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    Archived pages: 1113 . Archive date: 2014-09.

  • Title: www.hbor.hr
    Descriptive info: Print this page.. Information for investors.. Pursuant to Article 7 of the Act on HBOR Croatian Bank for Reconstruction and Development raises funds by issuing debt securities and taking out loans in the Republic of Croatia and abroad.. HBOR Issued Bonds in the Amount of EUR 150 million.. On 13 August 2013, Hrvatska banka za obnovu i razvitak (HBOR) launched a EUR 150 million bond issue in the foreign market maturing in 7 years with a fixed coupon interest rate of 6.. 0% p.. a.. The bonds have a bullet maturity and fall due on 8  ...   Stock Exchange.. Minimum trading denomination of EUR 200,000 can be increased by amounts of EUR 1,000.. The ISIN code of the bonds is XS0961637542.. Pursuant to the Act on HBOR, the Republic of Croatia guarantees the obligations under the bonds issued by HBOR without a separate guarantee instrument.. The funds raised through this issue will be used by HBOR for the financing of projects implemented by Croatian businessmen.. Contact:.. Funding Department.. e-mail:.. funding@hbor.. hr.. Harun Tanković.. ,.. tel: +385 1 4591 532, fax: +385 1 4597 882,.. htankovic@hbor.. Bloomberg:.. hbor@bloomberg.. net.. Download HBOR presentation.. Last modified:.. 8/16/2013..

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  • Title: www.hbor.hr
    Descriptive info: Corporate social responsibility.. HBOR promotes systematic, sustainable and even economic and social development.. When creating our financing programmes and special loan terms and conditions, as well as on the occasion of selecting target groups, we take account of even and sustainable development and environment.. We are aware of multiple influences we have on our clients, partners and on wider community as a financial institution, and of expectations that all our stakeholders have from HBOR as a development and export bank.. Besides implementing strategic  ...   in 2007 we became a member of the Croatian network of UN Global Compact (UNGC).. By joining this initiative, we are committed to promote 10 principles of UNGC in the field of human rights, labour standards, environment and corruption fighting.. Contact:.. Managing Board Office.. Corporate Social Responsibility.. Strossmayerov trg 9.. 10000 Zagreb.. dop@hbor.. phone:+385 1 45 91 731.. fax: +385 1 45 91 790.. HBOR Social Responsibility Report 2009-2010.. Communication on Progress 2008 for UN Global Compact.. Social responsibility report 2007 – 2008.. 9/25/2013..

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  • Title: www.hbor.hr
    Descriptive info: CODE OF CONDUCT.. 1.. Introduction.. The Code of Conduct is a collection of ethical norms and behaviour standards that HBOR’s employees are expected to follow in the discharge of their business duties.. The Code of Conduct determines HBOR’s main views on legitimate and ethical conduct in the banking industry, by means of which HBOR’s standards are established.. The foundations of business ethics are rooted in law-abiding behaviour.. Such behaviour includes provision of accurate and transparent information, honest attitude towards competitors, employees and partners as well as focus on social responsibility and sustainable development.. ''If a company does not follow ethical rules, it cannot be responsible; therefore, ethical conduct is a precondition for creating a socially responsible business environment''.. Considerations and knowledge of business ethics help us deal better with ethical dilemmas we face on a daily basis.. In critical situations, a good person can make a bad decision.. Business ethics contributes to business success and supports personal development.. The purpose of the Code of Conduct is:.. to avoid situations in which HBOR’s employees would become involved in activities that are considered unethical behaviour or that result in a conflict of interest when they discharge their duties;.. to define acceptable behaviour for all HBOR’s employees;.. to set high standards for work and action;.. to encourage comparison with the best practice in ethics in the banking industry;.. to ensure a framework for professional conduct and a clear division of responsibility for individual decisions and activities;.. to establish a framework for conduct and standards that the interested parties can expect from HBOR.. The Code of Conduct applies to all HBOR’s employees regardless of their respective levels of responsibility or positions.. Its purpose is to provide guidance on ethical conduct and establish basic values in terms of legitimate and ethical business conduct and behaviour.. 2.. Conduct of Employees.. HBOR wishes to create a positive business environment that enables team work and encourages the spirit of mutual support and co-operation.. Employees must treat each other with decency and respect.. Personal relations shall not be given priority over the interests of business, and solving common business tasks must be given primary attention by all employees.. Relations among employees at different levels of responsibility must be based on the principles of mutual loyalty, respect and secrecy.. Within the framework of their powers, all employees shall act fairly and steadily, respecting the personal dignity of every employee.. HBOR does not approve of the use of the position or powers within the organisation for the purpose of achieving any goals that lie beyond the scope of the duties.. Employees are expected to co-operate with their superiors, act in accordance with operational guidelines received and avoid unprofessional conduct and behaviour.. Employees with special powers shall be responsible for all employees working in organisational units they are in charge of, whose trust they should gain by their own model behaviour, results, open-mindedness and social competence.. Their task is to set clear, ambitious and realistic goals, while employees should have maximum possible responsibility and independence at work.. In performing their duties, they are obliged to abide by the principle of transparent criteria for employee assessment.. Employees with special powers shall meet their organisational and surveillance obligations through:.. obligation to select – obligation to carefully select employees for its organisational unit on the grounds of their personal and professional competencies in accordance with the Procedure of Employment that has been published on the website;.. obligation to direct – obligation to give precise, complete and binding instructions, particularly with regard to the regulations in effect;.. obligation to control – obligation to regularly control the implementation of obligations, the meeting of deadlines and the following of regulations in effect.. At their jobs, employees shall create an atmosphere that corresponds to the above values and shall act as a responsible team with a permanent focus on the improvement of human relations.. Impolite behaviour, harassment and discrimination on the grounds of age, gender, religion, political orientation, ethnic or national origins, language, race, social position, marital or family status, education, disability, sexual orientation or on any other grounds are strictly forbidden by law and represent a severe violation of the dignity of an individual.. When administering their private businesses, HBOR's employees must not use HBOR’s official symbols or powers associated with employment at HBOR.. When making all kinds of public appearances and when representing HBOR or expressing HBOR’s points of view, employees shall act in accordance with regulations in force, powers granted to them, their professional knowledge, provisions of the Code of Conduct and the Instructions on the Manner of Dealing with the Representatives of the Mass Media.. When making a public appearance without representing HBOR on occasions that are thematically related to HBOR’s activities, employees are obliged to stress that they are expressing their own points of view.. When expressing both HBOR’s and personal points of view and when discharging their duties, employees are also obliged to safeguard their own reputation and the reputation of HBOR.. 3.. Obeying Laws and Standards.. In its operations, HBOR applies the following fundamental principles and values:.. legality of operations;.. transparency of operations;.. focus on clients;.. professionalism;.. initiative;.. mutual respect among employees; employees’ respect for clients;.. equality;.. team work;.. integrity.. In its operations, HBOR will endeavour to achieve the highest standards possible in the following manners:.. all HBOR’s employees must comply with primary and secondary legislation as well as HBOR’s standards;.. activities that are not in compliance with laws, regulations and HBOR’s common standards shall not be acceptable even if performed by other players in the market.. Relations with  ...   behalf of HBOR with an entity that is an immediate family member, cousin, friend of an employee of HBOR or another third party with whom the employee is related, in the relationship from which the employee of HBOR could have benefits.. Employees can perform additional businesses or engagements outside the working hours in HBOR only if their private and business interests are not in conflict with interests of HBOR.. If the employee of HBOR is not sure whether a certain circumstance might cause conflict of interest, he/she should first consult the person responsible for the monitoring of compliance.. 9.. Gifts.. Gifts, business entertainment or similar benefits are often accepted as legitimate and recognised part of business life.. However, problems arise when their value causes a conflict of interest and in this way jeopardise the ethics of a business relation.. Therefore, the general rule is that it is not permitted to employees to accept gifts or other benefits, except those of symbolic value.. Gifts are permitted if:.. their value does not exceed HRK 500; or.. the value of gifts exceeds HRK 500, and such gifts are deemed as customary in the business circumstances in which they were given; or.. they have been approved by the person responsible for the monitoring of compliance.. The employees of HBOR can use the funds intended for business entertainment and accept the usual business entertainment/hospitality pursuant to the circumstances, on the condition that a representative of the host is present and that this is related to the performance of business tasks in HBOR.. In case of doubt related to actions pursuant to the measures stated above, the employee of HBOR shall consult his/her manager to whom he/she is directly responsible or the person responsible for the monitoring of compliance.. The employees of HBOR, regardless of the amount, must not accept cash and cash equivalents.. 10.. Management of HBOR Property.. The employees of HBOR are obliged to manage the property of HBOR with due diligence and pursuant to HBOR’s Rules on Business Conduct and other internal documents.. The employees are responsible for the property of HBOR that they are in charge of and for possible losses that they may cause intentionally or due to gross negligence in their work and related to work.. 11.. Disciplinary procedure.. The employee of HBOR or any other person that may have a reason to believe that this Code might have been violated or that this might happen, shall immediately report this to the person responsible for the monitoring of compliance.. All such reporting will be treated as confidential.. The person responsible for the monitoring of compliance shall consider the reported default and, if on the basis of submitted and collected data he/she concludes that the reported default is justified, he/she shall be obliged to inform the Managing Board of HBOR about it in the shortest term possible.. Since a violation of ethical regulations and behaviour contrary to the standards of this Code represent violation of obligations under the employment contract, the Managing Board shall make a decision on the severity of violation and sanctions for the person or organisational unit the reported default relates to, pursuant to the legal regulations and general documents of HBOR.. The person responsible for the monitoring of compliance shall submit a reply on the course of procedure not more than 30 days from the day when it has been submitted.. 12.. Reporting of Defaults.. The person responsible for the monitoring of compliance shall once a year make a report on submitted reported defaults on the basis of the violation of this Code and on initiated procedures regarding such reported defaults.. The report on submitted reported defaults for the calendar year to which it relates shall be made not later than 31st January next year.. The report shall be submitted to the HBOR bodies in charge.. 13.. Remarks on Guidelines.. HBOR relies on the fact that each employee of HBOR shall judge carefully and reasonably what is good and appropriate in a certain situation.. When in such an action there are difficulties regarding the determination whether a certain action is appropriate, the employee of HBOR has to ask himself/herself the following questions:.. Is the action legal and in compliance with internal procedures of HBOR?.. Does he/she have the feeling that the action is appropriate?.. Can he/she justify it with other employees of HBOR?.. Can he/she justify his/her action if he/she will be asked about it later on?.. Will this action additionally contribute to HBOR’s reputation in terms of institution which considers ethics to be very important?.. If the answer to any of the above questions is negative or if there are questions or doubts regarding the application of interpretation of the Code of Conduct, rules, procedures and standards in force, it is necessary to ask for an advice of the manager to whom he/she is directly responsible or the person responsible for the monitoring of compliance.. No action will be taken against any person who gives information about his/her doubts about the violation of this Code or participates in an investigation relating to the violation of this Code, except in case of providing untrue data or information.. HBOR shall keep the maximum possible level of confidentiality of data.. This Code will be published on Intra and Internet pages of HBOR and on its billboard.. All new employees of HBOR will be made familiar with the contents of this Code.. The completed application form can be sent by post to the address:.. Funkcija praćenja usklađenosti.. Strossmayerov trg 9, 10 000 Zagreb.. or via e-mail:.. pracenje_uskladjenosti@hbor..

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  • Title: www.hbor.hr
    Descriptive info: COOPERATION BETWEEN THE EUROPEAN INVESTMENT BANK WITH HRVATSKA BANKA ZA OBNOVU I RAZVITAK.. The European Investment Bank (hereinafter: EIB) is the financing institution of the European Union which grants long-term funds for investment projects.. The mission of EIB is to help implement the European Union's policy objectives by financing sound business projects.. In addition to promoting projects of the EU member states, EIB also finances investments in future member states and partner countries that contribute to the strengthening of European integration.. HBOR started its co-operation with EIB in 2001.. So far, altogether 12 Finance Contracts have been signed totalling EUR 1.. 79 billion.. By the raised funds, more than 2,100 projects have  ...   EUR 400 million was signed on 24 March 2014.. Of this amount, EUR 250 million is earmarked for the financing of SMEs in the industry, services, tourism and other eligible sectors, whereas the amount of EUR 150 million is intended for the financing of projects promoted by Mid-Cap companies in the industry, services, tourism and other eligible sectors as well as by public and private companies investing in projects in the knowledge economy, infrastructure and environment sectors.. HBOR extends EIB loan funds either directly or in cooperation with commercial banks within the framework of existing loan programmes.. More detailed information can be obtained from your commercial bank or directly from HBOR.. 6/12/2014..

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  • Title: www.hbor.hr
    Descriptive info: Regional Office for Dalmatia.. Split, Matice hrvatske 31.. Mira Krneta.. , Head.. hbor-split@hbor.. working hours: monday - friday from 8-16.. Phone: +385 21 / 430 732.. Fax: +385 21 / 430 732.. Please arrange your meeting in advance..

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  • Title: www.hbor.hr
    Descriptive info: Regional Office for Istria.. Pula, Mletačka 12.. Cinzia Zubin.. , Head.. hbor-pula@hbor.. Working hours: monday - friday from 8-16.. Phone 1: +385 52 / 219 218.. Phone (switchboard): +385 52 / 381 900.. Fax: +385 52 / 219 217..

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  • Title: www.hbor.hr
    Descriptive info: Regional Office for Lika.. Gospić, Kaniška 4,.. Draženka Draženović Kostelac.. hbor-gospic@hbor.. working hours: monday - friday from 7:30 - 15:30.. Phone 1: +385 53 / 676 313.. Phone (switchboard): +385 53 / 561 532.. Fax: +385 53 / 676 313.. Mob: +385 98 / 983 2847..

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  • Title: www.hbor.hr
    Descriptive info: SUPPLIER CREDIT.. Borrower.. exporter of Croatian goods, works or services (hereinafter: the supplier) who has concluded an export contract with a foreign buyer.. Purpose of Loans.. financing exports of Croatian goods and services, except consumer goods pursuant to the rules determined by the OECD Consensus.. Manner of Implementation.. direct lending.. Loan Amount, Disbursement Period and Repayment.. Loan amount.. up to 100% of the export contract value for repayment periods up to two years,.. up to 85% of the export contract value for repayment periods over two years,.. loans are denominated in the export contract currency.. Disbursement period.. pursuant to the terms and conditions of the export contract.. Repayment period.. from 180 days to 10 years depending on the type of goods and/or services exported.. exceptionally up to 15 years for financing hydro and thermoelectric power plants, wind energy projects, geothermal, solar and bio-energy projects, tidal power plant projects, water supply and wastewater projects.. The first instalment shall fall due 1, 3, 6 or 12 months after the loan repayment start date, depending on the selected manner  ...   buyer, the export transaction, the importing country and the repayment term.. Variable interest rate.. LIBOR/EURIBOR + margin.. The margin depends on the creditworthiness of the supplier, the buyer, the export transaction, the importing country and the repayment term.. Loan Application Fee.. up to 1%.. one-off, charged on the committed loan amount.. Commitment Fee.. up to 1% p.. charged on the committed undisbursed loan amount.. Security.. policy insuring direct deliveries of goods and services assigned to HBOR.. assignment of accounts receivable under the export contract.. other acceptable security.. Scheme.. The supplier concludes an export contract with the foreign buyer to sell goods, works or services on credit.. Loan funds are disbursed directly to the account of the supplier in the currency of the export contract.. The foreign buyer repays the loan to the supplier, and the supplier to HBOR.. More detailed information ralating to this programme can be obtained at:.. HBOR, Strossmayerov trg 9, 10000 Zagreb.. Phone: +385 1 / 45 91 524, +385 1 / 45 91 781, +385 1 / 45 91 683.. E-mail:.. izvoz@hbor.. 4/1/2014..

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  • Title: www.hbor.hr
    Descriptive info: Search.. Home.. About HBOR.. Contact.. Lending.. Export Promotion.. Tourism.. Agriculture.. Economy.. SMEs.. Environmental Protection.. Infrastructure.. Innovations.. Financial Restructuring.. Working Capital.. EU Funds.. Contribution.. Export Credit Insurance.. Programmes.. International Regulations.. Classification of Countries.. Short-term credit insurance.. Croatian Credit Insurance J.. S.. C.. Trade Finance.. Guarantees.. Documentary Letters of Credit.. Economic Co-operation Funds (ECFs).. Contacts.. English.. Hrvatska banka za obnovu i razvitak is the development and export bank of the Republic of Croatia with the main task of promoting the development of the Croatian economy.. By extending loans, insuring export transactions against political and commercial risks, issuing guarantees and providing business advice, HBOR builds bridges between entrepreneurial ideas and their accomplishment with the objective of enhancing the competitiveness of the Croatian economy.. News and Announcements.. HBOR PUBLISHED ITS SEMI-ANNUAL REPORT.. Zagreb, 29th August 2014 – Hrvatska banka za obnovu i razvitak published today its semi-annual financial statements for 2014.. In the reporting period, total income amounted to HRK 472.. 4 million, expenses to HRK 377.. 7 million and profit to HRK 94.. 7 million.. HBOR and EIF signed the CIP Guarantee Agreement.. From autumn onwards easier access to loans for micro-entrepreneurs.. Zagreb, 7th August 2014 – European Investment Fund (EIF) and Hrvatska banka za obnovu i razvitak (HBOR) signed the Guarantee Agreement under the Competitiveness and Innovation Framework Programme (CIP) with the goal to encourage commercial banks to extend loans to micro-entrepreneurs, especially start-ups.. The Agreement has been signed by Mr Vladimir Kristijan, the President of the Managing Board of HBOR, Martina Jus, the Member of the Managing Board of HBOR and Pier Luigi Gilibert, Chief Executive of EIF.. With the support of HBOR, Croatian entrepreneurs are building a holiday resort worth EUR 88.. 3 million in Russia.. Zagreb, 13 June 2014 – A EUR 75 million Credit Agreement was signed on HBOR’s premises by HBOR and “DNP BORISOV GORODOK” today for the purpose of financing the project of constructing a holiday resort with related infrastructure in Russia, the implementation of which includes some fifty Croatian companies under the leadership of the company Acquamarin.. The Agreement was signed by the Members of the Managing Board of HBOR, Ms Martina Jus and Mr Mladen Kober, and by the investor, Mr Armenak Safarov, the owner of the company “DNP BORISOV GORODOK”.. The signing ceremony was attended by Mr Robert Tomić, Member of the Managing Board of Acquamarin d.. VLADIMIR KRISTIJAN APPOINTED PRESIDENT AND MARTINA JUS MEMBER OF THE MANAGING BOARD OF HBOR.. Zagreb, 30 May 2014 – At today’s meeting, the Supervisory Board of Hrvatska banka za obnovu i razvitak accepted the proposal of the Government of the Republic of Croatia to appoint Mr Vladimir Kristijan President of the Managing Board of HBOR and Ms Martina Jus Member of the Managing Board of HBOR.. EIB Lends EUR 800 Million to HBOR for Promotion of SMEs and Innovation.. Zagreb, 24 March 2014 – Mr Dario Scannapieco, Vice-President of the European Investment Bank, and Mr Anton Kovačev, President of the Managing Board of the Croatian Bank for Reconstruction and Development, signed EUR 400 million Finance Contract as the first tranche of the loan today.. The signing ceremony was attended by Mr Slavko Linić, Minister of Finance.. Stable Operations and Maintained Portfolio Quality in 2013.. Zagreb, 12 March 2014 – Anton Kovačev, President of the Managing Board of Hrvatska banka za obnovu i razvitak, presented the achievements of HBOR in 2013 and announced the continuation of good cooperation with special financial institutions in 2014.. New Chairman of the Prague Club visited HBOR.. The Prague Club develops as a venue for discussion on strategically important issues for export credit insurance industry.. Memorandum of Understanding signed by HBOR and Banca UBAE S.. MoU establishes a framework for future co-operation for the purpose of promoting the development of commercial, industrial and economic relations between the Republic of Croatia and the countries of the North Africa, the Near East and the Indian Subcontinent.. EIB: HBOR Remains our Key Co-operation Partner in Croatia.. New Finance Contract Signed by HBOR and EIB.. Zagreb, 20 January 2014 – The European Investment Bank (EIB) and the Croatian Bank for Reconstruction and Development (HBOR) entered into EUR 25 Million Finance Contract.. The Contract was signed by Mr Dario Scannapieco, Vice-President of the EIB, and Mr Anton Kovačev, President of the Managing Board of HBOR.. HBOR and GARA signed Co-operation agreement on loan programmes.. Varaždin County Guarantee Agency (GARA) shall issue guarantees  ...   by the Ministry of Entrepreneurship and Trade, announced the Minister of Entrepreneurship and Trade Mr Gordan Maras and the President of the Managing Board of HBOR Mr Anton Kovačev at the press conference today.. The European Commission approved exemption for export credit insurance and reinsurance transactions.. On 22 July 2013, the European Commission informed the Republic of Croatia about the approval of HBOR’s request for the issuing of the exemption clause for export credit insurance and reinsurance transactions with respect to risks considered temporarily non-marketable.. This measure is considered to be existing aid in terms of Article 108 of the Treaty on the Functioning of the European Union.. First EIB Loan after Croatia’s EU Accession: EUR 250 Million for Smaller Projects.. Split, 12 July 2013 – The European Investment Bank (EIB) approved a EUR 250 million loan to the Croatian Bank for Reconstruction and Development (HBOR) for the financing of projects promoted by small and medium-sized enterprises (SMEs) and mid-cap companies, small and medium-sized infrastructure projects in the public sector as well as limited size investment projects in the industry sector in the area of knowledge economy, energy, environmental protection, health and education.. HBOR Signed a EUR 90 Million Framework Loan Agreement with the Council of.. Europe Development Bank.. The loan is intended for the financing of projects in the SME sector and the public sector of the Republic of Croatia.. Zagreb, 8 July 2013 – The Council of Europe Development Bank (CEB) approved a EUR 90 million Framework Loan Agreement to Hrvatska banka za obnovu i razvitak (HBOR).. The Agreement was signed today by Mr Rolf Wenzel, Governor of the CEB, and Mr Anton Kovačev, President of HBOR's Managing Board.. Mr Slavko Linić, Minister of Finance of the Republic of Croatia, attended the signing ceremony.. Mobilisation of European long-term investors to foster EU growth.. HBOR among the founders of ELTI.. Paris, 5 July 2013 - The Presidents and top officials of 16 European long-term financial institutions, meeting in Paris today, have launched the European Association of Long-Term Investors (ELTI), joining forces to foster more sustainable, smart and inclusive European growth, notably for the youth.. HBOR approved HRK 0.. 5 billion for investments in tourism in the first five months.. Zagreb, 12 June 2013 – “A Thousand Swimming Pools for Croatian Tourism”, a programme implemented by the Ministry of Tourism in cooperation with the Ministry of Entrepreneurship and Crafts, was presented at the conference.. Changes to the loan programmes implemented by Hrvatska banka za obnovu i razvitak (HBOR) that relate to the tourism industry as well as possibilities of using structural funds for the financing of SMEs in tourism in 2013 were also presented.. Launch of Green Office Activities at HBOR.. Zagreb, 22-24 May – Five Green Office motivation workshops took place on the premises of Hrvatska banka za obnovu i razvitak (HBOR).. The employees of HBOR and Hrvatsko kreditno osiguranje (HKO) showed great interest in education on promoting energy efficient behaviour not only in offices but also in their own homes.. The Green Office workshops are part of the House in Order Government programme that HBOR joined by signing the Letter of Intent with the UNDP at the end of 2011.. Additional support for encouraging investment from the United States.. U.. Ambassador to Zagreb hopes to strengthen U.. investment in Croatia.. Zagreb, 3rd April 2013 – Yesterday, Anton Kovačev, President of the Managing Board of HBOR held a meeting with the U.. Ambassador to Croatia, Mr Kenneth Merten and Mr Thomas Johnston, the economic advisor.. Additional Incentive of EUR 500 million for the Development of SMEs in Croatia.. Signing of the contract for the largest loan approved to Hrvatska banka za obnovu i razvitak.. Zagreb, 25th January 2013 – European Investment Bank (EIB) approved a EUR 500 million loan to Hrvatska banka za obnovu i razvitak (HBOR) which represents HBOR’s biggest debit.. The first tranche of the loan, in the amount of EUR 250 million, was signed today by Mr Anton Rop, EIB Vice-President and Mr Anton Kovačev, President of the Managing Board of HBOR, the signing ceremony was attended by Mr Slavko Linić, Minister of Finance.. Temporary Reduction in Interest Rates Charged by HBOR on New Investment Projects in the Period from 1 July 2014 to 31 December 2014.. Contact Us.. FAQ.. Glossary.. HBOR News.. Document library.. Financial statements.. Human Resources.. Back to top.. Croatian Bank for Reconstruction and Development.. All Rights Reserved..

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  • Title: www.hbor.hr
    Descriptive info: BUYER CREDIT.. Loan Programme for Financing Foreign Buyers / Buyers' Banks.. All terms and conditions under this Programme are in accordance with the Rules of the OECD Consensus.. Goal of the Loan Programme and Purpose of the Loans.. The goal of the Programme is to enable the competitiveness of Croatian exporters in foreign markets (by providing longer repayment terms to foreign buyers), increase the liquidity of Croatian exporters and reduce the risks that Croatian exporters face when participating in international trade.. The purpose of this Programme is financing exports of Croatian goods and services, except consumer goods.. Borrowers.. Eligible borrowers are:.. the commercial bank of a buyer, with whom a legal entity having its headquarters in the Republic of Croatia (an exporter) has concluded an export contract or.. the buyer itself if covered by acceptable collateral.. Manner of Implementation of the Loan Programme and Loan Application Procedure.. HBOR may finance the foreign buyer:.. by co-financing export transactions with other banks, or.. by financing the bank or the buyer abroad on its own.. A loan application is submitted by the exporter, who has obliged itself, in accordance with the requirements of a buyer or the terms and conditions of an international tender, to offer a direct loan to the buyer, the proceeds of which will be used for paying the amounts receivable under the export contract.. An application for a loan to a foreign buyer or its bank, the exporter submits directly to HBOR generally.. before the export contract has been concluded.. Committed loan funds under the Programme shall be disbursed directly to the exporter's foreign currency account after all preconditions contained in the loan contract with the foreign buyer or buyer’s bank have been fulfilled.. The loan shall be repaid by the foreign buyer or its commercial bank.. Loan Amount and Repayment.. The loan may finance up to 100% of the export contract value for repayment periods up to two years, or up to 85% of the export contract value for repayment periods over two years.. In case of repayment periods over two years, the export contract must provide for an.. advance payment.. to be paid in principle prior to the first disbursement of the committed loan,.. and/or an interim payment (cash down payment).. to be entirely effected before the last disbursement of the committed loan in the amount of at least.. 15% of the export contract value.. This amount must be paid by the buyer to the exporter's account, generally before the first disbursement of the committed loan funds.. The amount of the cash payment for loans granted for the construction of ships must be at least 20% of the contracted price.. The.. export contract value.. is the total value of exported goods and services to be paid for by the buyer (excluding local costs and interest).. The amount of.. local costs.. financed from the proceeds of the loan granted by HBOR to the buyer/bank.. must not exceed 30% of the export contract value.. Local costs include expenditure on goods and services in the buyer's country necessary for honouring the export contract.. Loans are denominated in the export contract currency.. Repayment (by type of goods and services exported).. Consumer goods with service life of 1 year or less, including related services – up to 6 months;.. Consumer goods with service life of more than 1 year, including related services – up to 2 years;.. Parts and components, including related services – up to 5 years;.. Quasi-capital goods (Capital goods of lower individual value) , including related services - up to 5 years;.. Capital goods, including related services – up to 10 years.. For financing the construction of hydro and thermal power plants, projects based on wind energy, geothermal, solar and bio energy projects, tide power plants and water supply and sewerage projects – up to 15 years.. date on which the buyer takes physical possession of the goods in the importing country - sale of equipment consisting of individual segments that can be used separately;.. date on which the buyer takes over the entire plant under the export contract - construction of a whole  ...   rate is determined before the loan agreement conclusion (by an indicative offer, letter of intent or similar document), it cannot be lower than CIRR increased by 0.. 2%.. In this way, the interest rate can be determined for the period no longer than 120 days.. 2) Variable interest rate.. In principle, the variable interest rate is determined on the basis of applicable LIBOR or EURIBOR rate increased by margin, which depends on the creditworthiness of the buyer/bank, on the importing country and on the export transaction.. Fees.. Loan application fee for final borrowers:.. a one-off loan application fee of up to 1% on the committed loan amount.. charged before the first disbursement date.. Commitment fee:.. a commitment fee of up to 1% p.. is charged by HBOR on the undisbursed loan amount, starting from the date of fulfilment of conditions preceding documents under the loan agreement until the end of the loan disbursement period.. Loan Disbursement.. The disbursement period depends on details of an export transaction or project and is determined on the basis of the Loan Contract pursuant to the terms and conditions of an export contract.. Loan funds shall be disbursed directly to the exporter's foreign currency account.. For the purpose of securing due fulfilment of loan obligations under the Loan Programme, HBOR in principle requires an insurance policy against political and commercial risks issued on behalf of the Republic of Croatia, and all other acceptable security.. Miscellaneous.. The provisions of HBOR's Regulations on Basic Terms and Conditions of Financing Individual Target Groups, HBOR’s Decision on General Terms and Conditions of Lending Activities, the General Terms and Conditions of Insurance of HBOR’s Placements, HBOR's Decision on Interest Rates with the Interest Calculation Regulations, the Decision on Fees for HBOR Services with the Fee Calculation Regulations as well as provisions of other HBOR documents and decisions made by HBOR bodies in charge shall apply as appropriate within the framework of this Loan Programme.. Documentation to Support Loan Application.. Borrower (foreign buyer or foreign buyer's bank):.. Profit and Loss Account for the last two business years.. Balance Sheet for the last 2 business years.. Audited financial statements.. Annual report.. Certificate of entry into Court Register.. Data on ownership structure.. List of authorised signatories for representing business entity.. List of authorised signatories for signing payment orders and disposing of the funds deposited in the accounts.. For buyer credit borrowers abroad: questionnaire for legal persons, information about the real owners of the party-applicant for the loan, Table 1 and 2 – Attachment to data on the actual owners of the party-applicant for the loan, the questionnaire for foreign politically exposed persons pursuant to the Act on the Prevention of Money Laundering and Terrorism Financing, Official Gazette of the Republic of Croatia no.. 87/08.. Forms in English are available on HBOR’s website.. www.. hbor.. hr/eng.. Exporter:.. Excerpt from the Court Register (issued not more than 30 days beforehand).. Company incorporation documents (Articles of Incorporation in the case of a limited liability company By-Laws in the case of a shareholding company).. List of authorised signatories for disposing of the funds deposited in the account.. Notification of the classification of the business entity according to NKD (national classification of economic activities).. BON 1 and BON 2/SOL 2 issued not more than 30 days beforehand.. Balance Sheet (for medium-sized and large entrepreneurs) B/POD-V form, and Profit and Loss Account (for medium-sized and large entrepreneurs) RDO/POD-V form; or Annual Financial Statements for large, medium-sized and small entrepreneurs - GFI-POD form (for the last two years).. Notes to the financial statements.. Complete auditor's report (in accordance with legal requirements).. Questionnaire for legal persons, information about the real owners of the party-applicant for the loan, Table 1 and 2 - Attachment to data on the actual owners of the party-applicant for the loan, the questionnaire for foreign politically exposed persons pursuant to the Act on the Prevention of Money Laundering and Terrorism Financing, Official Gazette of the Republic of Croatia no.. Forms are available on HBOR’s website.. HBOR reserves the right to request other documentation as necessary for the processing of a loan application..

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  • Title: www.hbor.hr
    Descriptive info: PRE-EXPORT FINANCE.. Pre- and Post-Shipment Export Finance.. Final Borrowers.. companies, craftsmen.. co-operatives.. Working capital.. pre-shipment export finance.. export of goods.. whole cycle from pre-shipment export finance until the collection of payment for an export transaction.. via commercial banks.. Loan Amount and Repayment Period.. not limited; it depends on the opinion of the commercial bank, the creditworthiness of the final borrower, the amount of necessary working capital, the volume of export transactions, the nature and quality of the offered collateral.. loans are extended in HRK.. Repayment Period.. bullet repayment maturing up to one year from the loan availability date, with the obligation of submitting six-monthly reports on the outstanding loan balance.. Exceptionally, a longer loan repayment period may be approved with the maturity in the period from 31st December 2016 until 30th April 2017 according to special conditions for commercial banks.. This is a measure of interim prolongation of loan repayment period that is applied to loan applications received in HBOR until 30th June 2014 or until the full utilisation of available funds of HBOR for the implementation of this measure.. Loans that have been approved according to the measure of interim prolongation of loan repayment period may not be refreshed and the contracted loan maturity prolonged.. Interest Rate for Final Borrowers.. The interest rate charged to final borrowers is established in accordance with the base rate plus a margin determined depending on the credit rating of the final borrower and the offered collateral.. The base rate is established by the Croatian Competition Agency.. The level of the nominal interest rate in accordance with the credit rating and the offered collateral (collateralisation) is as follows:.. INTEREST RATES UNDER THE PROGRAMME “PRE-EXPORT FINANCE”.. I.. For loans approved for a period of up to one year and for loans whose contracted loan maturity is prolonged:.. Interest rates for final borrowers*.. Credit rating.. Collateralisation.. High.. Normal.. Low.. Strong (AAA-A).. 0%.. Good (BBB).. Satisfactory (BB).. 4%.. Weak (B).. 7%.. Poor / financial difficulties.. (CCC and lower).. 9%.. * effective interest rate ranges from 5.. 19% to 11.. 58% p.. II.. For loans approved according to the measure of interim prolongation of loan repayment  ...   exchange and debentures.. pledge of property or transfer of fiduciary ownership of property supported by a property insurance policy endorsed in favour of HBOR.. bank guarantees.. other collateral customary in the banking business.. Final borrowers negotiate collateral with commercial banks.. Reports on the loan balance.. Six months.. after the loan availability date, or sooner if the term of the loan is shorter than one year, in accordance with the schedule to be determined by the loan contract.. Reports are submitted in the form of a new contract, an order or a letter of intent relating to the export transaction.. Reports on the Utilisation of Loan Funds.. Once a year, by submitting customs declarations to the commercial bank or in accordance with the loan contract if the term of the loan is shorter than one year.. Contract Extension.. An addendum to an existing contract shall be concluded for the term of.. one year.. or for a shorter term on the basis of an application of the bank (exporter), depending on a decision reached by HBOR’s body in charge.. On the basis of the exporter’s application, the commercial bank submits a contract extension application supported by an explanation 15 days before the loan maturity date at the latest.. A maximum one-off fee of 1.. 0% of the extended loan amount may be charged by the commercial bank to the final borrower.. List of Commercial Banks Co-operating with HBOR on the Loan Programme.. Banco Popolare Croatia d.. , Zagreb.. Banka Kovanica d.. , Varaždin.. BKS Bank d.. , Rijeka.. Croatia banka d.. Erste Steiermärkische bank d.. Hrvatska poštanska banka d.. Hypo Alpe-Adria-Bank d.. Imex banka d.. , Split.. Istarska kreditna banka Umag d.. , Umag.. Jadranska banka d.. , Šibenik.. Kentbank d.. , Zagreb.. Kreditna banka Zagreb d.. OTP banka Hrvatska d.. , Zadar.. Partner banka d.. Podravska banka d.. , Koprivnica.. Privredna banka Zagreb d.. Raiffeisenbank Austria d.. Zagreb.. Samoborska banka d.. , Samobor.. Sberbank d.. Slatinska banka d.. , Slatina.. Societe Generale – Splitska banka d.. Vaba d.. banka Varaždin.. Veneto banka d.. Zagrebačka banka d.. Phone: +385 1 / 45 91 538, +385 1 / 45 97 814.. 6/3/2014..

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