Romanians could get unexpectedly low interests for loans grantedin the past under the current market circumstances, following theenforcement of the Emergency Ordinance of June, which set newconditions for the loans granted to individuals.
At stake are the variable rate loans tied to non-transparentindicators - the so-called "internal reference rate", in which caseinterest rates on an euro-denominated mortgage loan could go downfrom 8 to 10% towards 4% a year, which is comparable to the levelon Western European markets.
Subject to interpretation, certain provisions of the Ordinancemight force banks to offer their clients the margins set in theloan contracts signed in the past but applied to the independentindicators like Euribor or Robor now, instead of the bank's ownreference indicators detailed in the initial document, which wouldlead to lower interests and much lower revenues for bankers. Anumber of clients have already seized the opportunity and askedbanks for lower rates, and even went to court to get them. Lowerloan instalments would leave people with more money to spend onother purchases, thus stimulating consumption.
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