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We bring the conditions of HBOR microcredit for hosts in family accommodation


first_imgFinally, the details about the long-announced and long-awaited, favorable HBOR loans for hosts in family accommodation are known. Landlords may not apply for a decision on harmonization of standards and continue to provide catering services, but then lose the right to display the label for the category (stars) on the facility where they provide catering services and promotional materials, the Ministry of Tourism concludes. – four years from the entry into force of this Act, if the decision on approval was obtained after 31 December 2004. Law on Amendments to the Law on Catering Activity The lowest loan amount will be HRK 20.000, and the highest HRK 375.000 with an interest rate of 2,70% for loans in HRK and 2,00% interest for loans in euros, all with a repayment period of 10 years with a grace period of one year. In the procedure of issuing the said decision, it is not determined that the tenant is the owner of the facility in which he provides services or that he is the owner of the land for camping, nor the condition of usability of the facility, but only whether the facility in which the services will be provided meets the minimum requirements. category. – three years from the entry into force of this Act, if they obtained the decision on approval in the period from 1 January 2001 to 31 December 2004. Also, this measure is provided with the aim of helping renters who want to go through the new recategorization process, if they still want to keep the label for the category (stars), which is an obligation under the new Law on Amendments to the Law on Hospitality. Otherwise, landlords who obtained a solution after September 1, 2007 have no obligation to harmonize the standards of facilities (recategorization). But let’s go in order.  – two years from the entry into force of this Act, if they have obtained a decision on approval by 31 December 2000. Optimal deadlines are provided for harmonization, which allow sufficient time for adjustment and finding the best solution for improving the quality of accommodation units in households: Namely, after the entry into force (November 17, 2018) of the Law on Amendments to the Law on Hospitality for the process of harmonization with the current Ordinance on classification and categorization of facilities, the Ministry of Tourism in cooperation with HBOR provided renters with favorable financial instruments for increasing the quality and additional offer of facilities in the household.  According to the Ministry of Tourism, one credit line will be available to natural persons – renters who have a decision on approval for the provision of catering services in the household related to accommodation in a room, apartment, holiday home, camp or camping resort.  Finally, it is important to point out that landlords who obtained a solution after September 1, 2007 have no obligation to harmonize the standards of facilities (recategorization). The decision on harmonization of standards is issued by the competent office (state administration office in the county or administrative body responsible for catering) according to the location of the facility, at the request of the landlord, while inspection of compliance with the provisions related to harmonization of standards will be carried out by the tourist inspection.  Landlords who on the day of entry into force of the Act on Amendments to the Act on Hospitality (November 17, 2018) provide catering services in the household on the basis of a decision on approval issued before September 1, 2007 or on the basis of a decision issued before the application submitted before 1 September 2007, in order to continue providing catering services with the right to display the category (star) mark on the facility where they provide catering services, they must submit a proper application for a decision on approval for the provision of catering services in the household in accordance with the Act and the Ordinance on classification and categorization of facilities in which catering services are provided in the household (Official Gazette 9/16, 54/16, 61/16 and 69/17). The new Ordinance on the classification and categorization of facilities in which catering services are provided in the household has not yet been adopted, because before that it was necessary to adopt amendments to the Law on Catering Activity, and it is expected soon. Attachment: The goal of more favorable loans through HBOR is to support family accommodation to develop better and better through the harmonization of standards, increasing the quality and additional offer of facilities in the household.last_img read more


PPF ‘disappointed’ with UK pension funds’ lack of interest in LDI


first_imgThe chief executive of the UK’s Pension Protection Fund (PPF) has said he is disappointed with the take-up of liability-driven investments (LDI) by UK pension funds over the last 10 years.The PPF, which acts as a lifeboat fund to UK defined benefit (DB) schemes stranded through sponsor insolvency, operates a lower risk tolerance level to most, with an investment strategy focused on matching liabilities.The £16.3bn (€19.7bn) fund has around 70% of its assets in bonds and cash, making heavy use of derivatives in its LDI portfolio as it aims to outperform increases in liabilities and a LIBOR + 1.6% target.PPF chief executive Alan Rubenstein said that, while he did not encourage other UK schemes to mimic its strategy, as the PPF must remain contrarian, he was disappointed with the number of schemes failing to hedge liabilities. Speaking at the London conference, The Investment Agenda, Rubenstein told delegates in 2005 that, when the PPF was formed, UK pension schemes had an average deficit recovery plan length of 8.1 years with 75% within 10 years.“You would hope that, 10 years on, there would only be one-quarter of schemes in deficit,” he said.“But, in fact, the [average recovery length] is now 8.5 years, and you have to go up to 11 years to capture 75% of schemes.“In that sense, it does not feel like we have made a lot of progress. I am disappointed by the rate of uptake of LDI by pension schemes.”He accepted that LDI strategies meant expecting a lower investment return, but he added that schemes with strong sponsors should accept this.“There is no doubt, if you are going to do [LDI] over the long term and you can cope with the volatility, then you should probably accept [lower investment returns],” he said.“If you are a typical pension fund with a sponsor that is comfortable with that, then, frankly, I have no difficulty with it whatsoever.”Rubenstein defended the stance that the PPF’s lower risk tolerance and returns meant levy payers had to contribute larger amounts to complement its strategy.The PPF charges an annual levy on UK DB schemes, which potentially could require cover, and uses this to fund its strategy and pay benefits.“We have to strike a balance between protection for members, who have already lost part of their pension by being in the PPF, and understand that this has to be paid for,” he said.“We think of the levy as the balancing item between benefits and the returns we get on the assets.“It is right we run a relatively low-risk approach, and that does have consequences, but the alternative of putting it all on red would lead us into pretty big trouble pretty quickly.”The PPF recently lowered its estimates of levy collection by 10% as the level of risk posed by sponsor failure decreased.Given the scheme’s significant LDI portfolio, net investment returns were negative 0.7% in its last financial year. However, its assets increased by 9%, with levy collections and new schemes entering the fund.It did beat its liability benchmark by 2.9%, with Rubenstein highlighting a 19.5% return in its small equity portfolio as key.According to research from consultancy KPGM, the UK LDI market was at £517bn as of the end of 2013, from more than 800 mandates and accounting for more than one-third of DB assets.last_img read more