Banks' individual clients borrowed at lower rates last year,with the annual percentage rate for RON consumer loans reaching17.5% per annum in December 2010, down almost 4.5% from the sameperiod of 2009, show NBR data.
The effective cost of RON loans is thus near the all-time lows of2007, after interest rates went down steadily for four consecutivemonths. Bankers cheapened retail loans in the first half of lastyear, as well, but in summer (when VAT was raised, leading to aninflation leap) interest rates for unsecured loans again got closeto the threshold of 20% per annum before starting to fall again aslate as in the last months of 2010.
"RON loan interests shrank as the high liquidity on the market alsoallowed for a drop in interbank funding costs. The cost of loans islikely to decline further, but considering the inconsistent size ofthe interbank market, fluctuations may occur in both directions,"comments Lucian Anghel, chief-economist with BCR.
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