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Banking and Finance Banks A bank is a financial institution which is authorised by GENERAL the Croatian National Bank (HNB), INFORMATION and which has been established STATE AUTHORITY ECONOMY CULTURE SPORTS ADDRESSES CROATIAN SPECIALTIES as a public limited company with headquarters in the Republic of Croatia. A bank provides banking services on the basis of Croatian National Bank’s authorisation. Apart from banking services, it can provide other financial services, based on the authorisation of the Croatian National Bank. The minimum level of the stock capital necessary to establish a bank is 40 million HRK. The shares of the bank must be registered and fully paid in cash prior to bank registration or before the increase of stock capital is registered. The shares have to be released in a non-material form. For both direct and indirect acquisition of a bank’s shares (by the same person), which would ensure certain share portion or voting rights, the Croatian National Bank has to give its consent if the portion to be gained is 10 per cent or more (“qualified portion”), 20 per cent or more, 33 per cent or more, 50 per cent or more, and 75 per cent or more. The minimum adequacy rate has to be 10 per cent, although the Croatian National Bank can set an even hig- her rate in case it has been found that the business operations of a bank contain risks. A bank’s business operations have to be based on the principle of liquidity and solvency. Certain stipulations have been adopted with the new Banks Act, which will come into force on the day when the Republic of Croatia is granted full membership of the EU. Branch A foreign bank can provide banking services as well as other financial services in the Republic of Croatia only through a branch founded with the approval of the Croatian National Bank. A branch does not have the status of a legal entity, and in the Republic of Croatia it can conduct business operations with third persons as authorised by its founding bank, which is also liable for all obligations arising in the Republic of Croatia from the business operations of the branch. In order to issue the approval, the Croatian National Bank can make it a condition that a foreign bank should deposit a certain amount of money or provide another collateral to make sure the business obligations in the Republic of Croatia will be settled. 59
THE REPUBLIC OF CROATIA • 2003 GENERAL INFORMATION STATE AUTHORITY Representative office A foreign bank may open its representative office in Croatia provided the Croatian National Bank had issued an approval. A representative office does not have the status of a legal entity. A representative office cannot carry out banking operations or any other financial operations in the Republic of Croatia. It can only carry out market research and promotion services in favour of the bank that has founded the office. Croatian Bank for Reconstruction and Development (HBOR) The Croatian Bank for Reconstruction and Development (HBOR) is a state investment bank, one hundred per cent owned by the Republic of Croatia. ECONOMY HBOR has the role of a development bank in the Croatian banking system and its major characteristics are: the reconstruction of the Croatian economy and infrastructure, incentives for small and medium-sized enterprises, financing and export insurance for Croatian export companies, monitoring the shipbuilding industry and stimulating housing construction. CULTURE SPORTS ADDRESSES CROATIAN SPECIALTIES Establishment Natural and legal persons can establish a jo- Insurance Companies int-stock insurance company. Their individual share with voting rights can amount to a maximum of 15 percent of the total value of shares, and for stakes exceeding 15 percent special permission must be obtained from the Insurance Companies Supervisory Authority. According to the Insurance Act, other types of insurance companies can also be established: mutual insurance companies, captive insurance companies, public insurance companies, insurance and re-insurance pools and branches of foreign insurance companies. Branches of foreign insurance companies A foreign insurance company that has gained approval to conduct insurance and re-insurance activities in the country where it is headquartered may establish a branch in Croatia provided that the condition of reciprocity is met. This condition does not apply to foreign insurance companies that have their seat in any of the WTO member countries. The founding capital for esta-
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GENERAL INFORMATION STATE AUTHORITY
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Education . . . . . . . . . . . . .
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Public and other Holidays in the Re
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BRIEF HISTORY Povijest around 400BC
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EURO INFO CORRESPONDENCE CENTRE Roo
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• Recycling Working Group • Wor
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Fax: +385 (0)1 45 61 540 • Buildi
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Insurance Companies Association Sec
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The CCE has 20 county chambers with
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Varaædin County Chamber Preradovi
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16. LURA d.d. Zagreb 17. MEDIKA d.d
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C U L T U R E Croatia has a rich he
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Dr. Gamulin Stjepan, Professor, Sch
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Dr. Raukar Tomislav, Professor, Fac
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GENERAL of St. Euphrasius INFORMATI
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S P O R T S Probably the earliest k
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Service prices in international tra
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Canada +1 Alberta (403, 780), Briti
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Vladivostok (4232) World 1 San Mari
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Media GENERAL INFORMATION STATE AUT
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Program I 10000 Zagreb, Prisavlje 3
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GLAS KONCILA 10000 Zagreb, Kaptol 8
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Iskon Internet 076 410 000 (usernam
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MINISTRY OF ENVIRONMENTAL PROTECTIO
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Foreign Diplomatic Missions in the
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Burkina Faso, Roma Embassy of Burki
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EU, Zagreb Delegation of the Europe
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Guinea-Bissau, Zagreb Embassy of th
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Italy, Zagreb Italian Institute of
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Mali, Roma Embassy of the Republic
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Poland, Zagreb Foreign Trade Office
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Sweden, Rijeka Consulate of the Kin
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Health Centers GENERAL INFORMATION
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Rijeka, Avelina Turka 2 29. Health
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Krapina Thermal Spa Health tourism
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HAK (Croatian Automobile Club), www
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Category Tolls ∑ Exit Entrance Za
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Sport Airfields Zagreb LuËko Tel.:
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1 turkey, salt 1 tablespoon of Vege
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1 kg. Sauerkraut, 40 dg. smoked mea
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