Lenders set to cut interests rates in 2009

Thus, at the end of December 2008, the asset volume of Banca Romaneasca will reach 2.8 billion euros, instead of earlier forecasts of 3 billion euros.

“I expect the banks to line up lending conditions in order to avoid too many delinquent loans. We will reset our interests rates to a level affordable for consumers, despite the high financing cost”, said Andreas Maragkoudakis (photo), managing director of the bank, NewsIn informs.

Volksbank Romania, has also announced it would reduce its mortgage rates for loans in euro by 1-1.5% as of February, according to chairman of the bank, Gerald Schreiner.

Director of Banca Romaneasca said it expects the rate of delinquent loans to climb up to 7% of personal need loans and to 3% for mortgage loans at the level of entire banking system.

“We don’t know whether people will be able to pay their rates, but there will certainly be persons who will find hard to cope with the high rates”, Maragkoudakis added.

According to his expectations, the credit volume will hover around 2 billion euros, up 54% from last year. The loan portfolio of Banca Romaneasca increased by a narrower margin from the 2.3 billion euros target, announced earlier this year.

“The lending activity has slowed down, especially in November. We have even registered a negative result in November from a month earlier, due to the new lending conditions enforced by the central bank and high interest rates. Furthermore, people are now feared to contract a loan”, Maragkoudakis stressed.

He added that the bank could refund loans in Swiss francs by conversing them in euro-currency loans “according to the evolution of the market conditions”. Banca Romaneasca relinquished their euro-currency loan offer since October.

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