The modification of Ordinance 50 on the individuals' loans so asnot to be applicable to existing loans is one of the pre-conditionsfor Romania to receive the next tranche of around 900 million eurosfrom the IMF, according to the additional letter of intent agreedwith the IMF.
There is a lot at stake both for bankers and for customers, withthe main point of contention being the application of the newregulations for existing loans, as well, which is considered to beretroactive by bankers.
The application of the ordinance for the eight million existingcontracts would firstly amount to a transparent manner ofcalculating the interest rate, based on verifiableindicators.
Preconditions include the approval of the 2011 budget, arrears, thepublic sector wage law and pension reform, which remain on the listof yet unresolved problems that the Government should tackle.
The Government also pledged to the Fund it would continue personnelcutbacks and tax big wealth, while the reduced taxation of labourwould only be achievable after the economy has rebounded.
The release of the next tranche from the IMF, originally scheduledfor mid-December, has been put off until mid-January 2011, althoughmost criteria set to be met by the end of September were deemed ashaving been fulfilled.
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