- Published: 30.09.2015.
Deputy Prime Minister expects banks to efficiently convert CHF loans into euros
Deputy Prime Minister Branko Grcic said on Wednesday he expected banks to be efficient in applying legal regulations on the conversion of Swiss franc loans into euros.
"I don't know what the banks are planning, but I know what we planned and which decisions we made. Today begins the conversion of all loans in (Swiss) francs into euros and I expect banks to be efficient in this job and to solve this problem of 53,000 of our citizens," Grcic said, commenting on today's entry into force of amendments to the Credit Institutions Act and the Consumer Credit Act, which regulate the conversion.
Banks have 45 days to send their calculations to loan holders and loan holders will have 30 days to decide whether they will accept the proposal or not.
Asked if he expected banks to respond with lawsuits, Grcic said, "That's up to the banks." He added that the conversion "is a fair and the only solution for citizens who, because of exchange rate growth, are on the brink of debt slavery."
Grcic said he would not speculate if the fact that banks refused to lend Finance Minister Boris Lalovac HRK 400 million at yesterday's treasury note auction was revenge-seeking for the conversion. "I wouldn't speculate about that. I only know that banks make a living to a great extent both from the Croatian state and from the financing of public spending."
In response to a question from the press, he said the Social Democratic Party's platform for the coming parliamentary election was "salary growth, a lower VAT on agricultural products, stronger education, and stronger linking of education and the economy."
(Text: Hina)
(Text: Hina)