Credit auctions are expected to start in mid-February

By mid-February, when the first credit auctions are scheduled to take place, in which HBOR and the state will participate in financing through the guarantee fund for economic recovery and development, the prerequisites should be met for the auctions to commence, emphasized today the head of the Export Directorate of the Croatian Bank for Reconstruction and Development (HBOR), Ivanka Maričković Putrić.

She participated in a thematic session of the Economic Council of the Croatian Chamber of Commerce – Chamber of Zagreb, where she presented HBOR’s programs and reflected on the latest government measures for economic recovery and development related to increasing investments and credit activities, in which HBOR will participate. We are preparing for the implementation of government measures, and we are coordinating the preparation of the necessary documents with the Ministry of Finance, she said.

In addition to the documents, one of the prerequisites is the reduction of the mandatory reserve rate for banks, in order to free up money for loans to the economy, which should be decided today at the meeting of the Council of the Croatian National Bank. Speaking about the government’s “Model A” under which HBOR, together with commercial banks, provides liquidity loans, sharing the risk with commercial banks, she stated that the ratios of HBOR’s and banks’ shares are still being negotiated.

In “Model B”, where the state, through the guarantee fund, assumes coverage of part of the risk of new loans, the criterion for approving funds from the fund for financing projects proposed by commercial banks on behalf of entrepreneurs will be the level of risk that the commercial bank will take on itself. When asked whether existing loans could be replaced with the new two arrangements, she answered affirmatively but added that certain limitations would be set.

The government measures to assist the economy were supported by the Vice President of HGK, Vesna Trnokop Tanta, who stated that they should be operationalized as soon as possible. She urged entrepreneurs to seek all information about government measures at the HGK Business Information Center and announced the holding of seminars on this topic in the counties. Other activities of HBOR, which implements 27 credit programs, were also presented at the meeting. (H)