In a significant advancement for Croatia’s financial landscape, the Croatian Bank for Reconstruction and Development (HBOR) has successfully completed its accreditation process with the European Commission, earning the prestigious authority to directly manage European Union funds, the bank announced on Thursday.
This accreditation places HBOR among a select group of European development banks that have navigated the demanding process set by the European Commission, further affirming HBOR’s high standards of quality and professional excellence.
The European Commission, in partnership with an appointed external auditor, conducted a comprehensive and thorough Pillar Assessment to evaluate HBOR’s compliance with the Financial Regulation applicable to the EU’s general budget. This evaluation scrutinized various facets of HBOR’s operations, including its internal control systems, external auditing, accounting practices, financial instruments, funding access, transparency in beneficiary information, and data protection protocols.
This successful evaluation grants HBOR the authority for direct management of EU funds, a testament to its capability to safeguard the EU’s financial interests at a level of expertise comparable to the Commission’s own standards. This achievement not only marks a monumental milestone in HBOR’s history but also enhances its ability to apply directly for EU funds, eliminating the need for intermediaries and paving the way for the development of innovative financial instruments, according to HBOR’s CEO, Hrvoje Čuvalo.
Čuvalo hailed this as a remarkable and historic success for HBOR, signifying a new chapter in the institution’s evolution and spotlighting its role in the broader European financial ecosystem.
