| Deposit
Transactions
Article 12
(1) Deposit transactions referred to in Article 7, paragraph
2, item 7 of this Act shall mean transactions based
on deposit agreements concluded between non-residents
and a bank and between residents and a non-resident
financial institution.
(2) Under the terms of this Act, deposit transactions
shall also include current account agreements.
Payments Based on Insurance Agreements
Article 13
Payments based on insurance agreements shall include
premium payments and payments of insured amounts on
the basis of insurance agreements between a non-resident
insurance company and a resident as a beneficiary and
a resident insurance company and a non-resident as a
beneficiary.
Unilateral Transfers of Assets
Article 14
(1) Unilateral transfers of assets shall mean those
transfers of assets from the Republic of Croatia abroad
or from abroad to the Republic of Croatia which cannot
be characterized as transaction executions between residents
and non-residents and which may take the form of personal
and physical transfers of assets.
(2) Personal transfers of assets shall be transfers
of assets from the Republic of Croatia and into the
Republic of Croatia on the basis of gifts and grants,
fixed income, inheritance, settlement of immigrants’
debts in parent country, transfer of immigrants’
assets abroad and income of non-resident persons employed
in the Republic of Croatia.
(3) The Croatian National Bank may, by means of a special
decision, impose restrictions on transfers abroad relating
to gifts and grants in accordance with the prescribed
limits for physical transfers of assets.
(4) Physical transfers, under the terms of this Act,
shall mean any transfer of domestic cash, foreign cash,
checks and materialized securities from and into the
Republic of Croatia.
Payments and Collections in Foreign Means
of Payment
Article 15
Payments and collections in foreign means of payment
between residents and between residents and non-residents
in the Republic of Croatia shall be allowed in cases
prescribed by law or a decision of the Croatian National
Bank.
Foreign Exchange Accounts and
Foreign Exchange Savings Deposits Accounts of Residents
Article 16
(1) Residents may keep foreign exchange in
foreign exchange accounts or in foreign exchange savings
deposits accounts in banks in the Republic of Croatia.
The Croatian National bank shall stipulate the conditions
for and the manner of opening and maintaining foreign
exchange accounts and foreign exchange savings deposits
accounts.
(2) Any bank opening a foreign exchange account and
taking a foreign exchange savings deposit shall be obliged
to establish the identity of the relevant resident.
(3) Banks shall be obliged to keep data on foreign exchange
account holders and holders of foreign exchange savings
deposits accounts referred to in paragraph 1 of this
Article, for five years following the closing of the
account.
(4) The amount of interest and the way it is calculated
and paid and the currency in which the interest and
the principal are to be paid shall be laid down in an
agreement concluded between the bank and the resident.
Loans in Foreign Means of Payment Between Residents
Article 17
(1) Loans in foreign means of payment may be granted
to residents by banks. The loans thus granted may be
repaid in foreign currency.
(2) Other residents shall not grant each other loans
in foreign means of payment
.
Transactions with Derivative Financial Instruments
Article 18
(1) The provisions of this Act relating to transactions
that serve as a basis for transactions with derivative
financial instruments shall apply to transactions with
derivative financial instruments
.
(2) The Croatian National Bank may prescribe the conditions
for the carrying out of transactions with derivative
financial instruments abroad .
(3) The provision of paragraph 2 of this Article shall
not apply to banks, brokers, investment funds, insurance
companies, pension funds and other financial institutions
whose business operations are governed by special laws.
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