Holders of ongoing loans who want to benefit from the provisionsof Ordinance 50/2010, which establishes transparent terms for theconsumers' loans, need to hurry and sign the additional paperssupplied by the bank before Parliament gives its final vote on themodified form of the ordinance.
This year's most intensely discussed legislation, the Ordinance50 bill is to be presented on Thursday in the plenary session ofthe Chamber of Deputies, which has a decisional role on thismatter.
Bankers have since the very beginning been against applying theordinance in the case of old loans, saying that moving from acalculation formula of the type Euribor plus fixed margin forfloating interest rates at a time when the indicator is at all-timelows, can lead to higher costs in the future. Clients asked them tolower their margins, but banks did not find this optionacceptable.
Clients who want to have such a cost structure, as well as benefitfrom the other provisions of the ordinance, have to sign theadditional papers now. They run the risk of the bank establishingnon-transparent costs once again, considering that the Ordinancehas been amended in the Chamber of Deputies, so it will no longerapply to old loans.
In the case of big banks, only 10% of holders of consumer loans andof real estate loans came in to sign the additional papers beforethe September 19 deadline, while the non-signing was taken as tacitagreement. The percentage could be higher only in the case of smallbanks, where advisors had more time to take a proactive approach toclients.
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