Consumer Credit Act

HUB chief: Gov't should pursue agreement with banks over loan coversion

Croatia's next cabinet should pursue an agreement with banks over a 2015 law that makes them pay for converting Swiss-franc loans before more lenders follow the example of UniCredit SpA and take the country to court, the head of the Croatian Banking Association (HUB), Zdenko Adrovic, said in an interview with the Bloomberg business news agency earlier this week.

EC says arbitration mechanisms under BITs contrary to EU law

The European Commission says that bilateral investment protection agreements between EU member states are incompatible with the EU treaties and therefore the arbitration mechanisms provided for in those agreements are contrary to EU law.

Plenkovic expects EC's understanding for Croatia's CHF loan conversion law

Croatian Democratic Union (HDZ) president Andrej Plenkovic said on Thursday he expected the European Commission to be considerate in addressing the issue of Croatia's law on the conversion of Swiss franc loans and to have understanding for Croatia's positions.

Croatian gov't prepares response to EC on loan conversion

Croatia's government on Wednesday endorsed a letter which it needs to send to the European Commission by the end of the month regarding the conversion of Swiss franc loans.

Gov't to endorse letter on CHF loan conversion on Wed, send it to EC

Finance Minister Zdravko Maric said on Tuesday the inner cabinet discussed a letter which it needs to send to the European Commission by the end of the month regarding the conversion of Swiss franc loans and that the government would endorse it at tomorrow's session and send it.

FinMin thinks deal with banks on loan conversion lawsuits possible

Finance Minister Zdravko Maric said on Monday he thought it was still possible, through talks and an agreement with banks, to avoid "unnecessary court, arbitration and other costs" because of lawsuits which banks have announced against Croatia over the conversion of Swiss franc loans.

Franak: UniCredit has not grounds for arbitration over CHF loans

Italy's UniCredit, the owner of Zagrebacka Banka (ZABA), has no grounds for arbitration over Croatia's law on the conversion of Swiss franc loans at the International Center for the Settlement of Investment Disputes (ICSID) because Italy withdrew from its investment protection agreement with Croatia, the Franak association, which brings together holders of those loans, said on Tuesday.

Franak says foreign minister has signed blank cheque to UniCredit

The Franak association, which brings together holders of loans denominated in the Swiss franc, said on Monday that caretaker Foreign Minister Miro Kovac's statements about UniCredit's lawsuit over the conversion of those loans were inappropriate and that the arbitration body where the suit was filed was not competent for the dispute.

Croatian FinMin says UniCredit's letter is announcement of lawsuit

Caretaker Finance Minister Zdravko Maric said on Saturday that a letter about the conversion of Swiss franc loans which Italy's UniCredit had sent the Foreign Ministry was the announcement of a lawsuit, and that the European Commission had extended until September 30 the deadline by which Croatia should reply to it about the conversion.

First suit against Croatia for CHF loan conversion filed, says FM

Foreign Minister Miro Kovac said on Thursday that the first lawsuit against Croatia for the conversion of Swiss franc loans had been filed and that Croatia would try and find a solution with banks which would least impact the state budget and protect those loan holders.

Government proposes solution for citizens with loans from Raiffeisen Styria

Justice Minister Orsat Miljenic said that the citizens had been naive and had entered into arrangements that turned out to be very bad for them