Central Banking

Croatian payment settlement institute to be axed

CROATIA - The Croatian Payment Settlement Institute (ZAP) is to be abolished. Its functions will be divided between the central bank and commercial banks.

Its functions of operating state accounts and those of banks will be assumed by the Central Bank, while the operation of accounts of companies and individuals will be undertaken by commercial banks, as of January 2002, according to a draft act on a payment system.

The draft has been approved by the Croatian government. The statute of ZAP, inc