New crediting norms are issued in Official Gazette

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Romania's National Bank (BNR) new Regulation limiting credit risks on loans granted to individuals was issued in the Official Gazette, on Aug 22.
According to the new crediting norms, the banks will consider eligible the incomes at least 20% higher than that reported during the previous year. The incomes earned a year before will be established based on the fiscal record that the employer supplies to the bank's clients who are employees and to the persons earning salary assimilated incomes, or based on the fiscal record the client lodges at the financial authority offices.
 
In case the client has no fiscal record, the lenders establish the incomes earned a year before based on the salary notice or other justifying documents, to prove their continuity in the future and to inform about the changes in the borrower's status such as new job, new position or other alterations significantly impacting the growth in the volume of the client's personal business, earning money from independent activities.
 
Credits lending banks will have to inform the clients through mentioning in the repayment schedule or distinctly in the lending agreement, on the possibility that the debt may grow, in case of hard currency risks, interest rate risk or the credit's costs increase due to commissions or other credit management expenditures.
 
The Regulation also stipulates that the banks without own norms that BNR validated, cannot accept the debt level to exceed 35%.
The banks with own norms must notify within 45 days the alterations made to meet the BNR's new crediting rules.
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