Tuesday, 12 July 2022

Legal Acts on Croatia's Entry Into Euro Area Signed at Ceremony in Brussels

ZAGREB, 12 July 2022 - The ceremony of signing the three final legal acts necessary for Croatia to adopt the euro on 1 January was held in Brussels on Tuesday, whereby the decision-making process for Croatia's entry into the euro area was completed.

One of those legal acts adopted by the European Union's Economic and Financial Council (Ecofin) sets the conversion rate between the euro and the Croatian kuna at 7.53450 kuna for 1 euro. The rate corresponds to the current central rate of the kuna in the exchange rate mechanism (ERM II).

Another of the three acts concerns the decision on the adoption of the euro by Croatia, while the third is an amendment to a regulation welcoming Croatia as the 20th member of the euro area as of next year.

The legal acts also make it possible for the Croatian National Bank (HNB) governor to become an observer in the European Central Bank's governing council in September, and on 1 January 2023, the HNB Governor becomes ta full member of that council.

The relevant documents were today signed by  Zbyněk Stanjura, the minister of finance of Czechia, which currently holds the rotating EU presidency..

In attendance at the ceremony were the ECB Executive Board President Christine Lagarde, European Commission Vice President Valdis Dombrovskis, the European Commissioner for Economy, Paolo Gntiloni, and Croatia's Finance Minister Zdravko Marić.

The chairman of the Eurogroup, Irish minister Paschal Donohoe, addressed the ceremony via a video link from Dublin.

All the participants in the ceremony described this as Croatia's historic achievement and that both the European Union and the common currency continued to be attractive.

The EC Executive Vice President Dombovskis said that the entry into the euro area "will complete Croatia’s full integration into the European Union less than a decade after its accession."

"Croatia has shown great commitment and perseverance in meeting the necessary conditions for joining the euro and achieving a high degree of sustainable economic convergence" he stated as carried on his web site.

"This was achieved when Croatia also had to cope with the setbacks of earthquakes and impact of the COVID pandemic.

"Croatia’s hard work and ownership throughout the euro accession process confirms that the euro is an attractive, resilient and successful global currency.

"Our trusted currency union is a great asset for Europe," he underscored

"As Croatian goods and services become more competitive, this should lead to more jobs and higher living standards: good news at a time when Europe is grappling with high inflation," the EC Executive Vice President said.

The Commissioner for Economy, Paolo Gentiloni, said that Croatia had passed an amazing journey from having fought a war some 30 years ago, which was the first war on Europe's soil since the Second World War, to the EU membership which it joined in 2013 to enter the euro area now.

This is an amazing result, we are celebrating the strengthening of our Union today, said Gentiloni.

Donohoe also praised Croatia's achievements and performance of the outgoing minister Marić, who attended the Ecofin in his capacity as Croatia's minister for the last time.

For more, check out our politics section.

Tuesday, 12 July 2022

HNB Governor: Croatian Citizens and Businesses to Benefit from Euro Adoption

ZAGREB, 12 July 2022 - After the Ecofin on Tuesday adopted final three legal acts enabling Croatia to introduce the euro as its currency on 1 January 2023, the national bank (HNB) governor said that the euro area membership would produce concrete, direct and lasting benefits for Croatia's citizens and enterprise sector.

European Union's Economic and Financial Affairs Council (Ecofin) today formally endorsed Croatia's entry into the euro area on 1 January 2023, and one of its three decisions sets the conversion rate between the euro and the Croatian kuna at 7.53450 kuna for 1 euro. The rate corresponds to the current central rate of the kuna in the exchange rate mechanism (ERM II).

The decisions followed after the European Commission assessed that Croatia had met all the convergence criteria and after the positive opinions of the European Parliament and the European Central Bank (ECB).

The HNB Governor Boris Vujčić recalls that the changeover to the euro will eliminate the foreign exchange risk and this would also make Croatia more attractive and safer in the times of crisis.

He described the euro as a symbol  of the European unity.

"I am sincerely proud of this great Croatian success," Vujčić was quoted as saying in a press release issued by the HNB.

The press release quotes Prime Minister Andrej Plenković as saying that "Croatia becomes a member of the euro area on 1 January 2023!"

Thus we have achieved a strategic goal, he underscores.

The euro adoption will make our economy more resilient and raise the living standards of our citizens in the long run," said the PM.

"Being a part of the euro area brings more security to our citizens in this crisis. We have diligently worked on this project as we firmly believe that it is in Croatia's national interest to enter the euro area."

For more, check out our politics section.

Monday, 11 July 2022

Ministry Issues Ethical Code for Changeover to Euro

ZAGREB, 11 July 2022 - The Ministry of Economy and Sustainable Development on Monday released the code of ethics for the process of switching to the euro at the start of 2023, and all business entities that interact with consumers are called to join the code.

Croatia will enter the euro area on 1 January 2023 after it met all the convergence criteria, the ministry recalls.

The ministry notes that the transition from the national currency to the euro is an important topic that raises many questions, and definitely, a part of consumers are also concerned about possible price rises.

The ethical code has been compiled in a bid to create a safe environment for consumes and to make sure that the changeover from the kuna to the euro will be conducted in a reliable and transparent manner.

In December 2020, the Croatian government and the national bank (HNB) announced the release of an ethical code for the introduction of the euro in the document titled "the National Euro Changeover Plan".

The document reads that "retailers and other service providers will be invited to abide by the ethical code for the introduction of the euro, and will be able to participate in the campaign organised by the Ministry of Economy and Sustainable Development in cooperation with business associations.

For more, check out our politics section.

Tuesday, 5 July 2022

European Parliament Supports Croatia's Accession to Eurozone

ZAGREB, 5 July 2022 - The European Parliament supported Croatia's accession to the euro area by a vast majority of votes on Tuesday.

With 539 votes in favour from 632 MEPs in attendance, the European Parliament adopted the report on the introduction of the euro as legal tender in Croatia as of 1 January 2023, saying that Croatia met all the criteria for accession to the euro area.

Forty-eight MEPs abstained form the vote and 45 voted against, mostly those from right-wing political groups who criticised Croatia's euro-area membership bid during discussion at a plenary session of Parliament on Monday.

Before an EU member state joins the euro area, the European Parliament gives its opinion on the recommendation from the European Commission. The last step is the adoption of the proposal at a meeting of the Economic and Financial Affairs Council on 12 July. The European Council has already endorsed Croatia's euro area entry.

By adopting the euro, Croatia will join the Eurosystem, which comprises the European Central Bank and the central banks of the euro-area member states. The Croatian National Bank governor will sit on the Governing Council of the European Central Bank.

The Croatian finance minister will participate in Eurogroup meetings and the prime minister will attend euro-area summits. Croatia will also automatically become a member of the banking union, a bank supervision and resolution system.

The report by European Parliament rapporteur Siegfried Muresan of the European People's Party (EPP), which was adopted on Tuesday, says that "Croatia fulfils all the criteria for adopting the euro as a result of ambitious, determined, credible and sustainable efforts by the Croatian government and the Croatian people."

The report notes that Croatia’s accession to the euro area is the first significant EU integration process after Brexit and that it should enhance the positive image of the European Union in the Western Balkans region.

"Notwithstanding the difficult socio-economic situation generated by the health crisis and the most recent increase in energy prices, Croatia's adoption of the euro and the fulfilment of the necessary criteria represent a strong political signal of the viability and attractiveness of the single currency of the Union," the report says.

Adoption of the euro will strengthen Croatia's economy and benefit its people and companies, as it will make the country's economy more resilient, attract more foreign investment, increase the confidence of international investors and cut down currency exchanges, that will have a relevant effect in the country's vital tourism sector, the European Parliament predicts.

The Croatian government was called upon to ensure that the introduction of the euro does not lead to artificial price increases.

"Croatia joining the euro area represents a strong political signal of the viability and attractiveness of the single currency of the Union. Twenty years after the introduction of the first banknotes, the euro is a symbol of European strength and unity. Thanks to its great commitment in its efforts to meet the conditions for adopting the euro, Croatia is now ready to join the euro area on 1st January 2023, less than a decade after joining the EU. The euro area as a whole will then welcome its twentieth member," the European Parliament said in an explanation of its favourable assessment of Croatia's readiness to adopt the euro.

For more, check out our politics section.

Monday, 4 July 2022

Croatian Eurozone Accession: Filling ATMs With New Currency Challenging

July the 4th, 2022 - Croatian Eurozone accession is looming, with the date on which the kuna will be sent to the history books being marked out as the 1st of January, 2023. There are a lot of practical and logistical issues to now tackle, and filling the country's ATMs with euros instead of kuna is just one of them proving to be a challenge.

As Poslovni Dnevnik writes, rapidly approaching Croatian Eurozone accession requires very many adjustments. While there won't be much work in the conversion of cashless payments, cash payments bring a series of challenges for everyone - from people to banks, companies and shops, reports HRT.

Most of the total of Croatian 4,700 ATMs, which are of course all active during the winter months, will have to be adapted for euro banknotes in the very last weeks of December, making them unavailable for Croatian kuna withdrawals.

Filling ATMs with euro banknotes will be an extremely demanding job operationally speaking. In most ATMs, certain parts will have to be physically replaced.

"The whole process of adapting Croatian ATMs starts with the adaptation of the cassettes themselves, in which the banknotes come out, since the euro banknotes have different dimensions than the kuna banknotes have. As we have a lot of ATMs across the Republic of Croatia, this is going to be a rather long-term process where all the ATM cassettes should be adapted,'' explained Tihomir Mavricek, executive director of the Cash Sector of the Croatian National Bank (CNB).

The problem is that at most of Croatia's ATMs, the adjustment to euros means that they will not be available for the withdrawal of kuna for a certain number of days, and the uncomfortable timing comes in the form of it being just before the Christmas season where there are significantly increased levels of consumption. On top of that, not all ATMs will be ready for euros by the date of Croatian Eurozone accession, ie the 1st of January, 2023.

"During the month of December, we'll visit more than 60% of the ATMs maintained by our company in the field, and prepare them to work with the new currency. The first euros will be available to people for withdrawal at certain ATMs in Croatia as early as January the 1st, 2023, according to the criteria of regional coverage and the frequency of use of those ATMs, which are determined by the banks," the Payten company announced.

Not all ATMs are equal, however, and those within the OTP banka system can be remotely ''induced'' to pay out either kuna or euros.

"All of our ATMs will be in operation for withdrawing money every day during the month of December, and at the same time they'll be ready to pay out euros from January the 1st, 2023," OTP banka announced.

Despite intensive preparations, it will still be technically impossible to avoid days without interruption of withdrawals of kuna or euros at most ATMs as Croatian Eurozone accession gets closer, but the CNB has assured that everything related to this process must be published and made accessible to people on the banks' official websites.

"Even if we're in a situation in which not all ATMs are available for euro withdrawals, people don't need to worry about it, since during the first two weeks following Croatian Eurozone accession it will remain possible to pay for things in both kuna and euros in shops, while merchants are obliged to return the rest in euros, of course, wherever it's possible to do so," explained Mavricek.

While cash payments during the last weeks of December and the first weeks of January will be difficult for many people, POS systems and card payments should continue being carried out without any interruptions or issues.

For more on Croatian Eurozone accession and how it's going to affect daily life, make sure to keep up with our politics and lifestyle sections.

Friday, 24 June 2022

Belonging to Euro Area Boosts Croatia's Resilience to Crises, says PM

ZAGREB, 24 June 2022 - Support for Croatia's eurozone membership bid is an excellent sign for its highly euroized economy and will also boost its resilience to crises, Prime Minister Andrej Plenković said on Friday ahead of the start of the second day of the EU summit meeting.

One of the topics on the agenda of the two-day summit meeting is Croatia's entry into the euro area, and the leaders of the EU members states will support Croatia's accession, which is the penultimate step in the decision-making on receiving an aspirant in the euro area.

The last step is the adoption of three legislative proposals concerning Croatia's introduction of the euro, which will be made by the Council for Economy and Finance (EU Ecofin Council) on 12 July.

Thus, Croatia's changeover to the euro can start on 1 January 2023.

Today's summit meeting is very important for Croatia, which will become the 20th member of the euro area. This is a strategic goal of my cabinet, said Plenković while arriving at the summit meeting.

7 in 10 tourists in Croatia come from the euro area

Commenting on the highly euroized economy in Croatia, Plenković noted that 50-60% of loans and savings are tied to the euro, and 70% of travellers visiting Croatia are from the euro area, while two-thirds of the exchange is with the euro area.

The membership of the euro area will make Croatia better prepared to respond to crises such as energy and food crises or inflationary pressure, he said adding that the membership of the EU facilitated Croatia's efforts to address the COVID-19 pandemic.

For more, check out our politics section.

Thursday, 9 June 2022

Davor Filipovic Talks Inflation, Eurozone, Tenders and Measures

June the 9th, 2022 - Economy Minister Davor Filipovic was a recent guest on the 'A sada Vlada/and Now for the Government' radio show, where he discussed the situation with ongoing inflation and plans to try to mitigate the pressure on both people and the economy.

As Poslovni Dnevnik writes, new measures have come into force over the last few days, which should work to further stabilise the spiralling growth of fuel prices. Still, the question arises as to what can be expected in the weeks ahead, which Davor Filipovic touched on:

“We can know what will happen in the next two weeks. What will happen after that... I think, at least in these conditions of uncertainty, is impossible to predict. On Monday, we made decisions to reduce excise duties and trade margins. We've extended the period in which we calculate the prices of oil and oil derivatives, and this decree will remain force for the next thirty days,'' said the Minister, explaining the decisions recently made by the Croatian Government.

He added that it's yet to be seen what the situation will be on like on global oil markets, and that prices will be further formed accordingly.

"We went for a two-week interval to benefit our people and the economy. The price of fuel is now lower than it was for one entire week. If the prices of fuel on global markets do go down, then they'll go down in this country as well,'' Davor Filipovic pointed out, believing that, when all the circumstances are taken into account, people can be satisfied with what's been done so far.

"There will be no fuel shortages"

Speaking about the maneuver space of the Government, the Minister noted that there is space left in relation to excise duties, and that when it comes to petrol, it is about 36.37 lipa per litre at this moment in time.

"When we talk about diesel, then the space is a bit smaller, by about 16 or 17 lipa. In these extraordinary circumstances, all the options are on the table, we're analysing and monitoring what is happening on the market, so that we can respond adequately. We're going to do everything in our power to be shoulder to shoulder with people and with the economy," he said.

He also answered the question of whether there may be a shortage of fuel in Croatia:

“Our stocks are in accordance with the law, ninety days for oil and petroleum products. I dare say there will be no shortage. The reaction of distributors comes primarily because we've reduced the trade margin. For many years, they were delimited, and I'm of the opinion that in crisis situations, everyone must bear their part of the responsibility, including oil companies and distributors. Their reaction is such 'because we've cut their salaries' more than it being about a real danger of shortages,'' Davor Filipovic points out.

Asked whether additional aid packages will be provided for the most vulnerable among us, such as farmers and fishermen who are in a difficult situation due to the high price of blue diesel, the minister said:

"Since April the 1st, 2022, the Croatian Government has responded with a large package of measures amounting to five billion kuna. Were it not for the intervention of the Government, there would have been a larger increase in the price of electricity, and the same would've been true for gas. We're going to be monitoring the situation and making adequate and timely decisions, as we've done so far.''

"The plan is to double the capacity of LNG Terminal on Krk"

Minister Davor Filipovic also referred to the issue of Janaf and distribution, as well as the issue of LNG Terminal on the island of Krk.

"This new situation puts the Republic of Croatia in a position to become an energy hub and an important player when it comes to energy in this part of Europe. Janaf is in a situation where, with the existing capacities, we can satisfy, for example, all the needs of neighbouring Hungary. Janaf's capacity is 11.4 million tonnes, and Hungary needs 8.1 million.

Without any investment, we can supply oil to Hungary. With certain investments, Janaf can double those capacities. From that aspect, we're in a very good position. When we talk about the LNG Terminal on Krk, there is no European official, when I go to Brussels or somewhere else, who doesn't draw attention to the importance of it. It was a wise move by the government. The plan is to double the capacity of Krk's LNG Terminal to 6.1 billion cubic metres. In order to ensure the supply of Croatia, but also in order to be able to supply Slovenia. We're thinking about supplying gas to Bosnia and Herzegovina as well in the foreseeable future,'' he pointed out, adding that the whole situation makes Croatia a serious player on the new energy map of Europe.

A new package of sanctions against Russia is ready, and it regards a total ban on Russian oil imports. What is the situation here in Croatia?

"When it comes to oil, it's already being imported from other sources. Russian oil doesn't come to Croatia through Janaf. The focus is on the security of the energy supply in Croatia. Our underground gas storage will be replenished by November the 1st, 2022, to 90 percent capacity. HEP has been granted a state guarantee that it can take out a loan of 400 million euros, so that our hospitals and maternity hospitals can function smoothly,'' Filipovic assured.

Prices are rising day by day, and if this inflationary pressure continues, it will be harder and harder for the average person to get by.

"Inflation isn't only a problem being faced by Croatia but by the whole world. Prices are going up and everything should be done to mitigate these inflationary shocks on the economy,'' he pointed out, adding that they are looking for a way to help. He noted that it's true that the whole situation is slowing down growth projections, but that none of the world's experts believe that there will be a global recession.

"There will be cases where some countries will find themselves in such a situation, but not the global economy as a whole," he said.

Croatia's 2023 accession to the Eurozone will be extremely helpful

"Entry will make it easier for the country in any case, especially when it comes to crisis situations. There are going to be many advantages at our disposal when we enter the Eurozone. Currency risks will disappear, and conversion costs will also become a thing of the past. Numerous exporters welcome the decision, and tourists will benefit more. There will also be an increase in the country's credit rating, as announced by certain agencies,'' claimed Davor Filipovic, adding that the costs of introducing the euro in Croatia are minimal when compared to the longterm benefits.

"Very soon, we'll have a tender of two billion kuna, which will be aimed at micro, small and medium-sized enterprises. In order to use the money to increase competitiveness, to digitise processes, to use everything that can be used in the direction of the green transition," he said.

As for cutting parafiscal levies, Minister Davor Filipovic says they have already begun the process.

For more, make sure to check out our dedicated politics section.

Monday, 6 June 2022

FinMin: Everything Should Be Done So Euro Doesn't Trigger Price Hike

ZAGREB, 6 June 2022 - Finance Minister Zdravko Marić said on Monday that everything will be done so that the introduction of the euro as legal tender does not trigger a price hike.

"We will do absolutely everything, regardless of inflationary pressure and our efforts to relieve it, to prevent euro introduction from becoming an additional trigger (of price hikes) for individual market stakeholders," Marić said, adding that this was why the dual display of prices would start on 5 September.

Addressing the conference "Croatia in a New Economic Environment", organized by the 24sata daily, Marić recalled that the law on the introduction of the euro foresees 12 institutions that are responsible for the implementation of the law, including the Croatian Financial Services Supervisory Agency (HANFA), State Inspectorate, Croatian National Bank and the Finance Ministry.

These institutions will monitor the situation closely, and civil society organizations will join in the process as well so that any unfair conduct is reduced to a minimum, said Marić.

Marić recalled the recent European Commission Convergence Report, which said that Croatia was the only candidate country that had fulfilled all the accession criteria and was prepared to introduce the euro on 1 January 2023.

If Croatia joins the euro area on that date it will have spent the least time in the European Exchange Rate Mechanism (ERM II) of all member states, added Marić.

He said the final decision on Croatia's accession to the euro area will be adopted by the Council of Finance Ministers in Brussels on 12 July.

"If everything goes as we expect... and Croatia's entry to the euro area is formally announced for 1 January next year, the rate of conversion will be defined," he said but could not say whether the exchange rate would be the same as when Croatia entered the ERM II.

He underscored, however, that in the majority of cases it stayed the same, and if there were to be any change that will not be significant.

In July 2020, when Croatia joined the ERMII, the exchange rate was €1 = 7.53450.

Marić added that joining the Schengen area of passport-free movement was also very important for Croatia.

Croatia meets all the criteria to join the Schengen area, however, its admission depends on a number of other factors, including the political will of the member states, he said.

"Croatia has proven that it knows how to protect EU borders," he said, expressing the belief that the country would achieve the goal of Schengen area membership as well.

For more, check out our politics section.

Sunday, 5 June 2022

Is a Crisis the Best Time for Croatian Eurozone Membership?

June the 5th, 2022 - What with the war still raging in Ukraine following Russian invasion earlier this year, and the negative economic consequences left by the global coronavirus pandemic still very much in evidence, is a crisis really the best time for Croatian Eurozone membership? Here's what the Croatian National Bank's governor Boris Vujcic and the Croatian Prime Minister Andrej Plenkovic have to say on the topic.

As Poslovni Dnevnik/Ana Blaskovic writes, the recent assessment that Croatia is ready to introduce the euro as its currency is the achievement of one of the two strategic goals of the current government, said Prime Minister Andrej Plenkovic.

He pointed out that the Convergence Report underlined Croatia as the only remaining member state outside of the Eurozone now ready for the euro, and that it was especially important that it met the criterion of stable prices.

"Croatia no longer has macroeconomic balances, and the fact that in the whole package of our efforts, from responsible public finance management, our exit from the excessive budget deficit procedure, raising the rating to the investment level, the fact that we implemented all reforms that were on the table after entering the exchange rate mechanism and banking union in time, in accordance with the action plan, says that Croatia has achieved one of the fundamental political goals in the mandates of our two governments through the implementation of the strategy for the introduction of the euro,'' said Plenkovic, making no effort to hide his satisfaction at the recent press conference at Banski dvori, accompanied by Minister Zdravko Maric and Davor Filipovic.

Focusing on meeting the Maastricht criteria, he didn't say a word about the EC's far less flattering assessment that there has been no progress made in terms of economic convergence and in regard to substantial reforms.

Just a few hundred metres away, the Governor of the CNB (who together with Plenkovic presented the Strategy for the Introduction of the Euro in October 2017) addressed the press separately, accompanied by EC Vice President Valdis Dombrovskis.

He reiterated that the benefit of Croatian Eurozone membership means strengthening resilience to all sorts of crises and external shocks, of which there have been many recently, while bringing multiple benefits to both people and the economy.

"It's much better to be in the Eurozone at the moment than it is to be outside it," said Boris Vujcic, noting that back in October 2020, the CNB entered into close cooperation with the ECB, which means that Croatia has very much already entered the banking union, adding that the CNB is waiting for the final step of integration into the Eurozone, set to take place on the first day of 2023.

When asked by reporters whether a time of ongoing crisis was really the best time for Croatian Eurozone membership, Boris Vujcic said it would have been better if we had done it earlier.

"The sooner Croatia's entry into the Eurozone, the better, this is the best moment we have at our disposal now and I think it's proof that we already had the support of the ECB at the beginning of the pandemic crisis, which wouldn't have been possible if we weren't very close in terms of the exchange rate mechanism. That helped us overcome the coronavirus crisis more easily,'' he said. A concrete advantage for Croatia, he illustrated, is that interest rates have remained unchanged, unlike across most non-Eurozone member states, where they have risen and risen.

Valdis Dombrovskis congratulated Croatia on its "historic achievement", saying all criteria had now been completely met.

"Joining the Eurozone is especially important because the whole world is in a crisis caused by the war, and that's why it's important to be part of the Eurozone, which uses the second strongest currency in the world. This will help Croatia in many financial aspects, including regarding lower interest rates,'' Dombrovskis said.

The EU Council is expected to make its final decisions on Croatian Eurozone membership in the first half of July this year, with prices set to be shown in both kuna and euros starting on the 5th of September. Finance Minister Zdravko Maric said that Croatia still has a lot of work to do, which includes the adequate (pre) supply of cash to banks, Fina and the Croatian Post (Hrvatska posta), as well as the indirect pre-supply to companies so that everyone is ready to realise all transactions in euros as of the 1st of January, 2023.

For more, make sure to check out our dedicated politics section.

Saturday, 4 June 2022

Employers to Be No Longer Required to Garnish Wages Upon Euro Adoption

ZAGREB, 4 June 2022 - The planned changeover to the euro in 2023 obliges Croatia to amend a set of laws, including the legislation regulating the enforced collection of delinquent debts, the Jutarnji List (JL) daily reported on Saturday.

Apart from changing all the laws that cite the kuna, some other laws will have to be amended, the daily newspaper says, adding that the change would further reinforce the protection of consumers against invalid contracts.

Currently, apart from the Financial Agency (FINA), the Croatian Pension Insurance Fund (HZMO) and employers are also authorized to garnish pensions and wages respectively to withhold the earnings of an individual for the payment of his or her debt in accordance with out-of-court settlements.

The employers complain about this obligation as an additional administrative burden.

Furthermore, employers are often at a loss on how to deduct money from an employee's monetary compensation so as to withhold a part of the salary subject to the enforced collection.

Therefore, the justice ministry plans to introduce a single system for the enforced collection when it comes to the wage and pension garnishment, and that only FINA should be authorized to collect delinquent debts from the income of debtors.

For more, check out our business section.

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