Interest rate resetting for old loans triggers wars between banks and clients

Dozens of clients with ongoing loans are now in conflict with their banks, citing too high margins compared with the reference indexes on the monetary markets - Euribor for euros and Robor for RON. At stake is securing a reduction by up to 50% in the monthly interest.

Clients basically say they cannot take advantage of the low Euribor level (currently at an all-time low of close to 1% a year) and pay lower interest because banks charge them high margins.
Tensions started with the implementation of a Government Ordinance in June, which regulates the terms of granting consumer loans, and which forces banks to either offer fixed interest rates or interests tied to an independent indicator, ongoing loans included.
Bankers say, however, that the ordinance was only intended to make loan costs more transparent, not to modify costs.
The deadline for moving to the new manner of expressing interest rates expires in September, with bankers having to revise almost eight million contracts.
Unhappy clients have created blogs and Internet portals with dozens of users, with the banks most targeted by the discussions being BCR and Volksbank.
Ionuţ Stanimir, head of the External Communication department of the BCR, says he has been following the talks, and that the bank would seek communication with clients.