The purpose of a draft law on credit unions and a bill of amendments to the Banks Act is to put an end to loan-sharking and "huge human traumas" from the recent years, Finance Minister Ivan Suker said at a government session in Zagreb on Thursday.
With the adoption of the law, savings and loan cooperatives will have to be transformed either into credit unions or into savings banks.
Credit unions, which are usually not-for-profit co-operative financial institutions owned and controlled by its members, and savings banks will not be allowed to be engaged in factoring, leasing, trade in securities or in international financial transactions.
Draft amendments to the law on the securities market are aimed at developing the capital market. Changes will introduce some new instruments, including derivatives, and propose separation of stock exchange ownership from stock exchange membership.
The intention of changes to the Customs Act is to simplify and accelerate customs procedures.