19:35 / 28.02.2022.

Author: Branko Lozančić

Government: Enough money to pay out insured savings deposits in Sberbank Croatia

Finance Minister Zdravko Marić

Finance Minister Zdravko Marić

Foto: HTV / HRT

“The government will insist before European bodies that it be given a chance to rehabilitate Sberbank Croatia, but if the bank is liquidated, there is enough money in the budget to pay insured deposits to its clients,” said Finance Minister Zdravko Marić.

“We will insist that Croatia be given a chance to rehabilitate Sberbank Croatia,” said Zdravko Marić and recalled that seven bank rehabilitations had been successfully carried out in Croatia, the last of which was the rehabilitation of Jadranska banka.

However, he warned that the alternative scenario, "which may also be relevant" – is liquidation, but with that comes the activation insurance system for deposits, or savings.

He reported that Sberbank Croatia had almost 70,000 depositors before the crisis broke out, of which, as he said, "the vast majority are in the system of insured savings deposits", with the threshold of insured deposits being one hundred thousand euros and in exceptional circumstances 130 thousand.

Deposit Insurance Fund HRK 3.82 billion

“All depositors have their savings deposits insured and if the Croatian Deposit Insurance Agency, ie the general government budget, is liquidated, is strong enough and capable of paying the fully insured savings deposit within seven to ten days,” he said.

“The total amount of these deposits is 3.82 billion kuna,” said Marić.

According to him, the quality of Sberbank Croatia's balance sheet is not in question, but it is obviously under pressure, primarily liquidity, which is why the European Central Bank and the Croatian National Bank reacted and a two-day moratorium was declared after which a decision will be made on further steps, until then Croatian citizens and companies - clients of Sberbank Croatia can dispose of up to HRK 7,280 per day.

According to him, Croatia is also active in making European decisions on the exclusion of Russian banks from the SWIFT system, from which only the Russian central bank is currently excluded, but, as he said, the possible extension of that sanction is a matter of hours.

The business of the Fortenova Group is stable

As for Fortenova group, which has Russian banks in its ownership structure, he said its business is stable.

To journalists about the rehabilitation of Sperbank Croatia

At a press conference after the government session, Marić said that everything is being done to get the conditions and chance to implement the rehabilitation of Sperbank Croatia because they believe they can and are capable as both the government and the Croatian banking system, so that repercussions on the economy and financial plan are completely neutralized, so that there would be no negative percussions and that “all together from this, at least in the first step, we come out with a positive outcome.”

“Otherwise, if the bank is liquidated, as far as depositors are concerned, there is a deposit insurance system up to 100,000 euros,” said Marić.

He added that the fund is strong enough to withstand a complete blow estimated at 3.8 billion kuna in insured deposits with Sperbank Croatia before the outbreak of Russian aggression against Ukraine.

"We are analyzing the situation with HABOR"

When asked about exporters, he said that he was in contact with HABOR (the Croatian Bank for Reconstruction and Development), that stress tests were being analyzed in order to amortize the situation, but that there was no simple and quick solution.

In the end, he emphasized that all taxpayers who stated their account Sperbank account in their tax return do not have to be afraid, the money will be paid to them, and pensioners who receive pensions through that bank do not have to worry - their pensions will be paid.

Source: HRT

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