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Banks with national representation qualified for 'First House' programme

The state will guarantee the level of a credit of up to EUR 60,000, for the mortgage loans.

The banks accepted to credit the governmental programme "The First House" will be selected subject to criteria which will take into account the dimension of the network and the interest rates, PM Emil Boc declared yesterday.

Premier stressed that all the banks from Romania can participate in the programme. Through this programme, the state guarantees the level of a credit of up to EUR 60,000, for the mortgage loans.

n The beneficiaries of the ‘First House' governmental programme could pay a commission of 2 per cent of the value of the guarantee offered by the state. The SME Loan Guarantee Fund, which will manage the ‘First House' programme, levies a commission for its services, according to Realitatea.net.

The National Bank of Romania (BNR) should modify the crediting rules for the population in order for the financing to resume on that segment, especially on the backdrop of the ‘First house' initiative that the Government has announced, Radu Ghetea, the president of the Romanian Association of Banks (ARB), stated yesterday according to Agerpres.

In what concerns the ‘First house' programme, Ghetea appreciated the Government's initiative but pointed out that talks have to focus on a clear form of the law and should analyze the way in which the Central Bank's current rules ‘fit' such a guarantee offer.

Ghetea considers that one of the conditions that the Government announced, namely an advance payment of 5 per cent at most, can be observed by the banks as long as we are talking about high-income clients that have a good financial situation and a stable job.

The banks accepted to credit the governmental programme "The First House" will be selected subject to criteria which will take into account the dimension of the network and the interest rates, PM Emil Boc declared yesterday, Agerpres reports. "The criteria according to which will be selected the banks that will participate to the ‘First House' programme are the national representation, the first payment of 5 per cent of the value of the credit, and interest rate limits below those which exist now on the market," Premier said. He stressed that all the banks from Romania can participate in the programme. Through this programme, the state guarantees the level of a credit of up to EUR 60,000, for the mortgage loans.

On another hand, the beneficiaries of the ‘First House' governmental programme could pay a commission of 2 per cent of the value of the guarantee offered by the state.

The SME Loan Guarantee Fund, which will manage the ‘First House' programme, levies a commission for its services, according to Realitatea.net. "In the coming days, the authorities, the banks and the SME Loan Guarantee Fund will try to find solutions for the problem of the commission. A variant would be that the banks would pay the commission, instead of the beneficiaries. The Government announced last week the loan guarantee programme for the acquisition of a dwelling whose total guaranteed value can reach EUR 1 bln," declared Aurel Semenet, president SME Loan Guarantee Fund.

Ghetea: ‘BNR should change the rules because otherwise we're stuck'

The National Bank of Romania (BNR) should modify the crediting rules for the population in order for the financing to resume on that segment, especially on the backdrop of the ‘First house' initiative that the Government has announced, Radu Ghetea (photo), the president of the Romanian Association of Banks (ARB), stated yesterday according to Agerpres. ‘BNR should change the rules because otherwise we're stuck. The rules are the ones from last summer back when we had certain goals of lowering the crediting. It was not known that this situation could occur' Ghetea pointed out at the end of an economic seminar.

In what concerns the ‘First house' programme, Ghetea appreciated the Government's initiative but pointed out that talks have to focus on a clear form of the law and should analyze the way in which the Central Bank's current rules ‘fit' such a guarantee offer. According to Ghetea, the guarantees offered by the SMEs' Guarantee Fund are considered collateral in proportion of only 60 per cent, in conformity with the BNR rules. Ghetea considers that one of the conditions that the Government announced, namely an advance payment of 5 per cent at most, can be observed by the banks as long as we are talking about high-income clients that have a good financial situation and a stable job. ‘There are young people that work for multinational companies, for big Romanian companies, that have high incomes. They too have to buy a ‘First house' Ghetea pointed out.

Nita: The program could spread on four years

The minister of SMEs, trade and the business environment, Constantin Nita said yesterday that the "First house" program could run, in a first stage, for a four-year interval and aims at constructing and purchasing about 50,000 dwellings, according to Realitatea.net. "Currently, we are in discussions with the National Bank of Romania to find a mechanism that could ensure the functioning of this project, on a four-year interval, and it might be extended depending on the results," Nita explained.

Some 50,000 housing units could be constructed and purchased over 3-4 years, based on this program. "This project might have success if the banking system will accept lower interests. In addition, this also has a multiplying role in the economy, and we are most interested by this role, because it creates jobs in the construction sector," Nita pointed out.

 

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Tags: bnr according commission could should rules pointed ghetea announced government lsquo romania state programme house national guarantee credit yesterday which first banks

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