“The addendums to almost eight million contracts would incur costs of up to few millions of euro for the banking system”, said the spokesperson of Romanian Banks Association, Gabriela Folcut.

The ordinance that sets forth provisions of European directives for credits would compel banks modify almost all loan contracts in order to add the new early repayment charge, lowered in favor of borrowers.

Folcut said the provisions under the Emergency Ordinance agreed by the National Authority for Consumer Protection (ANPC) is not equally agreed by banks with which ANOPC officials refused to talk.

“ARB has requested the enforcement of the European Directive 48/2008 in the form approved by the European Parliament. The banking community has requested repeatedly negotiations with ANPC, as ANPC draft includes provisions that exclude those in the Directive. However, ANPC didn’t reply”, Folcut said.

Bankers have requested the new regulations not to be implemented in case of current loans or mortgage loans with real estate collaterals, as the Directive doesn’t cover these segments.