Erste bank will adapt the proposal of the annex to the contract

Zagreb, 17 November 2015 – Pursuant to the explanation of the Constitutional Court decree of 11 November 2015, published on this institution’s website on 16 November 2015, Erste&Steiermärkische Bank d.d. will adapt the proposal of the annex to the loan contract that regulates the conversion. The part of the draft annex to the contract that concerns the proposal for the assessment of the constitutionality of legal amendments regarding CHF loans will be shortened only to the information that the bank used the said remedy. The bank will make the amendments to the proposal of the annex to the loan contract available to clients as soon as possible by publishing them on its website.

The previous proposal of the draft annex was made in accordance with positive regulations and former court practice, including the decisions of the Constitutional and Supreme Court available to the bank at the moment of drafting. Bearing in mind the sensitivity of the issue for loan users, the intention of Erste bank was to remove any dilemmas regarding the clients’ awareness of the fact that the bank submitted the proposal of the assessment of the constitutionality of legal amendments, as well as of possible consequences that can arise from the final decision of the Constitutional Court.

Erste bank will respect the position of the Constitutional Court and adapt the annex to the loan contract so that the said provision would no longer be its integral part. It is important to mention that Erste bank, despite the short deadline, complied with all legal amendments in time and prepared and started the enforcement of the conversion in a professional and quality manner. Namely, after the finalisation of all necessary technical preconditions, it started sending letters with the conversion calculation to all CHF loan users as early as on 9 November. The bank will continue enforcing the rest of the conversion process in accordance with all legal provisions.