BCR, the largest bank by assets, has only temporarily suspendedfrom its offer RON-denominated real estate loans andeuro-denominated unsecured consumer loans in order to have its coststructure match provisions of the law on credits granted to thepopulation, which came into force at the end of last year. The bankwill return with its full range of loans by the end of January, sayBCR officials.
"Modifying the IT system requires time and, in order not to havea discontinuity, we chose to restructure the pricing by eliminatingfees. We had a large number of products and had to focus on thosethat generate the biggest volumes of sales. It was anopportunity-driven decision," said Ştefan Coroianu, manager of theretail loans division of BCR.
Law 288/2010 created based on the famous Ordinance 50/2010 (onmaking costs of retail loans transparent), forces banks to levy afixed loan application fee and compute the loan management fee as apercentage of the outstanding loan. This amendment was introducedin the law at the last minute and caught most banks unprepared.They used to levy a fee calculated as a percentage of the value ofthe loan granted. BCR was among them, but in addition it had toalso modify the management fee, which the bank used to compute as apercentage of the original value of the loan covering the entirerepayment period, and not as a percentage of the outstandingamount.
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