Post by Peter Ellis on Oct 3, 2004 15:11:13 GMT 1
Government requests of INA to cut margins; excise tax to be cut only if
price of petrol reaches 8 kuna
National Fund for the Implementation of EU Pre-accession Programs is
established
The state subsidised home savings with 637 mln kuna over six years
BM__1Government requests of INA to cut margins; excise tax to be cut only if
price of petrol reaches 8 kuna
The PM Ivo Sanader has requested of the INA Oil Company management to cut
its operating margins in order to harness the increase of oil products'
prices. The state will only make a move if the price of petrol reaches eight
kuna per litre, announced the PM, responding to calls that the government
cut excise tax on gasoline.
Sanader denied the claims that excise taxes were increasing at the same rate
as petrol prices. He said that excise taxes were fixed and had not been
changed since March 2001 and added that blue diesel used in agriculture and
fishery had no excise tax slapped on it. In this way the state is
subsidising farmers and fishermen with about 400 million kuna per year.
BM_2National Fund for the Implementation of EU Pre-accession Programs is
established
The government established on Thursday the National Fund for the
Implementation of EU Pre-accession Programs, this representing the first
step in fulfilling the institutional preconditions for the use of
non-repayable finances from three funds that are at Croatia's disposal:
PHARE, ISPA and SAPARD. The Fund has been established as part of the Finance
Ministry and is, among other things, in charge of creating special bank
accounts for each of the programs, the preparation of requests for the
drawing of finances from the EU and of co-financing. The details of the
tasks, obligations and responsibilities of the National Fund will be known
on Oct. 6 when the European Commission is to forward the so called Memo on
Agreement between the European Commission and the Government.
BM_3The state subsidised home savings with 637 mln kuna over six years
The state had paid a total of 637 million kuna in incentive funds to
building society account holders over the past six years. This is a topic
covered extensively in the Banka monthly for October with a whole section
dedicated to building societies.
Thanks mostly to those state incentive funds (that at the most total 1,250
kuna per annum per savings account holder) the interest rate that can be
achieved on funds in building societies has gone over 10 percent. This
represents a very favourable type of saving in Croatia, but in the house
buying math the loans granted based on those savings represent only a small
segment. By the end of June 2004 building societies have granted 8,652 loans
in the total amount of 44.52 million euros, the average loan totalling
38,000 kuna. The average price of a square meter of a home, according to the
data gathered by the state statistics bureau in 2003 cost a total of 8,569
kuna, which means that an average loan granted by the building society was
good to purchase 4.5 square meters of living quarters. It is well known,
however, that a building society account can be a "family project", as
according to some statistics an average 3.9 savings accounts make up one
loan.
The total savings deposits in four Croatian building societies reached 3.5
billion kuna at the end of June, up 7.9 percent yoy. As most of the
contracts are closed in the last trimester of the year, the growth for 2004
is yet to be seen. Last year, however, the deposits grew by 62.2 percent
compared to the previous year, from 2.01 billion kuna to 3.27 billion.
(Courtesy of Bankamagazine)
price of petrol reaches 8 kuna
National Fund for the Implementation of EU Pre-accession Programs is
established
The state subsidised home savings with 637 mln kuna over six years
BM__1Government requests of INA to cut margins; excise tax to be cut only if
price of petrol reaches 8 kuna
The PM Ivo Sanader has requested of the INA Oil Company management to cut
its operating margins in order to harness the increase of oil products'
prices. The state will only make a move if the price of petrol reaches eight
kuna per litre, announced the PM, responding to calls that the government
cut excise tax on gasoline.
Sanader denied the claims that excise taxes were increasing at the same rate
as petrol prices. He said that excise taxes were fixed and had not been
changed since March 2001 and added that blue diesel used in agriculture and
fishery had no excise tax slapped on it. In this way the state is
subsidising farmers and fishermen with about 400 million kuna per year.
BM_2National Fund for the Implementation of EU Pre-accession Programs is
established
The government established on Thursday the National Fund for the
Implementation of EU Pre-accession Programs, this representing the first
step in fulfilling the institutional preconditions for the use of
non-repayable finances from three funds that are at Croatia's disposal:
PHARE, ISPA and SAPARD. The Fund has been established as part of the Finance
Ministry and is, among other things, in charge of creating special bank
accounts for each of the programs, the preparation of requests for the
drawing of finances from the EU and of co-financing. The details of the
tasks, obligations and responsibilities of the National Fund will be known
on Oct. 6 when the European Commission is to forward the so called Memo on
Agreement between the European Commission and the Government.
BM_3The state subsidised home savings with 637 mln kuna over six years
The state had paid a total of 637 million kuna in incentive funds to
building society account holders over the past six years. This is a topic
covered extensively in the Banka monthly for October with a whole section
dedicated to building societies.
Thanks mostly to those state incentive funds (that at the most total 1,250
kuna per annum per savings account holder) the interest rate that can be
achieved on funds in building societies has gone over 10 percent. This
represents a very favourable type of saving in Croatia, but in the house
buying math the loans granted based on those savings represent only a small
segment. By the end of June 2004 building societies have granted 8,652 loans
in the total amount of 44.52 million euros, the average loan totalling
38,000 kuna. The average price of a square meter of a home, according to the
data gathered by the state statistics bureau in 2003 cost a total of 8,569
kuna, which means that an average loan granted by the building society was
good to purchase 4.5 square meters of living quarters. It is well known,
however, that a building society account can be a "family project", as
according to some statistics an average 3.9 savings accounts make up one
loan.
The total savings deposits in four Croatian building societies reached 3.5
billion kuna at the end of June, up 7.9 percent yoy. As most of the
contracts are closed in the last trimester of the year, the growth for 2004
is yet to be seen. Last year, however, the deposits grew by 62.2 percent
compared to the previous year, from 2.01 billion kuna to 3.27 billion.
(Courtesy of Bankamagazine)