Banks will have to amend all loan agreements

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Banks will have to modify the clauses of the loan agreements, including of those already sealed, in order to comply with the European Directive 2008/48/C that stipulates the removal of the early repayment fee for the variable interest rate loans, both mortgage-secured loans and non-secured loans, president of the Romanian Competition Council Bogdan Chiritoiu told a press conference on Thursday.

‘The Competition Council supports the Government’s initiative through the National Consumer Protection Authority regarding the draft emergency ordinance that will implement the provisions of Directive 2008/48/C on the consumer loan agreements. The draft currently under public debate stipulates the removal of the early repayment fee for the variable interest rate loans, both mortgage-secured loans and non-secured loans,’ Chiritoiu said.

He added the implementation of the Ordinance will increase competition among banks, thus resulting in lower interest rates and lending resumption.’I don’t claim it is a universal solution that will solve all Romania’s problems regarding lending, but it will be an important aspect, in addition to the stability of the macroeconomic framework,’ Bogdan Chiritoiu underscored.

The ordinance will come into force around May-June with the banks due to amend in only several months the nearly 7 million consumer loan agreements, according to the regulations. Even if the Romanian Banks’ Association has expressed some reservations, the president of the Competition Council said solutions will be found through dialogue.

In order to issue an analysis as accurate as possible about the implications deriving from the Directive on the consumer loan agreements, the Competition Council has also consulted (via the European Competition Network – ECN) other national competition authorities of the European Union member states about the scope of the community provisions in question, their expansion respectively and mortgage-secured loans.

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