The Kuna, Croatia's Future Euro Coin Design Explained
February 11, 2022 – Considerable controversy has arisen in Croatia this week after artist Stjepan Pranjković was accused of plagiarising a winning proposal for the country's future Euro coin design of the Kuna.
The graphic designer became the object of public scrutiny when members of the public began pointing out similarities between his composition and a photo of a marten taken by British photographer Iain H Leach. Pranjković has since withdrawn the proposal, leaving officials with the task of selecting a new motif before the coins enter circulation in January of next year.
Squabbling aside, I want to seize this opportunity to draw your attention to the real star of this somewhat dramatic narrative, our fuzzy friend, the kuna.
Many people are familiar with this mischievous forest creature and maybe understand why he lends his name to the national currency. However, if you're like me, you may recognize that gaps remain in your kuna-knowledge. If so, keep reading.
In biologists' speak, kuna (martens) constitute the genus Martes within the family Mustelidae, a group that includes more familiar carnivores like weasels, otters, badgers, and wolverines. There are many species of marten, ranging throughout Europe, Asia, and North America. The star of the current coin debacle is most likely a European pine marten (Martes martes), a common species across Europe, including in Croatia and in Leach's native Great Britain.
The photo in question shows the kuna climbing on a branch. It comes as no surprise then that pine martens are arboreal, spending much of their time maneuvering amongst treetops. These agile predators use their semi-retractable claws to climb between branches, including those of the pines from which they take their name. These claws also come in handy when hunting and foraging their favourite foods: small mammals, birds, insects, fruits, and carrion… delicious! While not most appetizing to the average palate, scientists attribute the appetites of pine martens to a population reduction of the invasive grey squirrel in certain regions across Europe. While many view this fuzzy creature as a pest, this example demonstrates the valuable role pine martens play in their native habitat. Fortunately, despite pressure from deforestation and illegal hunting, the European pine marten is still classified as least concern by the International Union for Conservation of Nature.
So, how did this tree climbing, squirrel eating, weasel cousin end up at the centre of a national debate on currency design? Well, like most things in Croatia, the kuna goes back several centuries and has a complicated but interesting backstory. To understand, we must go back to medieval Croatia, a time when marten pelts were traded as money. Flash to the 13th century, the Croatian Viceroys distributed marten-adorned silver coins called banovac. However, the currency did not last long. As Croatia lost its autonomy to its union with larger and more powerful Hungary, the banovac disappeared in the following century. But this would not be the last time the world would hear the word kuna.
As I'm sure you are all aware, Croatian's are a stubborn and traditionalistic people. (I say this out of love and from personal experience). Thus, it was only natural that upon independence, Croatian leaders designated the kuna as the state currency on May 30, 1994. Ever since, the kuna has served both practically and symbolically as an embodiment of Croatian custom, identity, and national pride.
As is so often the case, it appears that history is set to repeat itself. With the adoption of the Euro imminent, the renaissance of the kuna is coming to an end. I don't want to criticize the government as it moves to bring the country towards a more integrated future. Croatia has much to gain from establishing the Euro within its borders. Nevertheless, by dawning this historical perspective, one can glean additional insight into why so many are hesitant about the process.
For this reason, it truly is a shame that the coin depicting the kuna, a consecrated emblem of Croatian independence, has become ensnared in public dissension. Of course, the choice to withdraw the submission and protect intellectual property was correct. But, personally, I hope that officials can find a way to reincorporate the kuna into the Croatian Euro roster. That way, Croatians can continue to trade furs for beer and wine while sharing this tradition with the rest of the European community.
For more news about Croatia, click here.
Foreign Buyers Interest in Croatia Bank Purchase Lies in EU Ticket
As Poslovni Dnevnik/Ana Blaskovic writes on the 9th of November, 2020, three players remain in the race to purchase Croatia bank, which brings with it a 0.5 percent market share as a dowry and a much more important prize in the form of a regulator's ticket to the Croatian and European Union banking markets.
The received offers for Croatia bank are being looked into, two are "very solid", and the final word will be given by the Croatian National Bank, which will assess whether the bidders who have opened the door to enter the market are "fit and proper" enough to actually go through them.
"The idea is, of course, to get as much money as possible, and the two received offers in that sense are very solid.
"Given the situation regarding takeovers in the sector in general, the fact that small banks are ''trading'' between 0.3 and 0.5 of the carrying amount, that the bank is rehabilitated and attractive for a license, everything above that is great," said a well-informed source who requested anonymity due to the sensitivity of the process surrounding Croatia bank. After the evaluation of the documentation, the assessment of possible additional conditions for the implementation of the transaction, which may or may not mean another round and additional ''ironing out'' of bids hasn't been excluded.
"After that, we'll hand over the baton to the CNB, which will make a decision on the suitability of the investor," explained the above interlocutor.
100 percent state-owned through DAB, the State Agency for Deposit Insurance and Bank Rehabilitation, Croatia bank holds a very marginal 0.4 percent of the market, and at the end of June it generated HRK 4.7 million (gross) profit. It ended last year with a loss of almost HRK 25 million, and in the last three years the losses have cumulatively eroded its capital, reaching almost HRK 80 million, so the issue of the necessary recapitalisation has been rightly brought to the fore.
After years of strategic ''wandering'' in which the future of Croatia bank was imagined in various scenarios, from a platform for the synergistic gathering of other small players to strengthening the state's lever of influence on the market, in July it was decided to go ''to the drum''. Since then, four offers have arrived; “From the financial and banking sector from stakeholders” from the US, Hong Kong and two from elsewhere here in Europe. After an in-depth survey, three binding offers were received by the sales committee by the end of October. The deadline for weighing them all up is November the 20th, 2020, so the bank, if everything goes smoothly, should get a new owner by the end of the year.
It is worth noting that there are no Croatian players among the offers. Connoisseurs of these types of processes aren't surprised by this, because the acquisition of Croatia bank has certainly been assessed as a poorly profitable venture even after repeated rehabilitations. The same, obviously, applies to the (mostly state-owned) HPB, which decided to pull the brakes after taking over Jadranska banka.
As far as foreign players are concerned, however, Croatia bank is equal to the de facto purchase of a regulator license. In the local market and economy, which before the coronavirus struck barely enjoyed growth rates of 3 percent of GDP, the earnings are limited: last year, 20 players shared HRK 5.8 billion. However, from the perspective that in the last more than two decades no bank has been established "from scratch", and that the license for Croatia bank also carries the one for the entire EU, the potential takeover takes on other, more meaningful dimensions.
For the latest travel info, bookmark our main travel info article, which is updated daily.
Read the Croatian Travel Update in your language - now available in 24 languages
Four Expressions of Interest in Purchase of Croatia Bank Received
ZAGREB, September 10, 2020 - The State Agency for Deposit Insurance and Bank Resolution (DAB) has received four expressions of interest in the purchase of Croatia Bank, including two from Europe and one each from the United States and Hong Kong, DAB said on Thursday.
"Four expressions of interest in the purchase of 100% of shares in Croatia banka d.d. have been received. They came from the financial and banking sector, notably from interested parties from the United States, Hong Kong and two from Europe," DAB said in a brief response to Hina's query.
It added that due diligence was under way and would be completed by October 9, after which the transaction would be concluded in the following months.
Croatia Banka is fully owned by DAB, which published a call for expression of interest in its purchase on July 6. On sale are 4,746,000 series A shares, each having a nominal value of HRK 100, which constitute 100% of the bank's share capital.
According to data from the Croatian National Bank, Croatia Banka is among smaller Croatian banks, with a 0.46% share in the total assess of banks in Croatia, and last year its total assets totalled HRK 1.97 billion. It ended 2019 with a loss of HRK 25 million, while in the first half of 2020 it reported a gross profit of HRK 4.8 million.
For the latest travel info, bookmark our main travel info article, which is updated daily.
Read the Croatian Travel Update in your language - now available in 24 languages
