The current version of Emergency Ordinance 50 of June 11,regulating consumer loans, forces banks to reduce the cost ofcurrent variable-interest loans by applying the margin set in thecontract to independent indices, Robor for RON or Euribor foreuros, instead of the internal indicators set initially, which willseriously harm their revenues, says Nicolae Cinteza, head of NBR'sSupervision Department.
Banks generate the largest part of revenues from interest rateslevied for current loans, as sales of new loans are very weak.
"(...) Steps should have been taken to secure the transparencyof contracts and I am not against the law applying to new loans.Applied to current loans, it is hurting all banks," Cintezasays.
Ordinance 50 translates into the national legislation a 2008European Directive referring only to consumer loans. The Directivestipulates the new rules should apply only to loans granted afterthe moment of translation into local legislation.
However, the Government has chosen for modifications to alsoapply to ongoing contracts. Thus, banks have to modify all currentloan contracts, around eight millions, by September 21.
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