Also, the Split County Prosecutor's Office has requested a further investigation and collection of information about the business activities of Credo Banka, after the Chief State Prosecutor's Office had been provided with a report from the HNB about the direct financial supervision of that financial company.

In view of the identified serious illegalities in the operation of Credo Banka d.d. Split and its failure to implement the measures imposed by the central bank to eliminate the established irregularities, the HNB decided to revoke the bank's operating licence at its extraordinary session on 22 November.

The HNB Council "adopted a decision to initiate compulsory winding-up proceedings of that bank. The proceedings are to be conducted by liquidators appointed by the State Agency for Deposit Insurance and Bank Rehabilitation, which means that all powers of the former members of the management and supervisory board of Credo Banka d.d. and of its general meeting have ceased," the bank said in a press release last week.

On 28 November, HANFA said that according to available information, despite the blockade of Credo accounts by the HNB, the payment of three bills of exchange was carried out in the amount between eight and nine million kuna, with two banks and one investment company activating that transfer.

On Tuesday, the HNB issued a statement with the detailed explanation of that case.

It said that in view of the fact that Credo Banka was undergoing forced liquidation and it did not file for bankruptcy, liquidators were obliged to complete the ongoing business operations, such as the payment of claims, and settlement of creditors, the central bank said among other things.