Romanian Senate Tacitly Adopts Bills Replacing Consumer Loan Reference Index

The Romanian Senate has adopted tacitly, without debate, a bill approving the government emergency decree that replaces the reference index on consumer loans with variable interest.

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The consumer loan reference index, regulated by government emergency decree 19/2019, replaces the ROBOR money market interest rate in the calculation of interests on consumer loans in lei. The index is calculated as a mean of interbank transactions.

The government decree also includes changes lowering the tax on bank assets and postpones the enforcement of additional share capital requirements for administrators of mandatory private pension funds.

The bill will move to the lower chamber for debates.

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