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Romania's central bank to review crediting rules three months after applying them, official says

Romania's Central Bank (BNR) announced all lenders that the new norms for credits granted to the population would be reanalyzed three months after entering into force, according to BNR governor's advisor Adrian Vasilescu. The new lending norms have been applied by all banks since the beginning of October.

The head of Romania's Banks Association (ARB), Radu Gratian Ghetea, announced this morning bankers in Romania will ask BNR to revise the norms regarding lending to the population with the purpose to unlock the mortgage credit.The revision eyes the loans in the real-estate sector, not the consumer credit. The new lending norms imposed by BNR slashed 5 percentage points off the maximum degree of indebtedness accepted by banks and few persons can still qualify for a mortgage loan, according to Ghetea.But the market context was different when the new rules were drafted and nobody anticipated the current economic downturn.The credit in foreign currency will become more expensive and increasingly difficult to obtain in the upcoming period, estimates Ghetea, but the cuts in the minimum mandatory reserves and the benchmark rate could lower interests for credits in lei.

The new set of rules approved by the central lender on August 22 requires banks to carefully analyze the clients' payback capacity taking into account a level of incomes seen as eligible by customers, which cannot exceed more than 20 percent the previous year's level. Banks in Romania will require individual tax records of clients before approving a credit. Lenders will also establish a different maximum degree of indebtedness for each client, depending on the category of borrower, on the credit destination (mortgage, consumer etc.), on the type of credit (taking into account the currency, the interest rate, the guarantees) and also on the risks incurred by the lender, such as the exchange rate and the cost of credit.

Effects Of New Lending Rules To Be Analyzed Three Mos After AdoptionThe National Bank of Romania told the commercial banks that the effects of the new household lending regulations will be analyzed three months after their adoption, Adrian Vasilescu, adviser of the central bank's governor, said Tuesday."We informed the banks at the introduction of the new lending policy that we will analyze its effects after three months," Vasilescu said. He added that the central bank waits for commercial banks' comments on the rules.

Some Romanian Banks Pay 10% For Deposits, But Ask 35% For LoansThe Romanian national authority for consumers' protection, or ANPC, should take notice on banks that pay interest rates of about 10% of the deposits, but increased the loan interest rates to near 35%, Adrian Vasilescu, adviser of the central bank's governor, said Tuesday. "I wonder what market conditions have changed to have such a margin," Vasilescu said. He added that ANPC has to step in. "It will be very complicated as it needs specialized structures," Vasilescu added. He also explained that in the EU the two activities are also separated, bank supervision and setting the monetary policy on one side, and protecting the client on the other side. Vasilescu admitted that the central bank receives many complaints from clients, especially private individuals. However, Vasilescu said that Romanian banks, who are largely owned by important foreign lenders, registered a lack of resources from their parent banks and are more focused on the local market, so savings become a priority.

 

Sursa: http://www.actmedia.ro

Tags: vasilescu lending banks credit romanias after central rules three months bnr

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