conversion

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.

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.

Croatia to send its reply to EC on loan conversion early next week, says minister

Finance Minister Zdravko Maric has said that the government's reply regarding the conversion of loans pegged to the Swiss franc will be sent to the European Commission early next week at the latest.

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.

Association advises govt how to inform EC of loan conversion

The Franak association of loan-takers said on Thursday the banks suffered no damage in the conversion of loans pegged to Swiss francs into euro loans and suggested to the government how to respond to criticism by the European Commission which is asking Croatia to explain the conversion legislation.

FinMin: Conversion implemented lawfully, we will protect budget and taxpayers

The EC on Friday confirmed that it had sent Croatia a formal warning in mid-June regarding the conversion of loans denominated in Swiss francs into euro loans, being of the opinion that the country's loan conversion law had shifted all of the conversion costs onto banks and that its retroactive application jeopardised the principle of legal security.

Many CHF loan holders still haven't inked conversion deals

The association said that most of the debtors had not signed valid conversion agreements or annexes to the existing loan agreements, but only declarations on acceptance of the conversion.

Hypo Bank announces new annexes to CHF loan agreements concerning conversion

HAAB said it was among the first banks to send information and calculations regarding the loan conversion to its clients. 

Cenbank orders removal of disputed annex from conversion contracts

Eight commercial banks and four individuals had requested the Constitutional Court to assess the constitutionality of the two laws regulating the conversion.