Two important players on the retail market, Banca Tiriac and Bancpost, have announced large cuts to their rates for loans and deposits in RON.
This continues the move started last week by some smaller banks. The leaders of the banking system have yet to make any significant cuts to rates on RON.
Earlier this week, Banca Tiriac announced a reduction in interest rates for credits in domestic currency to a level even lower than that for foreign currency, after having pushed interest rates on RON deposits to 3.5-5% a year at the end of last week. The bank also launched a real estate loan in RON, with a 9.3% yearly interest rate that remains unchanged for the first three years of the loan, which is lower than for euros. Repayment could last up to 25 years.
Bancpost yesterday announced the launch of a housing loan in RON that comes with an 8.9% annual rate, fixed for the first year only. The loan can also be taken with a 9.5% rate, fixed for the first five years, or 14% with a variable rate. At the same time, it cut the rates on consumer loans to around 13% per year. The bank also announced a cut in rates on RON deposits by an average of two percentage points. Deposit interest rates for RON range between 4.5% and 5.5% a year for private customers and 3.5% and 4.5% a year for corporate clients.
Banca Transilvania also announced a rate cut, though only for RON deposits: the bank now pays 6.25-8% a year in RON, almost one percent lower than the previous rate for certain maturities.
Banca Transilvania made a slight increase to its interest rates on deposits in euros, which are now higher than those other players pay for RON deposits.
Banca Tiriac lowered the rates for personal loans and Metro by three percent to 10.5% a year for customers that have a salary account (Central Account) at the bank, and to 11.5% for everybody else. It also cut rates by four percent for car loans, to 9% a year, for Central Account holders. Other clients will pay a 4.5% lower interest rate, now at 9.5% a year.
So far, among all the major banks, only Casa de Economii si Consemnatiuni (Romanian Savings Bank: CEC) has announced cuts to its rates on loans without modifying rates on RON deposits. It has a large amount of liquidity in RON, which it finds itself having to invest in credits. liviu.chiru@zf.ro
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