Almost 8 million loan contracts will have to be amended by banksover the next three months to cap the early repayment fee to 1% ofthe amount to be repaid, and drop it completely in case of variableinterest loans, regardless of their type, consumer or mortgage, theemergency ordinance enacted by the Government yesterdaystipulates.
Constantin Cerbulescu, chairman of the National ConsumerProtection Authority, says the new rules are valid for all mainloan types - mortgage, consumer and leasing loans, both for new andongoing contracts.
"This is a step favouring those with ongoing loans. They will beable to refinance their loans to pay their instalments to banks onbetter terms," Premier Emil Boc said.
Radu Ghetea, chairman of the Romanian Banking Association (ARB)says interests are not that different among banks so that he doesnot expect significant client 'migration' from one bank toanother.
He also disagrees with the extension of the early repayment capto ongoing loans, and especially to mortgage credits.
"Delicate situations will come up because there are clients towho got lower interests in exchange for a pledge of loyalty to thelending bank, based on negotiation. The negative impact on thecosts of banks is certain and will directly influence cost of newloans," Ghetea says.
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