Banks: We have enough cash for both citizens and entrepreneurs, problems are isolated and being resolved on the go

All business entities that have registered in the order book with Croatian banks and ordered euros, so that they can operate smoothly after the New Year when we enter the euro zone, will receive the necessary amounts of cash. If problems do exist, as some readers have reported to Lider, both entrepreneurs and individuals, highlighting that banks have informed them that they will not be able to provide sufficient packages for business users before the conversion, nor packages of euro coins for citizens, these are isolated cases that are being resolved on the go. These are the main messages that can be read from the banks’ responses to Lider’s inquiry about whether there are problems with cash supply.

Namely, a businessman contacted Lider, stating that he was informed by the branch of Zagrebačka banka in Novi Zagreb that he could not receive the ordered euros three days before the conversion on the agreed date, and a new date was not offered to him at the moment he contacted the editorial office. Furthermore, day by day, stories are coming to Lider’s journalists about how it is almost impossible to obtain packages of euro coins. We have also confirmed this in several bank branches. However, this is not as big of a problem as the lack of cash for small and micro entrepreneurs.

– What should I do now, I might as well go skiing and close the place for 15 days – asked a reader who contacted us.

Enough initial packages of euro coins

Zagrebačka banka responded that they do not have problems with quantities and that they “continuously undertake all preparatory activities for the introduction of the euro as well as timely supply of cash to individuals and business entities”.

– For the needs of our clients, we have procured over 13,300 packages for business entities, of which over 6,300 have already been sold. Branches are supplied with packages for business entities according to client demand while respecting all security measures for storage. Sufficient amounts of cash in euros have been ordered in advance and are available for both legal and natural persons – states the response from that bank. Furthermore, they say that in the Zagreb area, clients have access to more than twenty branches where initial packages for business entities are sold, and clients can purchase packages in any of them. In addition, they add, business entities, clients of Zagrebačka banka, are not required to order or schedule appointments in advance for the supply of initial euro packages.

– Also, business users can pick up the initial package at any branch that performs the supply for business entities. A list of such branches is also available on the bank’s official website. In the case of simplified indirect supply, Zagrebačka banka from December 27, 2022, supplies cash in euros exclusively to micro business entities in amounts not exceeding 10,000 euros after the micro business entity signs the Statement on Simplified Indirect Supply – they state in the bank and explain that before picking up cash at the available bank branch, micro business entities need to present: two copies of the completed statement signed by the person authorized to represent the business entity and a completed HUB3 form in such a way that the field “Purpose” states: “Simplified Indirect Supply” and the storage location at the client or address – they responded from Zagrebačka banka.

There are no supply problems at Privredna banka Zagreb either, from which they respond that all business clients who have registered in the order book will receive the ordered amounts of euros.

– We do not have clients that we have rejected and to whom we will not be able to provide cash supply in euros. The bank has ensured enough cash in euros. We have enough initial packages of euro coins. It is possible that in some branches we temporarily run out of initial packages for citizens, but new quantities are delivered from our vaults in a very short time – they said at Privredna banka Zagreb.

Citizens have so far purchased about 75 percent of the packages

I Erste banka has also secured a sufficient amount of cash and has already, as they say, started communicating with business entities at the beginning of November, informing them of all the details necessary for successful cash supply in euros.

– The process is taking place in all 114 branches of Erste banka, and business entities determine their own needs in terms of amount and denomination structure of the supply and define further steps with the bank. The entire process is conducted without charging a fee – they responded from that bank and added that business clients who need a smaller amount of cash can purchase initial packages of euro coins worth 145.50 euros at the bank from December 1, 2022. When supplying initial packages of euro coins, payment is made immediately upon pickup, in kunas at a fixed conversion rate and in accordance with the rules for recalculation and rounding from the Law.

– Clients who need a larger amount of cash have mostly successfully supplied themselves, and so has a larger part of other clients, and we expect that by the end of the year all business clients will be supplied with the necessary amount of euros. During the process so far, we have not recorded significant deviations from the planned supply activities, except in a small number of individual cases, where an adequate and timely solution has been found in joint communication with clients, to the satisfaction of both parties involved – they say at Erste banka.

When it comes to citizens, Erste banka has completed, they explain, all necessary preparations, secured a sufficient amount of cash, and started distributing initial packages of euro coins for citizens and legal entities in all its branches on December 1.

– Of the total number of ordered initial packages of euro coins, citizens have so far purchased about 75 percent of the packages, and accordingly, we do not expect that there will be a shortage of coins during the supply process. However, generally speaking, in cases of potential increased demand from citizens on a daily basis, there may be temporary and short-term shortages of coins at certain bank locations until a new shipment of euro coins is delivered to a specific location, most often the very next day – they emphasize at Erste banka.

Since yesterday, simplified supply for micro-entrepreneurs

The Croatian Banking Association (HUB) emphasizes that banks have been preparing for the entire process of introducing the euro for a longer period and are in continuous communication with entrepreneurs to ensure timely cash supply.

– Sufficient amounts of cash have been ordered based on conducted analyses, and since yesterday, December 27, in accordance with the legal resolution, simplified indirect supply for micro business entities has begun. According to our information, there are currently no significant difficulties in the overall process of simplified indirect supply. In some cases of regular distribution, we notice minor deviations from initial plans, but in joint communication with clients, such cases are being resolved to ensure that cash is ready for pickup in the shortest possible time – they conclude from HUB.