SEEU Review vol. 5 Nr. 2 (pdf) - South East European University

Arjeta VOKSHI-ABAZI and Sulo HADERI
Table 2: Financial independence
Country
Albania
Bosnia –
Herzegov
ina
Bulgaria
Croatia
Macedoni
a
Montene
gro
Rumania
Serbia
Turkey
Reserve fund
allocation
25percent of
profit
40percent of
leftover profit
25percent of
profit
defined limits
20percent of
net income
allocated to
general fund
till 5 percent
of the sum of
credit balance
20percent of
profit surplus
because
80percent of
the profit goes
to the budget
30percent of
profit
20percent of
profit
Allocation of
residual profit
Residual
profit to state
budget
60percent of
residual profit
to state budget
Residual
profit to state
budget
Residual profit
to state budget
Residual profit
to state budget
Residual profit
to state budget
residual to statutory
reserves,
own financing
sources
and employees
profit-sharing
scheme
Profit surplus
in budget
Profit surplus
in budget
Coverage of potential losses
net losses covered by
Ministry of Finance
net losses covered by general
reserve or to capital account
and residual is covered by
Ministry of Budget
net losses covered by general
and special reserve, and residual
covered by Ministry of
Finance
losses covered by general
reserve residual covered by
state budget
Losses covered by general
reserve
residual covered by state
budget
Losses covered by general
reserve or by capital
procurement
Losses covered by special
revaluation account and
statutory reserves
Losses covered by special
reserves
Residual covered by state
budget
no conditions
Source: Sandra Dvorsky “Central Bank Independence in Southeastern Europe with
a view to European integration”, International Journal of Monetary Economics and
Finance, Volume 1, Number 3 / 2008 Pages: 302 - 328
58