The decline in interests on lei on the interbank market and theincrease in euro loan costs might stimulate clients to apply forstate-secured mortgage loans in lei, after almost all the loanssold in the previous stages of the "First Home" scheme were eurodenominated.
The three-month Robor (to which the cost of the lei loans istied) went down to 5.8% a year, so that applying the maximumallowed margin of 2.5% the interest stands at 8.3% a year. The costis therefore only three percent higher than a euro loan, whichwould also entail taking on foreign exchange risk. The Euriborindicator has already gone up to 1.35% a year, and banks can add upto four-percent margin, hence a 5.35% interest per annum.
Sales of state-secured mortgage loans have been mostly inforeign currency, with loans in lei amounting to less than 1%. Thetwo largest local banks by assets, BCR and BRD, which have grantedalmost 900 million euros in "First Home" loans, are not evenoffering the option of a loan in lei to their clients.
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