Hanfa marks 20 years of operation: two decades of contributing to the stability, transparency and protection of the financial system

At a ceremonial event held today at the Croatian State Archives in Zagreb, the Croatian Financial Services Supervisory Agency (Hanfa) marked two decades of activity, during which it has grown into a distinctive and modern institution that contributes to the development and stability of the Republic of Croatia's financial system, the improvement of regulation in the financial services market, and the protection of consumers of financial products and services.

The ceremony was graced by the presence of the Prime Minister of the Republic of Croatia, Andrej Plenković; the representative of the Speaker of the Croatian Parliament, Nikola Mažar; representatives of the Government and ministries of the Republic of Croatia; Members of Parliament; representatives of significant state institutions, Croatian and foreign regulatory agencies, financial institutions, as well as the media and the academic community.

“We have made great strides in the capital market with the issuance of national bonds and treasury bills. 400,000 citizens took part in this process, investing 13.7 billion euros, about 10 per cent of public debt. The willingness of citizens to invest in government securities is a great indicator of confidence in the policy we are pursuing and a sign that we are on the right track," said Prime Minister Andrej Plenković in his speech, also congratulating the Board and all employees on Hanfa's 20th anniversary.

Together, the guests recalled various events, activities and figures from Hanfa's rich history who have contributed to making Hanfa an institution of significance for maintaining the stability and transparency of the financial system and market confidence, as well as a consumer protector and a persistent educator and promoter of financial knowledge, financial literacy and awareness.

In his speech, Nikola Mažar, the representative of the Speaker of the Croatian Parliament and a Member of Parliament, reflected on the role and importance of Hanfa for consumers, the Croatian financial system and the economy as a whole: "As an institution that reports directly to the Croatian Parliament, Hanfa has been a strategic partner to the Parliament since its establishment in creating a modern and secure legislative framework. In its work, Hanfa acts professionally and independently with the aim of strengthening the confidence of domestic and foreign investors in the financial sector.

I believe the institution's development path was neither fast nor easy, and was probably often intertwined with various events and challenges. But today we can proudly say that Hanfa has met all expectations and justified the trust placed in it – from safeguarding pension funds and the insurance market to regulating the capital market.

I would like to highlight Hanfa's role in protecting those who matter most – our citizens, consumers and users of financial products and services. Continuous work on financial literacy, education and awareness of citizens directly contributes to the security of their financial resources and savings, and to responsible behaviour in the financial market, which is one of the foundations of a healthy society."

At the ceremony, the guests recalled the significant steps in the development of the institution: from legislative preparations and the start of operation in 2006, to a period of strong market momentum and facing the global financial crisis, to European integration, the reform of the pension system and the strengthening of international cooperation. In more recent history, the institution's work has been marked by new challenges, such as the COVID-19 pandemic and earthquakes, but also by significant developmental strides: institutional modernisation, strengthening of international and interinstitutional cooperation, the accession of the Republic of Croatia to the euro area, active participation in the OECD accession process, and the adaptation of the regulatory and supervisory framework to new technological and digital transformations and financial products.

During the entire period, consumer protection stood out as Hanfa's key role. The promotion of financial literacy, and the awareness and education of financial services users, have remained significant elements for safeguarding the safety of citizens and the trust in the Croatian financial system throughout the institution's twenty years of operation.

Ante Žigman, the President of Hanfa's Board, recalled significant moments from Hanfa's history, pointing out: “This anniversary is particularly significant because it gives us the opportunity to talk about something that is not created quickly — about the trust and stability of the financial system, as well as about the institution that has been building and preserving that trust and stability for twenty years.

Hanfa's work throughout these years has been marked by various changes and challenges, but Hanfa has always acted swiftly and responsibly, often in cooperation with other domestic, European and international institutions. The result is the creation of an environment in which financial market participants can operate more effectively, and consumers and users of financial services can truly feel secure. Our aim is to be and remain a modern and reliable supervisor at the service of financial stability.”