The new legislation on the individuals' loans, announced asearly as February, has not determined a strong response from banks,which tried to keep talks at institutional level, and not involveclients in the debate until close to the implementationdeadline.
Two years ago, the European Parliament adopted a directive onthe elimination or capping of the early repayment fee charged bybanks on unsecured personal loans that range between 200 and 75,000euros. The directive was set to be translated into the legislationof EU countries by June 2010.
The Romanian authorities put forward the idea of extending theprovisions of the European directive at the time of translatingthem into Romanian legislation, which took the form of a draftemergency ordinance prepared by the National Consumer ProtectionAuthority (ANPC). Banks opposed the extension of provisions of theEU directive from the very start.
The draft failed to generate lengthy debates in the bankingcommunity, whose officials apparently hoped they would havesufficient influence to cause the draft to be modified before itsapproval.
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