The Programme for Subsidising the Insurance Premium – Measure to Support the Economy of the Republic of Croatia Following the Russian Aggression Against Ukraine (hereinafter: the Subsidy Programme) is implemented by HBOR as the Insurer for and on behalf of the Republic of Croatia as one of the measures to support the economy of the Republic of Croatia facing the difficulties caused by the disruption in the economy resulting from the Russian aggression against Ukraine.
The subsidies may be granted for premiums under the following insurance programmes implemented by HBOR:
• Programme for the Portfolio Insurance of Liquidity Loans for Exporters – Measure to Support the Economy of the Republic of Croatia Following the Russian Aggression Against Ukraine (hereinafter: Programme for the Portfolio Insurance of Loans)
• Programme for the Individual Insurance of Liquidity Loans for Exporters – Measure to Support the Economy of the Republic of Croatia Following the Russian Aggression Against Ukraine
The Subsidy Programme will enable exporters, as beneficiaries of liquidity loans insured under the stated insurance programmes, to reduce or not to have the costs of insurance premium if they meet the conditions for subsidising the premium. The goal is to make the insurance of loans granted to exporters as favourable as possible in order to avoid an increase in the financial costs of exporters and further disruption of their liquidity.
The measure will be implemented in such a way that the Insurer waives the collection of the premium if the exporter meets the conditions for subsidising the premium prescribed by the Subsidy Programme. For loans insured under the Programme for the Insurance of Exporters’ Liquidity Loan Portfolio for which the bank has already collected the premium from the exporter, the Insurer will also enable subsidising of the premium in the manner that, upon interest expressed by the exporter for subsidising of the premium and, after having established that the exporter has met the conditions for subsidising of the premium, the insurer will make a refund to the exporter of the premium already paid.
The measure can be used once for an individual loan. The measure cannot be used for the Premium for the change of the loan repayment period.
The Subsidy Programme is implemented in accordance with Chapter 2.1. of the Temporary Framework for State Aid Measures of the European Commission (Communication from the Commission – Temporary Framework for State Aid Measures to Support the Economy Following the Aggression Against Ukraine by Russia).