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More transparency for Croatia's financial sector after EU accession


20:11, June 24, 2013

ZAGREB, June 24 (Xinhua) -- Croatian citizens will enjoy more transparency in bank and financial services after their country joins EU, such as more insured deposits, payment transactions and more services in other EU countries.

Croatian citizen will have broader choices of institutions to do business because financial institutions and insurance companies with their headquarters in EU, will directly provide their services in Croatia.

There would be price cuts but also better lending, financial and insurance services, local media reported.

The amount of insured deposits in Croatia will increase from the HRK 400,000 (69,962 U.S. dollars) to the amount equivalent to 100,000 euros (131,120 dollars).

Citizens will be able to open accounts in banks abroad for saving and transactions, borrow in banks abroad as well as buying and selling of foreign currencies.

Also, they will have more transparency in the provision of banking and financial services, such as more free information, payment transactions and issue of e-money. Croatia has introduced some provisions for national and cross-border payment services.

Croatia will join the EU on July 1, becoming the second former Yugoslavia state after Slovenia to join the block.

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