Romania Consumer Protection Auth Says Banks May Keep Rates For Ongoing Loans

Romanian agency for consumers’ protection ANPC on Wednesday said local banks are permitted to increase their fixed margins for ongoing loans with variable interests so interest rates can stay at levels prior to the implementation of the EURIBOR/ROBOR/LIBOR reference.

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In June, the government approved the emergency Ordinance 50/2010 regarding consumer loans, based on a document drafted by ANPC. The act transposes an European directive into the local legislation which eliminates early repayment fees for loan with variable interests.

The banks requested the government amend the ordinance so that the measures will not be applied retroactively.

The Ordinance also stipulates the banks can only charge four types of fees for credit contracts, namely a fee to analyze the loan file, a credit management fee or a fee to manage the current account, an early repayment fee for loans with fixed interests and a sole fee for services rendered at the client's request.

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