Romanian Govt Withdraws Up To EUR280M Guarantees From Bks In “First Home” Program

„Three banks granted no loans and other four banks used between 0.1% and 3% of the alloted amounts,” said Aurel Saramet, head of National Loan Guarantee Fund for SMEs, which grants the guarantees in the „First Home” program.

Official sources said the banks subject to guarantee withdrawal include Emporiki, Intesa, Credit Europe, Bancpost, Piraeus and CEC.

BRD, BCR, Raiffeisen, Banca Transilvania and Volksbank approved the most loan application files, thus, they will get supplementary funds.

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Romania’s National Loan Guarantee Fund for SMEs Loans approved so far 4,740 loan application files in the „First Home” program, most of them for old apartments, build before 1989, Prime Minister Emil Boc said.

Boc arrived Friday at the headquarters of the guarantee fund to check the „First Home” program loan applications.

The government launched a program to grant up to EUR60,000 state guarantees for mortgage loans to people buying their first home and who did not previously benefit from a mortgage loan. The government allotted EUR1 billion for the program in 2009.

The files approved so far total EUR220 million guarantees, Boc said.

He added that another 5,200 files are currently analyzed by the guarantee fund.