At the end of July 328,357 people in Croatia had their accounts frozen with HRK 40.26 billion in total outstanding debt, while the number of businesses with frozen accounts was 31,455, owing HRK 19.2 billion, the latest figures provided by the Financial Agency (FINA) show.

Although the number of private citizens with frozen accounts dropped by 431 or 0.1% from June, their debts increased by 0.8% to HRK 330 million. Compared with July 2015, their number rose by 7,738 or 2.4% and their overall debt increased by HRK 6.16 billion or 18%.

Compared with June, the number of companies with frozen accounts fell by 1.8% and their debts decreased by HRK 10 million or 0.05%. Compared with July 2015, the number of companies with frozen accounts was 14,992, which was 32.3% fewer, and their debt decreased by HRK 7.91 billion or 29.2%.

FINA said it expected the number of such companies to continue to fall thanks to the impact of the laws on enforcement of financial assets, on financial operations and pre-bankruptcy settlement, as well as the fact that businesses that had failed to submit their annual financial statements for three years in a row were removed from the register of companies.

A total of 362 companies were removed from the register in the year to July 2016, and over 49,000 have been removed since 2012 when the law to that effect came into force.

The data for July 2016 show that most of the companies have had their accounts frozen for more than 360 days, namely 22,244 companies or 70.7%. They owed HRK 15.2 billion, or 79.1% of the total debt.

(EUR 1 = HRK 7.47)

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