Băsescu: It is a false impression that Ordinance 50 applies retroactively
Ordinance 50 on loan contracts for individuals is not a
retroactive move, as bankers say, and it needs to be turned into
law because it regulates the future and banks' temptation to
introduce new fees, new payment obligations for loan holders and
especially for those who are late with payments and reschedule
their loans, President Traian Băsescu says.
"The point of view I conveyed to parties was that the Ordinance,
which we are hoping will become law, does not apply retroactively.
It targets strictly what is going on between banks and clients at
present. Therefore, no bank can say the ordinance targets fees and
interest rates that clients were due to pay before the publication
of the ordinance," said the head of state, quoted by Mediafax
agency, after yesterday's meeting with ruling coalition
parties.
Whereas at the end of last week the chief of the IMF mission
Jeffrey Franks said explicitly that the modification of OUG 50
becomes a pre-condition for the next instalment, at Monday's press
conference he refrained from reiterating the statement, instead
making a general comment on the need to keep the banking sector
balanced. The situation will be clarified when the government's new
letter of intent is published, with there also being the
possibility of an unofficial commitment to the banking
sector.