Banks now have 45 days to send new calculations out, clients 30 days to accept
Croatian parliament unanimously accepted the changes and amendments to the Consumer Credit Act based on which all loans in Swiss Francs will be converted to EUR. Conversion will be implemented in the way that loan equity originally approved by the bank will be converted to Euros according to the exchange rate on the day on which the loan was approved and the start up interest for Swiss Francs will be replaced by an interest rate for Euros. New payment plan will then be calculated for every client.
Banks will have to send the conversion calculations to their clients in the next 45 days and clients will then have 30 days to decide whether they will accept the new terms. Clients who do not accept the new terms will continue to pay off their loan in accordance with their original payment plan. For all of them, rate for Swiss Francs will remain frozen at 6,39 kn and interest rate at 3,23% until February.
