Croatian Banks End Coronavirus Measures, No More Debt Freezing

Lauren Simmonds

September the 17th, 2020 – The coronavirus pandemic might still be taking the world by storm, with a predicted rise in the number of serious cases in the upcoming colder months as the virus crosses paths with flu season, but not everyone is keeping their coronavirus measures in place. Croatian banks are one of those institutions set to scrap any special benefits garnered as a result of the pandemic,

As Poslovni Dnevnik writes on the 15th of September, 2020, Croatian banks will no longer freeze debts as they chose to do during the pandemic, and the deficits in citizens’ accounts will be determined according to the last three months, depending on their employment status, the amount of their income and the regularity of their repayments.

Croatian banks are, as such, abolishing the popular measures they introduced in an attempt to soften the already dire financial blow caused by the spread of the new coronavirus.

The deadline for debt repayment and the amount of overdraft depends on the policy of each individual bank. Thus, some announced changes to their permitted overdrafts for as early as October, with the possibility of payments made in installments.

Some Croatian banks are starting with changes as of next year.

“In accordance with the General Terms and Conditions, as of September the 7th, 2020, clients will be notified of the announcement of the updates of the amount of the overdraft they’re permitted to have, which will be performed on October the 10th, 2020,” OTP banka said in regard to the overdraft.

“If the reduction in income is what is bothering people, then the solution can be found in extending the loan repayment period, which causes a reduction in the monthly loan obligation. And, the possibilities of easier repayment, which is in line with their new level of income,” said Dario Gabric from Erste Bank for RTL.

Addiko Bank will start making changes next year.

“At the beginning of November 2020, we’ll inform clients about the new amounts of their overdrafts on their current accounts, which will be available from the 1st of January, 2021,” read a statement from Addiko Bank.

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