The banking system after the disputes over the enforcement ofOrdinance 50, which are not over yet, is left with a stain on itsimage of a highly professional industry, where competition cansettle potential slippages, which it had created for itself.
So far, the state has had to come up with an extensive set ofvery precise regulations to ensure protection of clients only inthe banking system, something that did not happen in the case ofinsurance or mobile telephony sectors.
Although bankers have always said that competition is "fierce"in their industry, the market has failed to regulate such slippagesas non-transparent interests or early repayment fees, which droveclients to the brink of rebellion. With the enforcement of thestipulations of Ordinance 50 procrastinating, thousands of clientshave joined forces over the Internet and in an unprecedented movedecided to file collective lawsuits against banks.
Now bankers would rather go to court than operate generalisedadjustments to interests of old loans and give up some fees, asdemanded by clients, says Bogdan Chiritoiu, chairman of theCompetition Council. The heads of the Romanian Banking Associationwere not available for comment on the issue yesterday, thuscontinuing the maximum secrecy policy in terms of Ordinance 50enforcement.
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