Those who want Ordinance 50 to apply to their contracts have to sign additional papers within the month
Holders of ongoing loans who want to benefit from the provisions of Ordinance 50/2010, which establishes transparent terms for the consumers' loans, need to hurry and sign the additional papers supplied by the bank before Parliament gives its final vote on the modified form of the ordinance.
This year's most intensely discussed legislation, the Ordinance
50 bill is to be presented on Thursday in the plenary session of
the Chamber of Deputies, which has a decisional role on this
matter.
Bankers have since the very beginning been against applying the
ordinance in the case of old loans, saying that moving from a
calculation formula of the type Euribor plus fixed margin for
floating interest rates at a time when the indicator is at all-time
lows, can lead to higher costs in the future. Clients asked them to
lower their margins, but banks did not find this option
acceptable.
Clients who want to have such a cost structure, as well as benefit
from the other provisions of the ordinance, have to sign the
additional papers now. They run the risk of the bank establishing
non-transparent costs once again, considering that the Ordinance
has been amended in the Chamber of Deputies, so it will no longer
apply to old loans.
In the case of big banks, only 10% of holders of consumer loans and
of real estate loans came in to sign the additional papers before
the September 19 deadline, while the non-signing was taken as tacit
agreement. The percentage could be higher only in the case of small
banks, where advisors had more time to take a proactive approach to
clients.