CEC Bank, the only state-owned bank among top ones, is set tocut the basic interest rate for all RON-denominated loans by half apercentage point, to 10.75% per annum for individuals and to 10.9%per annum for companies starting Thursday. For euro loans, thebasic interest will be axed from 7.25% per annum to 6.9%. Dependingon client profile, the bank levies a margin of between 0.55% and4.05% above the basic rate for RON loans, with nominal intereststhus being double the level of NBR's benchmark interest rate. Foreuro loans, the margin above the basic interest ranges between0.75% for car loans and 1.65% for real estate loans. At the sametime, interests for time deposits opened with CEC are among thehighest on the market, at around 8% per annum. The NBR repeatedlywarned about the high interest rates levied by banks despite thelower key rate. CEC was the only bank that last year postedtwo-digit growth on the lending segment, with the volume of loansgranted by the bank reaching 9.2bn RON (around 2.2bn euros) inDecember, 15% above the 2008 level. Deposits advanced by 22%.
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