The state had to adopt the Law on conversion of loans with a currency clause in CHF (Swiss Francs) to BAM and resolve the fate of tens of thousands of desperate loan beneficiaries (CHF). Let us remember briefly that today our citizens have a problem with only one commercial bank (Hypo Alpe Adria), because the other banks at the beginning of placement of this loan product anticipated the problem on time and conducted the conversion of loans on time. Even the Austria’s Central Bank, three months before the placement of loans with a currency clause in CHF on the banking market of BiH, announced the increase of the value of CHF. It is not irrelevant to say that once the Central Bank confirmed that the CHF money had never been in a domestic payment system nor the bank has ever asked the CBBH exchange CHF in local currency.
The state was supposed to protect its citizens, but it did not happen! Institutions and systems failed as well, primarily entity banking agencies. Many users are brought to the brink of existence today, because they never really know what will be their loan rate when they wake up the next morning. Of course, it is undisputable that it was obligatory relationship between the bank and the client as we are constantly reminded by those who are “cheering” for the bank. It was obligatory relationship, but between unequal sides.
On the field, the credit rate were continuously increased from month to month, which led to the growth of both principal and interest. Thus, we have significant disturbances in credit agreements the scene. Why is this important now? Because this is an excellent example of violation of the principle of monetary nominalism, which is prescribed in our Law on Obligations. Core objective of respecting of the principle of monetary nominalism is legal certainty and fairness of citizens (clients). Also, not less important, this principle protects confidence in the local currency. When monetary nominalism is disturbed, the government is the one who, together with legislative power, needs to “jump in” and to regulate this kind of disorders because, otherwise, it will inevitably lead to social disaster.
The examination of justice and fairness failed again, and the formalism won. In the end, it seems to me that in the spirit of formalism these days ends formalistic tapeworms within the economic and legal system of BiH. This is excellent from the aspect that this issue ends up formally in BiH and to open a new path. This is again “slap” to the local authorities! How? After the verdict of Sejdic-Finci, Zornic, Pilav, it seems that we have a new legal case before the European Court of Human Rights in Strasbourg. Unfortunately, the citizens of BiH will again seek for the justice outside of their homeland!