Notification regarding changes in payment operations from the 1st January 2011

Dear clients
 
From the 1st January 2011 legal prescriptions regarding payment operations and foreclosures over cash funds are being modified. We bring You a brief insight in the changes in question:
 
1. Law on Payment Operations
 
The new Law on Payment Operations (published in NN 133/2009) becoms effective from the 1^st January 2011 and brings significant changes in HRK and FX paymant operations. These modifications adapt the Croatian legislative and banks to the European standards (European directive on payment services).
Vaba d.d. bank Varaždin has brought new General terms on transaction accounts related business activities, in order to adjust to prescriptions of the new Law. In connection with this new General terms for payment operations with consumers and General terms for one-time payment transactions have been adopted as well. All general terms are available to our clients via or web page (www.vaba.hr), as well as in Vaba branches.
 
2. Term plan for execution of payment transactions
 
In line with the new Decision of the Central bank, the Term plan for execution of payment transactions has been changed as well. It enables that the HRK Payment orders until 2 p.m. are executed inside the same day.
 
3.  Law on Execution of Foreclosure over Cash Funds
 
Law on execution of foreclosure over cash funds (published in NN 91/2010) also becomes effective from the 1^st january 2011. The Law transfers the execution of foreclosures from the banks to the Financial Agency, that is to receive resolutions, give banks payment orders and block and de-block accounts.
 
4.  Unified account registry
 
In line with the new Law on execution of foreclosure over cahs funds, the Unified account registry is being expanded, that has until now contained accounts of legal entities and of physical entities. Account data contains only the basic information on certain accounts, but not on their balance.
Infomation regarding accounts of physical entities is not published, and are under the shield of the Law on protection of personal information.