172.01015671.320022,462.9324.123276.4Source: Securities and Exchange Commission
2.3. INSURANCE COMPANIES
Although the insurance sector in Croatia is in general relatively small and underdeveloped, the insurance industry is growing and consolidating rapidly by mergers and acquisitions during the last few years. There are no crucial restrictions for foreign firms to penetrate the market. In 1994 a new Insurance Law was implemented and actual legal framework respect European Union recommendation, but has to be further finetuned and adapted to new EU directives in 2003 or 2004 respectively.
Most of the insurance companies are in the domestic ownership. During 1999, there were 26 registered insurance companies and 20 of them were domestic. In 6 insurance companies major owners are foreign insurance companies like: Merkur osiguranje d.d. 100%, Sava osiguranje d.d. 95.8%, Uniqa osiguranje d.d. (during the 1999, under the name Austrija osiguranje) 90%, Wiener Staedtische osiguranje d.d. 90%, GRAWE Hrvatska (during the 1999, under the name Prima osiguranje) 98% i Allianz osiguranje d.d. 52%. In 2000 the number of companies increased to 27, than decreased to 25 in 2001 and returned to 26 in 2002.
There are three public owned insurance companies. The major insurance company Croatia osiguranje d.d. is still owned by Republic of Croatia (77.5%) until the privatization. Jadran osiguranje where 17.8% shares are owned by Croatian Privatization Fund, and Croatia Loyd with 94.6% shares owned by Croatia osiguranje d.d.
Table 9 Insurance companies in Croatia Premiums and Assets (in millions of HRK)
Gross premiumAssetsNo. of companiesLifeNon-LifeTotal1997396.43,119.93,516.35,120.9201998590.23,481.44,071.66,062.1241999684.83,651.54,336.37,620.2262000759.23,771.44,530.68,615.5272001925.24,173.55,098.79,670.12520021,152.44,426.45,578.811,096.826Source: The Directorate of Insurance Supervision
The market is very concentrated with Croatia osiguranje as the only insurance company holding market share above 5%.
Croatia osiguranje d.d. has the largest market share 54.6 % (1999) in non-life insurance, but life insurance is only 5.3% of total portfolio. The insurance companies portfolio is balancing but still, the most of insurance companies portfolio is founded as car insurance. That insurance is technically negative in many countries and in Croatia. If premiums for life insurance should become income deductive, in that way this long term saving could be invested on the financial market. GRAWE Hrvatska (before named Prima osiguranje) is insurance company were life insurance is 83% of the total portfolio (the largest in Croatia).
Competition among the insurers is more severe every day. Premiums are falling and consequently premium income for the same portfolio is lower. The important fact for the insurance market is that by introduction of the new provisions into the law, conditions of doing business are brought very near to the system in force in the European Union. This applies not only to the insurance companies but also to the agents and brokers operations. It is for the first time now that conditions for founding and operating of brokers and agents are established by a specific regulation: the minimum amount of paid up capital is determined as well as the minimum number of professionally trained employees who also must pass a special examination.
The main problems in the insurance industry are similar to those of other institutions in the financial sector: a) difficulties with the land register what has a strong impact on the possibility to invest in mortgages, b) problems arising with inconsistent legal interpretation between courts and c) the lack of financial instruments in the primary and secondary capital markets, such as mortgage bonds, which would enable them to diversify risk more efficiently.
3. CONCLUSION
Financial structures in Croatia are rather underdeveloped compared to those in market economies. The banking sector represents the most important provider of finacial intermediation.
Development of non-deposit financial institutions is also necessary, so the growth of institutional investors like pension funds, insurance companies and investment funds have to be encouraged.
Development of non-deposit financial institutions in Croatia is connected with the development of Croatian capital market. Also, pension system reform is creating a great demand for shares and debt securities. The main problem is the lack of high quality financial instruments and their low liquidity.
To reach these goals it is necessary to:
a) improving the efficiency of the capital market (one stock exchange, not two), b) regional cooperation of the capital market (merger or cooperation between regional stock exchanges, alliance with one EU stock exchange), c) raising the supply of equities and bonds (incentives for companies to list on the secondary capital market), d) further developing and improving of market regulations (EU legislation, international standards, CROSEC), e) changing the restrictions concerning portfolio diversification of pension funds (approaching the EU several investment restrictions could be loosened or withdrawn), f) adapting the insurance sector to EU standards (supervision, new insurance law), g) withdrawing some restrictions for foreign investors to invest in the domestic financial market.
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