BNR relaxes mortgage loans rules

Banks will have the possibility of calculating a “higher indebtedness level for the borrowers that have high-quality real estate assets as collateral for their credits”, however lending developments will hinge mainly on lenders\' capability to sustainably raise the necessary financial resources, BNR informs.

Moreover, the director of Supervisory Direction within BNR, Nicolae Cinteza, stated in late November last year that the slowdown of the lending activity was not caused by the reduction of the credit standard established in the lending regulation, but by the lenders’ shortage of resources, in the light of a deepening global crisis.

In today’s session, the board of the National Bank of Romania approved the amendments to prior regulation on limiting credit risk associated with mortgage-backed loans.

“However, it is up to lenders themselves to set the actual lending and risk management conditions via their own lending rules, provided that they comply with the NBR guidelines in this field. Under these circumstances, lending developments hinge mainly on lenders' capability to sustainably raise the necessary financial resources and simultaneously on their compliance with prudential principles”, reads the press release remitted by National Bank of Romania.

Today’s decision comes to amend and supplement Regulation No. 11/2008 andNBR Regulation No. 3/2007 on limiting credit risk associated with loans to households.

“The survey found that the loan delinquency is lower in case of borrowers who contracted mortgaged-backed credits, as compared to other debtors (such as consumer credit, personal need credit and unsecured loans). Given these evaluations, and in an effort to mitigate the effects of the financial crisis over Romanian economy, BNR’s board finds the decision to differentiate the credit standards for mortgage-backed loans from other loan categories as appropriate, and therefore the amendment of the Regulation”, reads the press release remitted to NewsIn agency.

“In its capacity as a regulatory and supervisory authority, the National Bank of Romania defines the general framework for risk management in relation to credit institutions and non-bank financial institutions with a view to safeguarding financial stability”, BNR outlined in the press release.

The new provisions will enter into force as of their publishing date in the Official Gazette.

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