Romanian Ctrl Bk Gov Assures Bks On State Guarantee Benefits

“It is a simple scheme you should have a guarantee that in case of not paying, the state’s guarantee will function immediately. There is no need to foreclose the mortgaged property,” Isarescu said.

"The guarantee should come from the state, in other words the property should not be mortgaged," the governor added, after a meeting of Prime Minister Emil Boc and Finance Minister Ghorghe Pogea with commercial banks’ officials.

The Romanian Government announced last week a program to guarantee the loans contracted for the purchase of the first home, within the maximum limit of EUR60,000, with the entire financing granted to this program reaching EUR1 billion. The guarantees would be granted to the persons buying their first dwelling who did not previously benefit from a mortgage loan.

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The activity of the Guarantee Fund For SMEs Loans was extended by the government through an emergency ordinance so that it can guarantee even mortgage lending at banks for the “First Home” program.

Pogea said the main condition was minimizing financing costs for the persons that would take the loans. Pogea added the governmant aims to start the program as quick as possible to both solve a social issue and relaunch the real estate market and the constructions industry.