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First Home 4 start delayed: Govt. has yet to publish framework agreement

Autor: Liviu Chiru

10.05.2011, 23:50 55

The "First Home" scheme is officially frozen, as banks haveexhausted the 200m-euro sum earmarked at the start of the year andthe fourth stage cannot start since the protocol of co-operationwith the SME Loan Guarantee Fund, the institution managing stateguarantees, has not been published in the Official Gazette.

Moreover, bankers also need to get the NBR's approval for themodification of internal lending norms, since requiring a downpayment of just 5%, as the Government asks, in parallel withassuming 50% of the loan-related risk, breaches commonstipulations.

In early April, Premier Emil Boc announced the fourth editionwould start right after Easter, but there is no clear perspective,yet, about the moment banks can start selling state-guaranteedmortgages again.

So far, only Banca Transilvania and CEC Bank have notified theFund about their intention to participate in First Home 4. However,BCR and BRD, the banks with the biggest volumes of loans sold inthe previous editions of the scheme, as well as Alpha Bank,Bancpost and Millennium Bank, have joined the unofficial list.

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