In keeping with legal provisions currently in force, the Romanian Commercial Bank (BCR) decided to denounce the “Additional Act” of alignment to the provisions of the Emergency Ordinance no. 50/ 2010 regarding credit contracts for consumers with a BCR internal (managed/ revised quarterly/ variable) interest rate signed before June 21, 2010. The bank’s decision was meant to avoid contradictory interpretations regarding the costs deriving from credit contracts jointly agreed upon by the bank and clients at the time of the signing, is stated in a release by the bank which we quote in full below. Thus, the interest rate will be calculated based on the fluctuation of independent reference indexes six-month ROBOR/ six-month EURIBOR/ six-month LIBOR. Clients will be advised by mail or by text message of any modification of the interest rate resulting from reference indexes fluctuation. The clients affected by this measure are those who did not sign the additional acts issued by BCR after OUG 50 came into force – the so-called tacit acceptance procedure.
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