Banks Prepare to Sue Croatia Over Swiss Franc Loans Law
- Five foreign banks sent `pre-notices of dispute' to government
- Parliament to vote on law after central bank warned of risks
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Five foreign banks are preparing to sue Croatia at the International Center for Settlement of Investment Disputes in Washington should the government continue with its plan to convert loans denominated in Swiss francs into euros over the banks’ protests.
The banks are sending “pre-notices of dispute” to the government in Zagreb while urging it “once again for a just and equitable solution,” Ingrid Krenn-Ditz, spokeswoman for Raiffeisen Bank International AG, said by e-mail in Vienna on behalf of the group of banks that also includes Erste Group Bank AG, UniCredit SpA, OAO Sberbank and Hypo Group Alpe Adria AG.